Bitfarms leads the exit, rebranding to Keel Infrastructure, moving to U.S.

A Canadian bitcoin mining company is dumping its crypto playbook and going all-in on artificial intelligence. Bitfarms told investors Tuesday it will move its headquarters to New York and change its name to Keel Infrastructure. The switch could happen as soon as April 1.

Shareholders approved the plan. The company starts trading under a new ticker symbol, KEEL, on both the Nasdaq and Toronto Stock Exchange within two business days of closing the deal.

The company is targeting Pennsylvania, Washington state, and Quebec, where it controls access to electricity. Chief executive Ben Gagnon said buyers with strong credit ratings are already reaching out about leasing space.

Bitfarms plans to sell its bitcoin stash to pay for the new direction. As of March 27, the company held roughly 2,400 bitcoin worth about $161 million, part of around $520 million in total cash and assets. That pile grew from 1,827 coins in November.

Gagnon said during an earnings call that the company won’t hoard bitcoin anymore. They’ll sell it “opportunistically” to funnel every available dollar into AI and high-performance computing projects.

Stock went up over 5 percent to $1.94 when the news came out.

Revenue up, losses Widen

The development plan covers 2.2 gigawatts across North America. That includes 341 megawatts already running, 430 megawatts locked in for future delivery, and another 1.5 gigawatts being worked out with utilities. Active projects are at Panther Creek, Sharon, and Moses Lake.

Bitfarms paid off the last $100 million it owed to Macquarie in February.

Revenue hit $229 million in 2025, up 72 percent from the year before. Operating loss swelled to $150 million from $28 million a year earlier. Adjusted earnings dropped to $29 million. Profit margins shrank from 23 percent to 13 percent.

Industry wide shift to AI

The entire bitcoin mining industry is struggling. A new CoinShares report found it cost public mining companies an average of about $79,995 to mine a single bitcoin during the last quarter of 2025. Bitcoin traded around $68,000 to $70,000. Miners lost roughly $19,000 on every coin produced.

Mining companies started chasing AI contracts. More than $70 billion worth of AI and computing deals were announced across the industry. CoreWeave and Core Scientific signed a $10.2 billion agreement over 12 years. TeraWulf has $12.8 billion in contracts. Hut 8 locked down a $7 billion, 15-year lease.

Public miners could pull in 70 percent of their money from AI work by year-end, compared to roughly 30 percent now. Core Scientific already gets 39 percent of revenue from AI hosting. TeraWulf is at 27 percent.

Building infrastructure for bitcoin mining costs between $700,000 and $1 million per megawatt. AI infrastructure runs $8 million to $15 million per megawatt but delivers profit margins above 85 percent with guaranteed revenue for years.

Mining companies are selling bitcoin and taking on debt to fund the switch. Public miners offloaded more than 15,000 bitcoin from peak holdings. Core Scientific sold around 1,900 coins worth $175 million in January. Bitdeer emptied its treasury in February. Riot Platforms unloaded 1,818 bitcoin for $162 million in December.

Computing power on the Bitcoin network peaked at roughly 1,160 exahashes per second last October. It dropped to around 920 exahashes, with three straight downward adjustments in mining difficulty.

While companies flee bitcoin mining for AI, two U.S. senators want to make American mining stronger, as reported by Cryptopolitan previously. Bill Cassidy and Cynthia Lummis just introduced the “Mined in America Act” to boost domestic mining and cut dependence on foreign equipment.

America controls about 38 percent of global bitcoin mining right now. The problem is, 97 percent of the specialized mining machines come from China.

Mining operations can get certified if they use domestically sourced equipment and meet security standards. The idea is to encourage better practices and boost trust in U.S.-based mining companies. The bill also tells government agencies to promote American-made mining hardware.

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