Keel shuts US Bitcoin mining operations as Q2 revenue falls 50%

cointelegraphPublicado a 2026-08-11Actualizado a 2026-08-11

Resumen

Keel Infrastructure has decommissioned all of its U.S. Bitcoin mining operations as it pivots to high-performance computing (HPC), according to its Q2 report. The company's revenue fell 50% year-over-year to $30 million, citing lower Bitcoin prices and the shutdown of its Moses Lake mining site. It reported an operating loss of $141 million, including significant non-cash depreciation. As part of winding down its Bitcoin holdings, Keel sold 1,085 BTC for $75 million since April, holding 1,861 BTC as of last week. The company joins others like Bit Digital and Crusoe in exiting mining for AI and HPC infrastructure. Its stock price dropped 12% on Monday.

Keel Infrastructure said it has decommissioned all US Bitcoin mining operations in preparation for high-performance computing (HPC) site construction, according to its second-quarter report published on Monday.

The digital infrastructure company reported $30 million in revenue, down 50% year-over-year. The decrease was largely attributed to a decline in the average Bitcoin (BTC) price and the shutdown of its Moses Lake crypto mining operations in April 2026.

The company also reported a $141 million operating loss, compared with operating income of $11 million in the same period last year. The loss included $84 million in non-cash depreciation.

Multiple Bitcoin miners have expanded into AI infrastructure, but Keel is among the few to fully exit US Bitcoin mining as it shifts toward HPC. Other companies that halted mining operations to pivot to AI include Bit Digital and Crusoe.

Keel held 1,861 BTC as of Friday after selling 1,085 BTC for $75 million since April 1 as part of its ongoing wind-down of its Bitcoin holdings. The company also reported about $819 million in liquidity, including $698 million in unrestricted cash.

Keel’s stock price fell 12% on Monday, according to Yahoo Finance.

Magazine: How Bitcoin mining heat is being tested to warm Canadian greenhouses

Preguntas relacionadas

QWhy did Keel Infrastructure shut down its US Bitcoin mining operations?

AKeel decommissioned its US Bitcoin mining operations in preparation for the construction of high-performance computing (HPC) sites, as it shifts its business focus away from cryptocurrency mining.

QWhat was the main reason for the 50% year-over-year decline in Keel's Q2 revenue?

AThe 50% year-over-year revenue decline was largely attributed to a decrease in the average Bitcoin price and the shutdown of its Moses Lake crypto mining operations in April 2026.

QHow much Bitcoin (BTC) did Keel sell as part of winding down its holdings, and for what total amount?

AKeel sold 1,085 BTC for $75 million since April 1 as part of its ongoing wind-down of its Bitcoin holdings.

QBesides Keel, which other companies have halted Bitcoin mining operations to pivot to AI?

AOther companies that have halted Bitcoin mining operations to pivot to AI include Bit Digital and Crusoe.

QWhat was Keel's reported liquidity at the end of the period, and what constituted most of it?

AKeel reported about $819 million in liquidity, which included $698 million in unrestricted cash.

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