Bybit
Keel Infrastructure posts $145M Q1 net loss
Keel Infrastructure, formerly known as Bitfarms, reported significantly weaker financial results for the first quarter of 2026 as the company continued shifting away from traditional Bitcoin mining toward artificial intelligence and high-performance computing infrastructure.
Keel Infrastructure continues mining transition
Keel Infrastructure reported a net loss of $145.4 million during the first quarter of 2026.
Revenue declined 23% year-over-year to $37 million, compared with $47.7 million during the same period last year.
Operating losses also increased sharply, reaching $98.4 million versus $34.8 million in the first quarter of 2025.
The company attributed the weaker performance to several factors, including:
- a $41.4 million loss tied to digital asset valuation changes
- a $21.6 million loss related to debt extinguishment
- declining Bitcoin mining revenue
- ongoing business restructuring efforts
Despite weaker quarterly results, the company’s shares rose more than 8% during trading on May 11 as investors focused on Keel’s artificial intelligence infrastructure strategy.
Company focuses on AI infrastructure growth
Keel recently completed its corporate redomiciliation to the United States and officially rebranded from Bitfarms to Keel Infrastructure.
Management stated that the company now positions itself as a North American developer of data centers and energy infrastructure supporting artificial intelligence and high-performance computing.
CEO Ben Gagnon described the transition as the completion of a nearly two-year strategic transformation.
According to the company, its focus has shifted away from Latin American mining capacity toward North American infrastructure development.
As of May 8, Keel reported approximately $533 million in liquidity, including:
- $336 million in unrestricted cash
- roughly $197 million in Bitcoin holdings
- additional assets supporting future site development
The company also disclosed the sale of 269 BTC worth approximately $20 million as part of its planned reduction of Bitcoin reserves.
Public miners accelerate move beyond mining
Keel’s strategy reflects a broader transformation across the public Bitcoin mining industry.
Mining operators increasingly view data centers and computing infrastructure as more stable long-term businesses compared with traditional cryptocurrency mining.
Similar transitions are already underway at Core Scientific, MARA Holdings and several other large operators.
Industry analysts believe the rapid expansion of artificial intelligence is reshaping demand for electricity, computing capacity and digital infrastructure assets.
Data centers become priority assets for miners
Keel Infrastructure’s transition demonstrates how the mining sector is gradually evolving into a broader digital infrastructure industry.
The most valuable assets are increasingly power access, land and data center capacity rather than mining hardware alone.
Artificial intelligence and high-performance computing services also provide operators with more predictable revenue streams than the highly volatile cryptocurrency market.
Over the next several years, competition among major mining companies may increasingly center on artificial intelligence infrastructure rather than Bitcoin production alone.
