Keel shuts US Bitcoin mining operations as Q2 revenue falls 50% — SkimNews
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- Keel Infrastructure decommissioned all US Bitcoin mining operations to prepare for high-performance computing site construction, according to its Q2 report.
- Keel posted Q2 revenue of $30 million, down 50% year-on-year, attributing the decline to lower average Bitcoin prices and the April 2026 shutdown of its Moses Lake mining operations.
- Keel reported a $141 million operating loss — including $84 million in non-cash depreciation — compared with operating income of $11 million in the same quarter a year earlier.
- Keel held 1,861 BTC after selling 1,085 BTC for $75 million since April 1 as part of its ongoing wind-down of its Bitcoin holdings.
- Keel reported approximately $819 million in total liquidity, including $698 million in unrestricted cash.
- Keel's stock fell 12% on Monday following the report, per Yahoo Finance.
- Bit Digital and Crusoe were named among other miners that have halted mining operations to pivot to AI.
Why it matters: Keel is among the few Bitcoin miners to fully exit US crypto mining rather than dual-pursue mining and AI. With $819 million in liquidity including $698 million in unrestricted cash, Keel has the runway to fund the HPC buildout — but the $141 million operating loss and 12% stock drop show the transition is already costing shareholders. The Bitcoin holdings wind-down adds a secondary source of funding for the pivot.
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