Keel Infrastructure's Bitcoin Mining Exit Widens Q2 Loss as AI Data Centers Gain Traction

Keel Infrastructure reported a wider second-quarter loss as it continued its transition from Bitcoin mining to developing high-performance computing and artificial intelligence data centers in the U.S. and Canada.

CEO Ben Gagnon said the company has spent the past 18 months repositioning its business around power-constrained data center development, exiting Latin America and Bitcoin operations in the U.S. while rebuilding its balance sheet and advancing three priority sites.

The company's second-quarter revenue was $30 million, down from $61 million a year earlier, due to lower average Bitcoin prices and the shutdown of Moses Lake cryptocurrency mining operations during the quarter.

Keel reported an operating loss of $141 million, compared with operating income of $11 million in the prior-year period. The quarterly operating loss included $63 million in accelerated depreciation related to mining-rig shutdowns at the Panther Creek and Scrubgrass locations.