Keel Axes U.S. Bitcoin Mining Amid $65M Loss, Shifts to AI

Keel Infrastructure has shut down its U.S. Bitcoin mining operations as it shifts focus to artificial intelligence (AI) and high-performance computing (HPC) data centers. The company reported a $65 million loss in Q2, with revenue falling 50% year-over-year to $30.4 million.

The U.S. sites in Washington and Pennsylvania have ceased mining activities, but the company continues to operate legacy Bitcoin mining assets in Canada while pursuing approvals to convert more capacity toward HPC and AI workloads.

Keel's corporate center of gravity has also shifted, with its redomiciliation from Canada to the United States completed on April 1. The company now trades on Nasdaq under the KEEL ticker.