Former Bitfarms Unit Exits US Mining, Shifts to AI, Sells 1,085 BTC
Keel Infrastructure, once part of Bitfarms, has completely wound down its US mining operations, repurposing sites for AI and HPC. The company also sold 1,085 BTC for $75 million since April.
Keel Infrastructure has shut down all American mining facilities and is preparing to convert them for artificial intelligence and high-performance computing workloads. The firm, previously a unit of Bitfarms, is completely exiting crypto mining in the United States.
Alongside the strategic pivot, the company has been actively selling its Bitcoin reserves. Since April, it offloaded 1,085 BTC, generating total proceeds of $75 million.
The transition is proving costly. Quarterly revenue dropped by half, and the company posted a net loss of $65 million. Following the earnings release, shares fell more than 12%.
Source: ForkLog