Keel Infrastructure — the company formerly known as Bitfarms — reported a $145 million loss this week, marking the financial cost of a year-long pivot from Bitcoin mining to AI data centers. The firm also disclosed it holds a $533 million war chest to fund its new mission.
From Bitfarms to Keel Infrastructure
The rebrand from Bitfarms to Keel Infrastructure became official earlier this year. The change signaled a total strategy shift: out with energy-intensive Bitcoin mining, and in with building and operating infrastructure for AI workloads. The $145 million loss reflects the expense of that transition — winding down mining operations, writing off old equipment, and ramping up new facilities.
Inside the $145 million loss
The loss isn't a surprise to anyone watching the company. Mining margins had been thinning for months, and the pivot required heavy upfront spending. Keel Infrastructure didn't break out how much of the loss was one-time restructuring versus ongoing operational costs, but the message is clear: the old business is gone, and the new one isn't profitable yet.
The war chest
What stands out is the $533 million in cash and liquid assets. That gives Keel Infrastructure room to move. Building AI-ready data centers isn't cheap — cooling systems, high-end GPUs, and power contracts add up fast. The company says the war chest will fund the buildout. Timing matters: demand for AI compute is surging, but so is competition from bigger players. Keel Infrastructure is betting its mining heritage — experience with large-scale energy procurement and facility management — gives it an edge.
What happens next
The company has not given a timeline for when the AI infrastructure business will turn profitable. For now, the priority is deploying that $533 million before competitors lock up the best sites and power deals. The next earnings report will show whether the pivot is gaining traction — or burning cash faster than expected.
