Keel Infrastructure Corp., previously known as Bitfarms Ltd., is a vertically integrated digital asset and energy infrastructure company. Historically operating as a pure-play Bitcoin miner, the company has recently rebranded and redomiciled to the United States to pivot its strategic focus toward high-performance computing (HPC) and artificial intelligence (AI) data centers. Despite this transition, the vast majority of Keel's current revenue is still derived from its cryptocurrency mining operations, where it owns and operates server farms that validate transactions on the Bitcoin blockchain and earn block rewards. The company manages a portfolio of energized and secured power capacity across North America, with key development sites in Pennsylvania and Washington state, as well as existing operations in Québec, Canada. Keel recently divested its Latin American assets, including a 70 MW site in Paraguay, to concentrate exclusively on the North American market. The company's business model involves securing long-term, low-cost power contracts and developing purpose-built infrastructure to support compute-intensive workloads. While Keel is actively developing sites like Moses Lake, Panther Creek, and Sharon for future HPC and AI tenants, revenue from these new segments is not expected to commence until 2027. In the interim, the company continues to generate revenue through Bitcoin mining and holds a significant portion of its mined Bitcoin in its corporate treasury.
