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

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-on-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.

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