Keel Infrastructure CEO Ben Gagnon was still calling the company’s bitcoin business "strong" and expressing confidence in its mining economics in May 2025.
Fifteen months later, he is overseeing the "complete demolition" of bitcoin mining facilities as Keel (KEEL) pursues greater value in artificial intelligence infrastructure.
"We've been working on winding down the bitcoin business for some time,” Gagnon said Tuesday morning during an interview with CNBC.
"In our case, it’s a full rebuild across every facility.
So it’s the complete demolition of the bitcoin mining facilities that were there and building a completely new building, a new data center." Keel, which officially rebranded from Bitfarms in April, has undertaken one of the sharpest strategic pivots among publicly traded bitcoin miners, a group that includes MARA, Hut 8, and CleanSpark.
