Keel Abandons US Bitcoin Mining Operations Amid Revenue Decline

Keel Infrastructure is abandoning its US Bitcoin mining operations and transitioning to high-performance computing (HPC) infrastructure. The company's decision comes as it reports a significant decline in second-quarter revenue, which fell by 50% to $30 million compared to the same period last year.

The sharp drop in revenue was driven by a lower average Bitcoin price and the shutdown of its Moses Lake mining facility in April. In addition to the revenue loss, Keel Infrastructure posted an operating loss of $141 million, which includes non-cash depreciation charges of $84 million.

As part of its pivot away from Bitcoin mining, Keel Infrastructure has sold 1,085 Bitcoins for $75 million and now holds 1,861 Bitcoins. The company's liquidity totals approximately $819 million, including $698 million in unrestricted cash.