Keel Infrastructure, formerly known as Bitfarms, has ceased all its mining operations in the United States, with plans to repurpose the facilities into data centers for AI workloads and high-performance computing (HPC). This information was disclosed in the company’s quarterly report for Q2.

In conjunction with this transition, the company has continued to liquidate its bitcoin reserves, selling 1,085 BTC for $75 million from April 1 to August 7. Keel now holds 1,861 BTC.

The company’s total liquidity reached $819 million, comprised of $698 million in cash and $121 million in owned coins. During the quarter, Keel raised $458 million through convertible bonds.

Keel's revenue for the quarter was reported at $30.4 million, which is half of what it was a year prior. Management attributed this decline to the drop in bitcoin's average price and the suspension of mining at its Moses Lake facility in Washington, which took place in April. Meanwhile, administrative costs surged from $19 million to $31 million due to hiring specialized personnel for project management.

Operating losses amounted to $141 million, including $84 million in non-cash depreciation, compared to an operating profit of $11 million in the same quarter last year. The net loss was $65 million, up from $5.5 million in Q2 2025, while adjusted EBITDA fell to a negative $24 million.

CEO Ben Gagnon emphasized the importance of access to electricity, stating:

“Energy capacity is the main constraint. Everything else derives from this. A year and a half ago, we built the company around this thesis, and today all three priority sites are close to obtaining full permits, with negotiations ongoing with several potential tenants for each.”

However, Keel's report did not mention any signed lease agreements. Gagnon noted that the company already has uncontracted capacity for 2027 within the service area of the largest regional electric system operator in the U.S., PJM.

Among the operational achievements for the quarter, the company reported zoning approvals for its Panther Creek and Sharon sites, the acceptance of the first Vertiv modules in Moses Lake, and the appointment of Ganesh Iyer as president. In Sherbrooke, Canada, Keel reached an agreement with Hydro-Sherbrooke for a conditional transfer of 96 MW of existing capacity and acquired land for a data center.

On August 10, Keel's shares on Nasdaq fell by more than 12%.

Source: Yahoo Finance.

Bitdeer Increases Mining Output Nearly Fivefold

As miners pivot towards AI infrastructure, Bitdeer is simultaneously expanding in both areas. In the second quarter, the company mined 2,694 BTC, a significant increase from 565 BTC the previous year. The average hash rate reached 69.5 EH/s, nearly five times higher than 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%, rising from $155.6 million to $228.8 million. The majority of this income came from mining, which generated $168.4 million compared to $59.3 million last year. The revenue from its AI Cloud division surged from $1.3 million to $14 million.

Despite these gains, the net loss widened from $62.9 million to $92.3 million, and gross profit shifted from $12 million to a loss of $8.5 million. The company cited rising costs, including electricity and depreciation due to new miner installations, as contributing factors.

Operating expenses grew from $42.2 million to $72.6 million, while interest expenses increased from $9.6 million to $31.1 million. Adjusted EBITDA stood at $31.1 million, up from $4.6 million a year earlier.

Additionally, Bitdeer is reallocating part of its energy portfolio to AI. In early August, it signed a 16-year agreement for the Tydal data center in Norway, which is expected to generate around $4.7 billion in revenue and provide 121 MW of IT capacity for Nvidia GPU-based equipment.

In the U.S., Bitdeer plans to repurpose its Rockdale site (563 MW) from bitcoin mining to colocation and AI Cloud services. The mining data center in Wenatchee has already been dismantled, and plans are underway to convert the site for AI use. By the end of July, the company’s total energy portfolio was valued at nearly 3 GW.

Despite the revenue growth and advancements in AI, Bitdeer’s shares on Nasdaq dropped by 20% during the latest trading session.

It is worth noting that since the beginning of 2026, the largest American mining company, MARA, has sold 23,093 BTC for $1.6 billion.