Key facts
- Keel Infrastructure has shut down all its US Bitcoin mining operations.
- The company is pivoting its focus to AI and high-performance computing infrastructure.
- Second-quarter revenue fell 50% year-over-year to $30 million.
- Keel reported an operating loss of $141 million for the quarter.
- The company sold 1,085 BTC for $75 million as part of its holdings wind-down.
- Keel held 1,861 BTC and reported $819 million in liquidity.
Keel Infrastructure has ceased all of its United States Bitcoin mining operations as it transitions to constructing high-performance computing (HPC) sites. The company announced this strategic shift in its second-quarter report, which also revealed a significant financial downturn.
Keel reported revenue of $30 million for the second quarter, marking a 50% decrease compared to the same period last year. This decline was primarily attributed to a drop in the average Bitcoin price and the closure of its Moses Lake crypto mining facility in April 2026. The company also posted an operating loss of $141 million, a stark contrast to the $11 million operating income reported in the prior year. This loss included $84 million in non-cash depreciation.
While several Bitcoin miners have explored expanding into AI infrastructure, Keel is noted as one of the few to fully exit US Bitcoin mining in favor of HPC. Other companies, such as Bit Digital and Crusoe, have also halted mining operations to shift towards AI-related services.
As of Friday, Keel held 1,861 BTC. Since April 1, the company has sold 1,085 BTC for $75 million as part of its ongoing strategy to reduce its Bitcoin holdings. Keel's liquidity stands at approximately $819 million, with $698 million in unrestricted cash.
Following the news, Keel's stock price experienced a 12% decline on Monday.