Keel Infrastructure has decommissioned all four of its US Bitcoin mining sites as the firm formerly known as Bitfarms moves ahead with its pivot into AI and high-performance computing (HPC) data centers.

The company ceased mining at its 18MW Moses Lake facility in Washington on April 28, before shutting down operations at its Panther Creek, Scrubgrass, and Sharon sites in Pennsylvania on June 29, according to its second-quarter results.

Panther Creek and Scrubgrass continue to generate revenue through the sale of electricity. Keel is now advancing three priority US data center developments offering a combined 478MW of gross capacity.

Moses Lake is expected to become the first of these sites to come online and begin generating revenue in 2027. Zoning has been approved, the former mining building has been demolished, and land development and environmental permits remain in progress.

In Pennsylvania, Keel said it is developing a 110MW data center in Sharon and a 350MW hyperscale campus at its Panther Creek site. The Sharon project has received zoning and land development approvals, with transformers now delivered to the site.

Panther Creek has secured zoning and conditional land development approval. Keel has previously said the 336-acre campus could eventually be expanded beyond 500MW.

Keel CEO Ben Gagnon said all three priority sites were nearing full permitting, with multiple prospective tenants negotiating for capacity at each location.

Keel has also advanced plans for a 96MW data center in Sherbrooke, Quebec. The company has secured local approval to consolidate the power allocated to three existing Canadian Bitcoin mining sites at a single campus and convert its use to HPC and AI workloads, subject to provincial approval.

The company continues to operate its remaining Canadian mining portfolio while pursuing the conversion of its Quebec sites. It completed the sale of its final Paraguayan facility in April, while its Argentinian operation was abandoned following the loss of its power supply.

Keel reported second-quarter revenue of $30.4 million, down 50 percent from $60.9m during the same period last year. The company attributed the decline to weaker Bitcoin mining economics and the closure of Moses Lake.

It recorded an operating loss of $140.8m, including $84.1m in depreciation and amortisation, compared with operating income of $10.8m a year earlier. Its net loss widened to $65m.

Keel raised $458m through a convertible note offering during the quarter. As of August 7, it had approximately $819m in liquidity, comprising $698m in unrestricted cash and $121m in Bitcoin.

The company sold 1,085 Bitcoin for $75m between April 1 and August 7, leaving it with 1,861 Bitcoin.

Bitfarms rebranded as Keel Infrastructure and moved its corporate domicile from Canada to the US in April. The company claims an overall data center development pipeline of 2.2GW.