Keel Infrastructure Abandons US Bitcoin Mining Amid Shift to AI
Keel Infrastructure Corp., a NASDAQ and TSX-listed Bitcoin miner, has shut down all its US mining operations to make way for AI and high-performance computing builds.
The company's second-quarter 2026 earnings report revealed that revenue fell 50% year over year to $30.4 million due to the mining exit.
Keel's CEO, Ben Gagnon, stated that the company is negotiating from a position of strength, citing its $819 million in liquidity as of August 7, 2026.
The company had previously shut down its Moses Lake, Washington mining operation in April 2026 and has since been selling its Bitcoin holdings, with 1,085 BTC sold for $75 million since April 1, leaving a balance of 1,861 BTC.
Keel's shift away from mining is part of a wider trend among public miners, who are increasingly trading block rewards for steadier AI infrastructure contracts that pay more per megawatt than current block rewards.