Keel shuts US Bitcoin mining operations as Q2 revenue falls 50%
Keel completed the shutdown of its US Bitcoin mining operations as it pivots toward AI and high-performance computing infrastructure
Keel Infrastructure, a digital infrastructure company, has shut down its US Bitcoin mining operations as it transitions towards high-performance computing (HPC) and AI infrastructure, according to its Q2 report. The shutdown followed a 50% year-on-year revenue drop, with Keel reporting $30 million in revenue for the quarter. The decline was attributed to a fall in Bitcoin's average price and the April 2026 closure of its Moses Lake mining operations.
The company recorded a $141 million operating loss, compared to $11 million in operating income during the same period last year. This loss included $84 million in non-cash depreciation. Keel now holds 1,861 BTC, having sold 1,085 BTC for $75 million since April. The company also reported $819 million in liquidity, including $698 million in unrestricted cash. Keel's stock price dipped 12% on Monday following the announcement.
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