Keel Bitcoin Treasury Gone: $192M Sold as Miner Pivots to AI
The Keel bitcoin treasury is gone. Keel Infrastructure, the former Bitfarms, says it sold 2,520 BTC for about $192 million in the third quarter. Per Bitcoin Magazine, it will now sell newly mined coins daily.
Why the Keel bitcoin treasury was sold
According to Bitcoin.com News, the 2,520 BTC was a 2,261 BTC treasury plus 259 BTC mined in the quarter. Holdings were nominal at September 30, so the sale is complete. Keel says the move removes its exposure to bitcoin price swings on treasury coins.
The pivot is toward AI and high-performance computing. Keel expects one site to be its first energized HPC location, generating revenue in 2027. In addition, it reported about $780 million in unrestricted cash as of November 4.
The numbers behind it
Q3 revenue was $27.6 million, down from $68.0 million a year earlier, and the net loss was $62.7 million. However, Keel booked a $32.2 million realized loss on its bitcoin sales, offset by a $73.6 million fair-value gain. These are the company’s own figures as reported by outlets such as Stock Titan. Coverage differs on small details, so we use the company breakdown.
Our daily view is on the bitcoin price prediction page.
Miner math: what a miner exit does to your margin
Here is the live maths on November 5. Bitcoin is $76,099 and the network is 1017 EH/s, so hashprice is about $33.91 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.68 | -$3.02 | -$6.14 | 4.1c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.73 | -$1.18 | -$3.72 | 6.1c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.17 | -$1.00 | -$3.89 | 6.6c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.72 | $1.20 | -$2.17 | 9.4c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If another 2% of network hashrate shuts down: the break-even power price on an S19k Pro rises from 6.1 to 6.3 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.18 to -$1.10.
The blunt answer for miners
Treasury selling by one public miner is a small flow. 2,520 BTC over a quarter is a rounding error next to daily volume. Still, the signal matters more. A listed miner chose AI hosting over mining, and daily sales mean it now sells every coin it mines. Hashrate sits near 1017 EH/s per mempool.space. Also, when miners leave, difficulty can ease and the rest earn a bit more per terahash. Read the table against your own power price. So if a machine loses money at your rate today, one exit will not fix it.
If that is you, see our we buy used miners page or the mining economics guides.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.