Bitfarms Embarks on New Path with Rebranding to Keel Infrastructure

Bitfarms Ltd., a publicly traded vertically integrated Bitcoin mining company, is undergoing significant changes as it transitions from a focus on cryptocurrency mining to high-performance computing (HPC) and artificial intelligence (AI) infrastructure.

The company has announced plans to rebrand itself as Keel Infrastructure, reflecting its new direction. According to Ben Gagnon, an executive at Bitfarms, the company has already pivoted to '100% North American infrastructure' and '100% HPC and AI infrastructure.' He emphasized that Bitfarms is no longer making investments in Bitcoin mining.

The re-domiciliation process is expected to be completed soon, allowing Keel Infrastructure to operate under a new jurisdiction. The company's portfolio includes 2.2 GW of energized capacity across Pennsylvania, Quebec, and Washington, with the majority situated in Pennsylvania. Key locations include Sharon (110 MW), Panther Creek (350 MW), Scrubgrass (potential for 1 GW), and Washington (18 MW).

Gagnon highlighted the importance of location in data center operations, citing proximity to major metro areas and cooler climates as advantages that can improve efficiency and lower operating costs. The company is focusing on enabling hyperscalers and 'neo cloud' customers to deploy capacity on time and operate without interruption.