Keel Ditches US Mining for AI and HPC Push

Keel Infrastructure has completed its shift away from Bitcoin mining in the United States, decommissioning all of its U.S. mining sites and pivoting to artificial intelligence and high-performance computing data centers.

The company's second-quarter revenue fell 50% year-over-year to $30.4 million, with a net loss of $65 million due to the transition costs.

Keel sold 1,085 BTC for $75 million since April, leaving it with 1,861 BTC worth about $121 million in its remaining treasury reserves.

Total liquidity reached approximately $819 million as of August 7, giving Keel room to make strategic choices as construction ramps up on its new data center sites at Panther Creek, Sharon, and Moses Lake.