Keel Infrastructure Corp. has secured approvals from the City of Sherbrooke to transfer 96 megawatts of existing power capacity and purchase land for a data center campus. The deal lets Keel consolidate three of its current Bitcoin mining sites in Quebec into a single 96 MW facility — without asking for additional power from the grid. It also marks the company's formal exit from Bitcoin mining as it pivots to high-performance computing and artificial intelligence.
The Sherbrooke deal
Under the agreement, Keel won approval to reclassify the 96 MW from Bitcoin mining to HPC and AI. The land parcel, about 100 miles east of Montreal, is subject to conditions including site inspections, feasibility analysis, and municipal approvals. Closing is expected in the first quarter of 2027. Transfer of the energy capacity to the new site still requires review and approval from Quebec's Ministry of Economy, Innovation and Energy.
From mining to AI
Keel isn't alone in this shift. The broader industry is seeing a wave of Bitcoin miners redirecting infrastructure toward AI workloads. CleanSpark, for example, recently signed a $6.6 billion data center lease. But the pivot comes with risks. VanEck has warned that miners chasing AI infrastructure face a $50 billion funding gap, as capital flows to firms that already have capacity built out.
A long-term bet on Quebec
Philippe Fortier, Executive Vice President of Corporate Development at Keel, said the project will be one of the largest data center projects in Quebec and reflects a long-term commitment to the community. Keel has operated in the province since its inception and views the Sherbrooke campus as a long-term commitment to the local and provincial economies.
What happens next depends on the ministry's sign-off and the conditions tied to the land purchase. If all goes through, Keel will have a single 96 MW AI-focused campus by early next year — and a clean break from Bitcoin mining.
