Keel Infrastructure (formerly Bitfarms) completes its transformation from a mining company to an AI-driven enterprise, posting a net loss of $145 million in Q1.

CoinFeed reported on May 12th that Keel Infrastructure, formerly known as Bitfarms, released its first-quarter financial report, showing a net loss of $145 million. Revenue decreased by 23% year-over-year to $37 million, and operating losses widened to $98 million. The losses were primarily due to a $41 million loss from changes in the fair value of digital assets and a $22 million loss from repaying the Macquarie credit line. The company has completed its transformation from a Canadian Bitcoin mining company to a US AI/HPC infrastructure developer, exiting its Latin American business by selling non-core assets such as the Paso Pe mining farm in Paraguay.