Keel Ends US Bitcoin Mining Amid AI Pivot

Keel Infrastructure has ended its U.S. bitcoin mining operations as it shifts focus to artificial intelligence (AI) and high-performance computing.

The company, which began transitioning 18 months ago, is now preparing its American sites for AI workloads. Three priority projects are near full permitting, with active discussions underway with potential tenants.

The shutdown of mining operations has weighed heavily on Keel's legacy business, with second-quarter revenue falling 50% to $30.4 million due in part to lower bitcoin prices and the April closure of the Moses Lake facility.

Keel sold 1,085 BTC for $75 million between April 1 and August 7, leaving a balance sheet total of 1,861 BTC. The company ended the period with approximately $819 million in liquidity, including $698 million in unrestricted cash and $121 million in unencumbered bitcoin.