Blockspace: AI & Bitcoin

“Why Bitfarms Rebranded to Keel, and What This Means for Its AI Plans”

Guest: Ben Gagnon, CEO of Keel (formerly Bitfarms)
Date: April 7, 2026
Hosts: Charlie Spears & Colin Harper

Episode Overview

This episode explores the recent transformation of Bitfarms—once a prominent, international Bitcoin miner—into Keel Infrastructure, a US-based company pivoting to HPC (High-Performance Computing) and AI infrastructure. CEO Ben Gagnon discusses the rationale, benefits, and operational details of the rebrand and redomicile, the company’s Bitcoin wind-down, the regulatory challenges in pivoting to AI, and Keel’s approach to project financing. Strategic site conversions, community engagement, market catalysts, and perspectives on the explosive demand for AI compute supply are also central to the conversation.

Key Discussion Points & Insights

1. Rationale for the Rebrand & Redomicile

Timeframe: [01:13] – [03:19]

• Bitfarms, known as an “international bitcoin miner,” is now Keel Infrastructure to better reflect its transition from Bitcoin mining to energy infrastructure development for HPC/AI.
• The decision marks the culmination of a 12-month process streamlining the business, selling off non-core assets, and focusing exclusively on US operations and high-value infrastructure.
• Quote:
  • “We don't want to be a bitcoin company anymore... we want to get away from the name Bitfarms because it has such a strong bitcoin connotation. That connotation really doesn't reflect the business that we've rebuilt and who we are now.”
    — Ben Gagnon [02:54]

2. Execution & Challenges of Redomiciling

Timeframe: [03:53] – [07:59]

• The rebrand itself was straightforward, but redomiciling from Canada to the US was “incredibly difficult,” involving both US and Canadian regulators, complex taxation considerations, and timing mismatches between the two countries’ processes.
• Only five companies have done this in the last 15 years, highlighting the rarity and difficulty.
• Primary motivations included broader US investor access, index inclusion (e.g., Russell), simplification of regulatory/compliance frameworks, and alignment to US GAAP accounting.
• Quote:
  • “It is a very, very rare thing for Canadian companies to redomicile into the US because it's hard.”
    — Ben Gagnon [04:18]

3. Impact of Rebrand & Redomicile on Operations

Timeframe: [08:30] – [10:21]

• The name/brand change itself did not alter business fundamentals; it reflects work already completed (asset disposition, capital raises, scaling in the US).
• Redomiciling streamlines regulatory and financing operations and enables opportunities unavailable to a Canadian company.
• Quote:
  • “There's some things that you can't even do from a financing perspective in Canada that you can do in the United States.”
    — Ben Gagnon [09:50]

4. Wind-down of Bitcoin Mining

Timeframe: [10:21] – [14:07]

• Keel is taking a disciplined approach to selling off remaining Bitcoin (currently ~2,400 BTC), capitalizing on market strength rather than liquidating immediately.
• Robust financial liquidity (over $500M, mainly cash) allows for strategic timing in divesting Bitcoin and reinvesting in the HPC/AI transition.
• The wind-down process involves shutting down US Bitcoin mining by year-end, with only Quebec and Scrubgrass (for now) maintaining mining operations.
• Quote:
  • "Our goal is to sell off the bitcoin and reinvest those dollars this year. But... we can take a really disciplined approach."
    — Ben Gagnon [11:21]

5. Site Conversion, Community Engagement & Permitting

Timeframe: [14:07] – [22:26]

• Keel is focused on signing leases for AI/HPC workloads at three key US sites: Panther Creek, Sharon, and Moses Lake.
• Permitting is the primary bottleneck, especially in non-Texas states where timelines are 12-18 months versus 3-4 months in Texas.
• Success depends on high community engagement, robust relationships at all government levels, and transparency.
• Special environmental considerations (e.g., waste coal power at Panther Creek) are managed as separate regulatory processes, not affecting data center permits.
• Quote:
  • “We’ve got robust support from the very grassroots level... principals, the superintendents, the police chiefs, the fire captains, the mayor, the state senators... they were blown away, just showering praise about how we’ve... been responsible developers.”
    — Ben Gagnon [18:58]

6. Lease Timeline & Near-term Catalysts

Timeframe: [22:26] – [24:08]

• Critical milestone: securing permits (expected mid-late summer 2026).
• Lease announcements may follow soon after; these are expected to be significant valuation catalysts.
• Quote:
  • “Our goal as a business this year is to clear the permits on those three sites and to execute leases on those three sites.”
    — Ben Gagnon [23:16]

7. Managing Bitcoin Mining Wind-down vs. AI Build-out

Timeframe: [24:08] – [28:51]

