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Keel Infrastructure Corp. still earns most of its revenue from Bitcoin mining. Its specialized computers supply computing power to Foundry Pool, which pays it daily in Bitcoin under a formula based on the expected mining proceeds from that computing power. Keel holds the Bitcoin or sells it for cash. It relies heavily on Foundry: a single pool operator supplied the vast majority of its revenue. Mining earnings depend on Bitcoin prices, competition for mining rewards and electricity costs.
The company is redirecting its sites and power infrastructure toward data centers for high-performance computing and AI. It plans to lease capacity under long-term contracts to large cloud providers, AI companies and other businesses. This business had generated no revenue as of December 2025. Keel plans to keep mining where profitable until construction requires retiring the mining equipment, rather than invest in expanding mining capacity. The transition depends on construction financing, reliable power and securing tenants.
Keel also owns the Scrubgrass and Panther Creek coal-refuse power plants in Pennsylvania. They sell electricity into PJM’s wholesale markets and earn energy and tax credits for using coal refuse. Power regulation directly affects the business: Keel is challenging a Québec decree directing higher cryptocurrency-mining electricity tariffs. It says the proposed increases would make its Québec mining operations uneconomic if they take effect.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Cipher Digital and Keel are turning Bitcoin-mining infrastructure into data centers leased to large cloud customers, making Cipher a useful comparison for Keel’s transition. Watch delivery of Cipher’s 600 MW of high-performance computing (HPC) facilities under development for hyperscaler tenants across two sites.
TeraWulf already leases large HPC campuses to the hyperscale and enterprise customers Keel plans to serve through long-term data-center leases. Its contracted capacity deliveries at Lake Mariner, which began in 2025 and extend into 2026, offer a comparison for Keel’s expected first data-center revenue in 2027.
Core Scientific offers a comparison for Keel’s effort to turn mining experience in electrical systems and operations into high-density AI data centers. Watch its facility conversions and development of sites that supply customers with space, power and cooling for AI computing, rather than assuming mining expertise alone completes the transition.
Applied Digital and Keel are directing capital toward power-advantaged HPC data centers leased long term to hyperscalers. Applied Digital’s shift from blockchain hosting to HPC hosting provides a comparison for Keel’s planned move from mining cash generation to data-center rent.
Hut 8 and Keel both start with access to power when developing sites for AI and HPC customers. Watch how Hut 8 turns powered land and electrical infrastructure into customer business; its Power segment has historically earned money through managed services and power-generation operations.
Ionic Digital has already shut down mining at Ward County for a long-term HPC lease, illustrating the conversion Keel plans. Watch the fixed monthly rent from Nscale scheduled to begin in August 2026: that is the revenue stream replacing mining at this site.
HIVE Digital Technologies Ltd. and Keel both sell mining computing power to pools and are developing power-advantaged facilities for AI and HPC customers. HIVE’s revenue from AI and graphics-rendering workloads offers a comparison for Keel’s planned data-center business, separate from payments for mining power.
IREN and Keel both develop AI infrastructure with secured power, but customers pay IREN for computing and software as well as data centers, while Keel plans to lease data-center capacity. Watch IREN’s operating AI cloud capacity as a measure of deployment, not as a direct comparison for Keel’s rental revenue.
Riot Platforms and Keel both operate large Bitcoin-mining fleets and have electrical expertise relevant to HPC data-center development. Riot’s engineering business builds power-distribution equipment for industrial and government customers and supports its own data-center buildouts, making those buildouts the useful comparison for Keel’s transition.
MARA Holdings and Keel both earn Bitcoin from power-intensive mining while developing AI and HPC opportunities. Watch MARA’s development of AI inference and HPC services alongside its mining output; Keel instead plans to wind down mining as it builds facilities to lease to computing customers.
Cleanspark and Keel share exposure to Bitcoin prices, mining difficulty and electricity costs because both run large fleets of specialized mining machines. Watch Cleanspark’s fleet energy efficiency and uptime for a comparison of mining competitiveness while Keel still relies on Bitcoin paid by pools for its computing power.
