From Fortune · Shawn Tully · · 3m
Captain Keel steers Bitcoin miner into AI gold rush
37-year-old Ben Gagnon transforms Bitfarms into Keel Infrastructure, shifting from Bitcoin mining to AI power infrastructure.
In brief
37-year-old Ben Gagnon transforms Bitfarms into Keel Infrastructure, shifting from Bitcoin mining to AI power infrastructure. Ben Gagnon, 37, rebranded Bitfarms as Keel Infrastructure to pivot from Bitcoin mining to AI power infrastructure after a $27 million lawsuit and hostile takeover bid. Originally reported by…
Ben Gagnon's pivot
In late 2023, 34-year-old Ben Gagnon concluded Bitfarms was in the wrong business, shifting focus from Bitcoin mining to power infrastructure for AI.
“It was the big aha moment. Suddenly, we saw who the right customer was.”
Legal turmoil at Bitfarms
Bitfarms faced a $27 million wrongful termination lawsuit and a hostile $930 million takeover bid from Riot Platforms in early 2024.
Gagnon takes charge
Gagnon became CEO in July 2024, brokered a deal with Riot to name a director and remove the co-founder from the board.
The Big Pivot
Gagnon rebranded Bitfarms as Keel Infrastructure, shifting from Bitcoin mining to pure energy infrastructure for AI and high-performance computing.
Rebranding strategy
Gagnon chose 'Keel' to evoke the structural backbone of a vessel that provides stability and converts energy into forward motion.
Rebirth as Keel
On April 1, 2026, Keel Infrastructure changed its domicile from Canada to the U.S. and rebranded from Bitfarms.
Gagnon's background
Gagnon, son of American parents who settled in Hong Kong, earned a bachelor’s degree in business and economics from Indiana University’s Kelley School of Business in 2011.
Early Bitcoin mining
Gagnon built a jerry-rigged Ethereum mine in Taipei using ten times the electricity of a typical home, drawing police attention for suspected marijuana cultivation.
Bitfarms in Alberta
Gagnon focused on Alberta’s oil patch, creating containerized Bitcoin data centers that channeled natural gas for mining at 1.5 cents per kWh.
Stronghold acquisition
Gagnon acquired Stronghold Digital for $175 million in August 2024, securing two Pennsylvania sites for AI data centers.
AI power demand
AI leaders view power as the toughest chokepoint in the AI supply chain, with each megawatt generating $7.9 million versus $1.7 million for Bitcoin mining.
Keel's power advantage
Keel has 2.2 GWs of power approved or in final approval stages, more than OpenAI’s 1.9 GW at the close of 2025.
Priority projects
Keel is pursuing three priority projects: Panther Creek, Sharon, and Moses Lake, securing over 450 MWs from local grids.
Zoning challenges
Zoning is the most political and community-centric approval process, with Keel having secured zoning and development permits for two sites.
Market position
Keel’s AI campuses near New York, Philadelphia, and Pittsburgh have strong demand from customers seeking proximity to population centers.
Future outlook
Keel’s stock dropped 20% after announcing no deals in 2026, but investors remain cautious about its transition to AI power infrastructure.
Here's the gist
Ben Gagnon, 37, rebranded Bitfarms as Keel Infrastructure to pivot from Bitcoin mining to AI power infrastructure after a $27 million lawsuit and hostile takeover bid.