• All bidirectional operations analyzed for conversion suitability; US sites are prime candidates for AI/HPC, most Latin American sites are being disposed of.
• Quebec’s transition timeline is “too early to tell,” but key focus is aggregating capacity in a supportive location (Sherbrooke, Quebec).
• Wind-down maximized for value, using economic models to determine whether to continue mining or sell equipment/operations outright, hedging against cashflow dips.
• Quote:
  • “There is a really simple, logical framework that you follow... we’re going to continue to make judgments as market conditions change.”
    — Ben Gagnon [29:12]

8. Macro: AI Compute Demand, CapEx, and Industry Perspective

Timeframe: [32:16] – [38:52]

• Despite negative headlines about capex and private credit, Gagnon believes appetite for AI/compute infrastructure is “rampant” with “insatiable demand.”
• Internally, Keel uses AI across business units, boosting efficiency and operational intelligence (examples: agentic chief of staff, AI miner management).
• The rise of agentic AIs will drive exponential demand for compute capacity.
• Quotes:
  • “I think we have an opportunity here with AI where it really improves the interface between a person and a computer... We’re moving to a world where the ability to do work is no longer going to be measured in calories or joules but in tokens.”
    — Ben Gagnon [35:43]
  • “The demand is never going to go away. It’s just going to increase. And the applications there are pretty powerful.”
    — Ben Gagnon [37:44]

9. Keel’s Approach to Financing AI & HPC Expansion

Timeframe: [39:44] – [41:25]

• Keel has restructured its assets into SPV (Special Purpose Vehicle) structures, enabling flexibility for project-level and top-level financing.
• The company’s $520M in liquidity covers upcoming permit and lease milestones, removing near-term pressure for new funding.
• Preference is for project-level financing, given better terms in the AI/HPC infrastructure space.
• Quote:
  • “We have completely restructured the business along with the redom. Every single asset that we have has now been wrapped up into a consistent and uniform SPV structure across the business in a very traditional infrastructure manner.”
    — Ben Gagnon [39:45]

10. Keel’s Investment Case & Industry Outlook

Timeframe: [41:25] – [45:09]

• Gagnon underscores that Keel’s value is no longer tied to Bitcoin mining—investors should assess the company as a future-focused AI/HPC infrastructure developer.
• The primary catalysts for 2026: permit clearance, lease signings, and capacity expansion, with major value inflections at lease execution (not revenue generation).
• The entire sector represents “show me” stories—execution is the primary risk factor, but upside remains significant due to artificial constraints in compute supply and surging AI demand.
• Quote:
  • “Bitfarms was a bitcoin mining company. Keel infrastructure is an HPC and AI development company... I think for the investors who can see that opportunity and they find the right teams and the right projects to invest in, there’s just tremendous upside in the space.”
    — Ben Gagnon [43:23, 44:27]

Memorable Quotes

• “We don't want to be a bitcoin company anymore... the name Bitfarms has such a strong bitcoin connotation.”—Ben Gagnon [02:54]
• “It is a very, very rare thing for Canadian companies to redomicile into the US because it's hard.”—Ben Gagnon [04:18]
• “We're taking a disciplined approach because we have that robust liquidity... we're going to be looking to sell into strength.”—Ben Gagnon [11:31]
• “For us to be successful, the community also needs to be successful. These are win-win scenarios. We know those really, really well.”—Ben Gagnon [19:20]
• “The demand is never going to go away. It's just going to increase. And the applications there are pretty powerful.”—Ben Gagnon [37:44]
• “Bitfarms was a bitcoin mining company. Keel infrastructure is an HPC and AI development company.”—Ben Gagnon [43:23]

Timestamps for Key Segments

• Rebrand Overview: [01:13] – [03:19]
• Redomicile Regulatory Challenges: [03:53] – [07:59]
• Operational Impact: [08:30] – [10:21]
• Bitcoin Mining Wind-down: [10:21] – [14:07], [24:08] – [28:13]
• Site Permitting & Community Engagement: [14:07] – [22:26]
• Lease Milestones: [22:26] – [24:08]
• Managing Mining/AI Build Transition: [24:08] – [28:51]
• AI Demand & CapEx Discussion: [32:16] – [38:52]
• Financing Structure: [39:44] – [41:25]
• Investment Thesis & Final Thoughts: [41:38] – [45:09]

Tone & Language

The discussion is candid, technical, and forward-looking, with Gagnon providing long-form context and directly addressing both operational hurdles and industry trends. The episode blends strategic insights with practical details—useful for both seasoned crypto miners, AI infrastructure investors, and industry observers.

Summary prepared for listeners seeking a deep dive into Keel Infrastructure’s strategic shift, operational logistics, and AI future.