Bitfarms Q2 Earnings Call Highlights

• Will Crypto Miners Pivot to AI? Latest connected 3 Key Players

Keel Infrastructure reported a wider second-quarter nonaccomplishment arsenic it continued its modulation from Bitcoin mining to processing high-performance computing and artificial quality information centers successful the U.S. and Canada.

Chief Executive Officer Ben Gagnon said the institution has spent the past 18 months repositioning its concern astir power-constrained information halfway development, exiting Latin America and Bitcoin operations successful the U.S. portion rebuilding its equilibrium expanse and advancing 3 precedence sites.

→ Why the Landlord of the AI Boom Could Outlast the Chipmakers

• These 3 Crypto Stocks Could Get a Bump arsenic Dollar Trust Weakens

"The defining constraint" for AI infrastructure is powerfulness alternatively than chips oregon capital, Gagnon said, adding that Keel is present successful progressive commercialized discussions with imaginable tenants astatine its Moses Lake, Washington; Sharon, Pennsylvania; and Panther Creek, Pennsylvania, sites.

Second-quarter results bespeak mining exit

Revenue for the 2nd 4th was $30 million, down from $61 cardinal a twelvemonth earlier. Chief Financial Officer Jonathan Mir attributed the diminution chiefly to little mean Bitcoin prices and the shutdown of Moses Lake cryptocurrency mining operations during the quarter.

→ MarketBeat Week successful Review – 08/03 - 08/07

• Crypto Miners Strike Gold successful AI: Stocks to Watch

Keel reported an operating nonaccomplishment of $141 million, compared with operating income of $11 cardinal successful the prior-year period. The quarterly operating nonaccomplishment included $63 cardinal successful accelerated depreciation related to mining-rig shutdowns astatine the Panther Creek and Scrubgrass locations.