Keel shuts US Bitcoin mining operations as Q2 revenue falls 50%
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- Keel Infrastructure completed the decommissioning of all US Bitcoin mining operations in preparation for high-performance computing (HPC) site construction, per its Q2 report published Monday.
- Keel reported 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 crypto mining operations.
- Keel posted a $141 million operating loss in Q2, compared with operating income of $11 million in the prior-year period, including $84 million in non-cash depreciation.
- Keel is among the few miners to fully exit US Bitcoin mining for AI/HPC, joining Bit Digital and Crusoe, which also halted mining operations to pivot to AI.
- 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 Bitcoin holdings.
- Keel reported about $819 million in liquidity, including $698 million in unrestricted cash, even as its stock price fell 12% on Monday according to Yahoo Finance.
Why it matters: Keel's full US Bitcoin mining exit — rare among pivoting miners — shows complete capital reallocation toward AI infrastructure, with 1,085 BTC liquidated for $75 million since April. The $141 million operating loss and 12% stock drop Monday show the market is pricing in real transition costs despite $698 million in unrestricted cash cushioning the burn.
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