Bitdeer and Keel both mine Bitcoin and pursue AI infrastructure, but Bitdeer also sells mining rigs and cloud computing services. Separate Bitdeer’s self-mining revenue from sales of its SEALMINER machines when comparing it with Keel’s mining cash generation and planned data-center leases.
Fermi Inc. and Keel are seeking long-term computing tenants before their HPC projects generate revenue; neither had HPC revenue through December 31, 2025. Watch Fermi’s definitive tenant leases and delivery of buildings with power at Project Matador, the steps it says must precede operating revenue.
Galaxy Digital’s Data Centers business develops HPC infrastructure that competes with the capacity Keel plans to lease to computing customers. Watch that business’s development and move toward operations, rather than Galaxy’s trading fees and lending income, which come from its separate digital-assets businesses.
Digital Realty competes for the large customers Keel plans to serve by supplying data-center space, power and cooling under long-term contracts. Its contracts for deployments above 1 MW generally run for 5–10 or more years, offering a comparison for the duration of Keel’s future leases.
CoreWeave’s expansion in AI cloud computing requires the high-density data-center capacity Keel plans to lease to cloud providers, though the supplied facts show no lease between them. Watch CoreWeave’s committed contracts with enterprises, AI labs and technology companies for a read on demand from this customer group.
American Bitcoin and Keel both provide specialized mining machines’ computing power to pools in exchange for Bitcoin, exposing their mining results to Bitcoin prices and network difficulty. Watch American Bitcoin’s operational computing power and fleet energy efficiency, rather than treating its miner-focused model as a comparison for Keel’s planned data-center leases.
Digital Realty Trust, Inc. earningsDLR
Digital Realty’s report will show how firmly large customers are committing to long-term data-center leases, a market Keel plans to serve.
Look at Digital Realty’s leasing commitments and lease terms for large data-center deployments; contracts above 1 MW generally run for 5–10 years or longer. Continued long-term commitments show that large customers will commit for years to secure capacity, supporting the market Keel aims to enter. Weaker commitments or shorter terms would suggest that long leases may be harder to secure.
TeraWulf Inc. earningsWULF
TeraWulf’s report will show how contracted HPC capacity deliveries at Lake Mariner are progressing, a useful execution comparison for Keel’s planned shift from mining to data-center leases.
Check progress on TeraWulf’s contracted capacity deliveries at Lake Mariner, which began in 2025 and extend into 2026. Continued delivery shows that a former mining operator can bring leased data-center capacity into service, but does not prove Keel will meet its own plans. Delays would underline the execution risk Keel faces in building facilities, connecting customers and starting lease revenue.
CoreWeave, Inc. earningsCRWV
CoreWeave’s report will show how strongly enterprises, AI labs and technology companies are committing to AI cloud computing, a demand signal for the customer group Keel plans to serve.
Look at CoreWeave’s committed contracts with enterprises, AI labs and technology companies. Strong or growing commitments show that this customer group is still reserving AI computing capacity, a supportive demand signal for Keel’s planned leases, but not evidence that CoreWeave will lease from Keel. Slowing commitments would make the broader customer-demand picture less reassuring.
Keel Infrastructure Corp. earningsThis company
Keel’s report will show whether Bitcoin mining income can hold up against power costs as it builds data centers before lease revenue begins.
Read Bitcoin mining revenue alongside the average electricity cost per kilowatt-hour, then check how data-center construction spending affects cash. If mining income holds up against power costs and construction does not sharply increase cash pressure, Keel has a firmer base for the transition. If mining income weakens against power costs while construction spending rises, cash and financing needs come under greater strain.
CLEANSPARK INC earningsCLSK
Cleanspark’s report will show how its mining fleet’s energy efficiency and uptime compare, a benchmark for Keel while it still earns Bitcoin through pool payouts.
Read Cleanspark’s fleet energy efficiency alongside uptime. Improving efficiency with reliable operation shows how large miners can sustain computing power while limiting electricity use, raising the competitive bar for Keel’s mining business. Weaker efficiency or uptime points to operating pressure, but Keel’s own results still depend on its pool income and power costs.
