Anand Sinha

Reviewed by Mehab Qureshi

I remember reading news stories of youngsters from small towns across the world setting up Bitcoin (BTC) mining operations and getting rich within a few years.

Bitcoin mining was a novel technology then, and they were willing to explore it as a source of income.

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In simple words, it is the process of using specialized computing hardware to solve complex cryptographic puzzles to verify and add blocks containing BTC transactions to the chain.

In exchange for securing the blockchain network, miners receive rewards in the form of BTC.

But after multiple Bitcoin halvings, rising power costs, and the recent Bitcoin crash, mining is no longer such a profitable venture.

As a result, we are witnessing several high-profile exits from the Bitcoin mining operations.

As reported earlier, Bit Digital (Nasdaq: BTBT) recently said it plans to completely shut down Bitcoin mining operations and only focus on Ethereum (ETH) and artificial intelligence (AI) operations.

The most obvious pivot for Bitcoin miners has been AI, and it's not a difficult transition because mining companies already have a ready infrastructure.

Now, a popular Bitcoin miner has said it's "no longer a Bitcoin company."

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Bitfarms says it's 'no longer a Bitcoin company'

On Feb. 6, Bitfarms Ltd. (Nasdaq/TSX: BITF) announced that its board of directors has approved a redomicile from Canada to the United States after a long strategic review process. Once the company is redomiciled in the U.S., it will be incorporated in the state of Delaware and operate under the name Keel Infrastructure.

The company will then trade under the ticker "KEEL" on both Nasdaq and the Toronto Stock Exchange, the statement read.

The redomicile and rebranding are a step in the company's transformation from Bitcoin mining to AI/HPC operations, it said.

CEO Ben Gagnon said, "We are no longer a Bitcoin company, we are an infrastructure-first owner and developer for HPC/AI data centers across North America."

Gagnon added the company's focus is simple: building the infrastructure for the compute of the future.

Ben Gagnon, chief executive officer of Bitfarms, speaks during the Bitcoin 2025 conference in Las Vegas, Nevada, US, on Wednesday, May 28, 2025.

A shareholder vote is expected on March 20, following which the U.S. redomiciliation is expected to be complete on or about Apr. 1, subject to shareholder and regulatory approvals.

Bitfarms has begun repaying its $300 million credit facility from Macquarie Group. The company maintains a strong liquidity profile—$698 million in unrestricted cash and Bitcoin as of Feb. 5—to support this repayment.

This wouldn't come as a surprise to those who have been paying attention to Bifarms' past announcements. The company already shared an update in November last year that it will wind down its Bitcoin operations over 2026 and 2027 and pivot to AI/HPC.

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Could open-source OS revive Bitcoin mining?

Not everything is in disarray though.

The crypto giant Tether recently unveiled an open-source operating system called Mining OS (MOS), which is built to manage, monitor, and automate Bitcoin mining operations at scale.

The company also launched an open-source framework underlying the Mining OS. The framework is complete with APIs, ready-made components, and UI tools and allows developers to build custom mining software without changes to core integrations.

The latest development comes only two months after it decided to wind down its Bitcoin mining operations in Uruguay due to high energy costs.

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Bitcoin MiningCrypto MiningBitcoin Crash

By

Anand Sinha

Anand is a Senior Reporter at TheStreet Crypto, covering the latest trends shaping the crypto economy. He has a keen interest in the intersection of Wall Street and digital assets. Prior to joining TheStreet, he reported for AMBCrypto and BitDelta. You can reach out to him at anand@roundtable.io

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Reviewed by

Mehab Qureshi

Mehab Qureshi is a Senior Editor at TheStreet, bringing nearly a decade of experience covering the crypto industry. At TheStreet, he leads coverage on regulation, tokenization, and Wall Street’s adoption of crypto. Please reach out to him on mehab@thestreet.com

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