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Welcome back to The Blockspace Podcast! For today’s bonus episode, Ben Gagnon, CEO of Keel Infrastructure, joins us to talk about the company's rebranding from Bitfarms and its transition from bitcoin mining to AI and HPC infrastructure. We dive into the complexities of re-domiciling from Canada to the U.S., Keel’s decision to liquidate its bitcoin holdings throughout 2026, and how the company is securing power permits in high-barrier markets like Pennsylvania and Washington.

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Notes:

• Rebrand from Bitfarms to Keel Infrastructure.

• Re-domiciled from Canada to the United States.

• Keel plans to liquidate 2,400 Bitcoin holdings.

• Sitting on over $500 million in total liquidity.

• Target Bitcoin mining capacity of 4-5 EH/s post-AI transition.

• Only the fifth Canadian company in 15 years to re-domicile to US.

Timestamps:

00:00 Start

01:24 Bitfarms is now Keel

03:41 Rebranding headaches

08:39 Changes to operations?

10:39 Bitcoin treasury sale

14:17 Panther Creek, Sharon & Moses Lake

21:10 Waste coal power plants

23:07 Deal timeline?

24:28 Any hybrid site plans?

26:25 Regulatory roadblocks?

28:13 Operational transition plan

32:16 Private equity redemption limitations

39:29 Financing for Keel

41:25 Final thoughts

👉⁠CleanSpark⁠

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

👉⁠Luxor⁠, Blockspace's preferred mining pool

Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining

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Why Bitfarms Rebranded to Keel, and What This Means for Its AI Plans w/ Ben Gagnon