Keel shuts US Bitcoin mining operations as Q2 revenue falls 50%
Keel Infrastructure said it has fully decommissioned its US Bitcoin mining operations as it prepares to build high-performance computing (HPC) sites. In its second-quarter report, the company posted $30 million in revenue, down 50% year over year, reflecting lower Bitcoin prices and the shutdown of its Moses Lake mining operation in April 2026. It reported a $141 million operating loss versus $11 million in operating income a year earlier, including $84 million in non-cash depreciation. Keel is one of the few miners to completely exit US Bitcoin mining while pivoting to AI/HPC, following similar shifts by firms like Bit Digital and Crusoe. It held 1,861 BTC as of Friday after selling 1,085 BTC for $75 million since April 1. The company said it had about $819 million in liquidity, including $698 million in unrestricted cash. Its stock fell 12% on Monday.
