# 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.
- Title: Captain Keel steers Bitcoin miner into AI gold rush · Fortune
- Summary: 37-year-old Ben Gagnon transforms Bitfarms into Keel Infrastructure, shifting from Bitcoin mining to AI power infrastructure.
- Keywords: ben gagnon, bitfarms, keel infrastructure, ai data centers, bitcoin mining, power infrastructure, hydroelectric power, pennsylvania, washington state, ai training, compute providers, developer model
- Source: Fortune — https://fortune.com/2026/11/14/ben-gagnon-keel-infrastructure-ai-data-center-gold-rush
- Author: Shawn Tully
- Read time: 2 min
- Topics: ben gagnon, bitfarms, keel infrastructure, ai data centers, bitcoin mining, power infrastructure, hydroelectric power, pennsylvania, washington state, ai training, compute providers, developer model
## 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.
## Key takeaway

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.