Keel Infra Abandons U.S. Bitcoin Mining for AI and HPC Data Centers

Keel Infra, a Nasdaq-listed Bitcoin miner, has made a significant strategic shift in its business. The company announced that it will cease all Bitcoin mining operations in the United States and instead pivot to building artificial intelligence (AI) and high-performance computing (HPC) data centers.

The decision comes as Keel Infra faces challenging financial times. In the second quarter, the company reported revenue of $30.4 million, a 50% decline from the same period last year. Additionally, Keel Infra posted a quarterly net loss of approximately $65 million.

To facilitate its transition to AI and HPC data centers, Keel Infra will repurpose its existing mining facilities. The company sold 1,085 BTC between April 1 and August 7 for about $75 million, reducing its Bitcoin holdings to 1,861 BTC.

This shift towards AI and HPC infrastructure marks a broader trend among cryptocurrency miners seeking more stable revenue streams. Other miners may follow suit as they evaluate whether these new services can provide better long-term returns.