Keel shuts US Bitcoin mining operations as Q2 revenue falls 50%
Summary
Keel Infrastructure has fully decommissioned its U.S. Bitcoin mining operations as it prepares to build high-performance computing infrastructure. In its second-quarter report, revenue fell 50% year over year to $30 million, mainly because of lower Bitcoin prices and the shutdown of its Moses Lake mining site. The company posted a $141 million operating loss, including $84 million in non-cash depreciation. Keel is among the few miners to fully exit U.S. Bitcoin mining while pivoting to HPC/AI. It held 1,861 BTC and has sold 1,085 BTC for $75 million since April 1 as it winds down its Bitcoin holdings. It reported about $819 million in liquidity, including $698 million in unrestricted cash.
