Keel Infrastructure (formerly Bitfarms) has decommissioned all its mining facilities in the US, preparing them to be converted into data centers for AI workloads and HPC. This was reported in the firm’s second-quarter report.
Simultaneously, the organization continued to liquidate its bitcoin reserves. From April 1 to August 7, it sold 1085 BTC for $75 million. Keel now holds 1861 BTC.
Total liquidity reached $819 million, with $698 million in cash and $121 million in company-owned coins. During the quarter, the miner raised $458 million through convertible bonds.
Keel’s revenue for the quarter was $30.4 million, half of what it was a year ago. Management attributed this to the decline in the average bitcoin price and the halt of operations at the Moses Lake facility in Washington State, which occurred in April. Administrative expenses rose from $19 million to $31 million due to the hiring of specialists for project management.
Operating loss reached $141 million (including $84 million in non-cash depreciation) compared to an operating profit of $11 million a year earlier. Net loss was $65 million compared to $5.5 million in the second quarter of 2025, and adjusted EBITDA fell to a negative $24 million.
CEO Ben Gagnon stated that the company is focusing on access to electricity:
“Energy capacity is the main constraint. Everything else derives from it. A year and a half ago, we built the company around this thesis, and today all three priority sites are close to receiving full permits, with negotiations ongoing with several potential tenants for each.”
However, Keel did not report any signed lease agreements. According to Gagnon, the firm already has uncontracted capacity for 2027 in the area of the largest regional system operator in the US — PJM.
Among the operational results for the quarter, the company also noted zoning approvals at the Panther Creek and Sharon sites, the receipt of the first Vertiv modules at Moses Lake, and the appointment of Ganesh Iyer as president of the firm. In Sherbrooke, Canada, Keel reached an agreement with Hydro-Sherbrooke for the conditional transfer of 96 MW of active capacity and acquired a site for a data center.
On August 10, Keel’s shares on Nasdaq fell by more than 12% during trading.
Bitdeer Increases Mining Output Nearly Fivefold
Amid the transition of miners to AI infrastructure, Bitdeer continues to expand in both areas. In the second quarter, the company mined 2694 BTC compared to 565 BTC a year earlier. The average hash rate reached 69.5 EH/s, nearly five times the figure for the same period in 2025.
$BTDR Q2 2026 Financial & Operational Highlights 📊
🔹Total revenue $228.8M (+47% Y/Y); Adjusted EBITDA $31.1M (+576% Y/Y)
🔹Self-mining #hashrate 73 EH/s (+342% Y/Y) across 243,000 #miningrigs (+113% Y/Y); 2,694 $BTC mined (+377% Y/Y).
🔹3 GW global power portfolio for #AIDC… pic.twitter.com/uRhhG9QU2K— Bitdeer (@Bitdeer) August 10, 2026
Bitdeer’s revenue increased by 47%, from $155.6 million to $228.8 million. The majority came from mining, which generated $168.4 million compared to $59.3 million a year earlier. Revenue from the AI Cloud division rose from $1.3 million to $14 million.
However, net loss widened from $62.9 million to $92.3 million, and gross profit of $12 million turned into a loss of $8.5 million. The company attributed the increase in expenses to higher electricity costs and depreciation following the deployment of new miners.
Operating expenses rose from $42.2 million to $72.6 million, and interest expenses increased from $9.6 million to $31.1 million. Adjusted EBITDA was $31.1 million compared to $4.6 million a year earlier.
Simultaneously, Bitdeer is reallocating part of its energy portfolio to AI. In early August, the company signed a 16-year agreement for the Tydal data center in Norway. The contract is expected to generate about $4.7 billion in revenue and provide 121 MW of IT capacity for Nvidia GPU-based equipment.
In the US, Bitdeer plans to repurpose the Rockdale facility (563 MW) from bitcoin mining to colocation and AI Cloud. At the Wenatchee site, the mining data center has already been dismantled, and documents have been submitted for conversion to AI. The company’s total energy portfolio was nearly 3 GW at the end of July.
Despite revenue growth and AI advancements, Bitdeer’s shares on Nasdaq fell by 20% in the latest trading session.
Earlier this year, the largest US mining company MARA sold 23,093 BTC for $1.6 billion.
