Keel is a high-risk bet that scarce North American power—not Bitcoin mining—becomes the next critical bottleneck and value driver in the AI infrastructure boom.
Overview
Keel Infrastructure is transforming from Bitfarms, a volatile Bitcoin miner, into a North American AI/HPC data-center infrastructure platform. Its core asset is scarce, pre-secured power capacity in constrained markets, supported by vertically integrated energy assets and high-voltage interconnections. Legacy mining is being wound down, with future growth expected from long-term, inflation-protected colocation leases beginning in 2027. The thesis is compelling but execution-heavy: Keel must convert power assets into leased data-center capacity while managing losses, regulatory risks, and capital intensity.