Keel Shuts US Bitcoin Mining Operations as Q2 Revenue Falls 50%

Keel completed the shutdown of its US Bitcoin mining operations as it pivots toward AI and high-performance computing infrastructure.

Keel Shuts US Bitcoin Mining Operations as Q2 Revenue Falls 50%

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Written by

Zoltan Vardai

staff writer

Reviewed by

Yohan Yun

staff editor

Written by

Zoltan Vardai

staff writer

Reviewed by

Yohan Yun

staff editor

Keel shuts US Bitcoin mining operations as Q2 revenue falls 50%

Latest News

Published

Aug 11, 2026

Keel completed the shutdown of its US Bitcoin mining operations as it pivots toward AI and high-performance computing infrastructure

Keel Infrastructure said it has decommissioned all US Bitcoin mining operations in preparation for high-performance computing (HPC) site construction, according to its second-quarter

report

published on Monday.

The digital infrastructure company reported $30 million in revenue, down 50% year-on-year. The decrease was largely attributed to a decline in the average Bitcoin (BTC) price and the shutdown of its Moses Lake crypto mining operations in April 2026.

The company also reported a $141 million operating loss, compared with operating income of $11 million in the same period last year. The loss included $84 million in non-cash depreciation.

Multiple Bitcoin miners have expanded into AI infrastructure, but Keel is among the few to fully exit US Bitcoin mining as it shifts toward HPC. Other companies that halted mining operations to pivot to AI include

Bit Digital

and

Crusoe

.

Keel held 1,861 BTC as of Friday after selling 1,085 BTC for $75 million since April 1 as part of its ongoing wind-down of its Bitcoin holdings. The company also reported about $819 million in liquidity, including $698 million in unrestricted cash.

Keel’s stock price fell 12% on Monday, according to Yahoo

Finance

.

Magazine:

How Bitcoin mining heat is being tested to warm Canadian greenhouses

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Bitcoin Mining

Mining

AI

Data Center

United States

AI & Hi-Tech

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