Keel Abandons US Bitcoin Mining Amid Revenue Slump
Keel Infrastructure has shut down all its Bitcoin mining operations in the US as part of a shift towards high-performance computing (HPC) site construction. This move comes after a decline in revenue, which dropped by 50% year-on-year to $30 million. The company's second-quarter report highlights a significant decrease in average Bitcoin price and the shutdown of its Moses Lake crypto mining operations in April 2026 as main contributors to this drop.
The digital infrastructure company reported an operating loss of $141 million, compared to operating income of $11 million in the same period last year. This includes non-cash depreciation of $84 million. Keel's decision to exit US Bitcoin mining is notable, as it joins a few other companies that have halted operations to pivot towards AI infrastructure.
The company sold 1,085 BTC for $75 million since April 1 and currently holds 1,861 BTC. With about $819 million in liquidity, including $698 million in unrestricted cash, Keel is preparing to shift its focus towards HPC site construction.