Keel Fully Exits US Bitcoin Mining, Revenue Drops 50% in Second Quarter

Keel Infrastructure has decommissioned all of its US Bitcoin mining operations as it prepares to build high-performance computing facilities, according to its second quarter report. The company reported revenue of $30 million, a 50% decline from the same period last year, driven largely by falling Bitcoin prices and the shutdown of its Moses Lake mining site earlier this year.

Losses Widen as Company Restructures

Keel posted an operating loss of $141 million, a sharp reversal from operating income reported during the same quarter last year, with the loss including $84 million in non-cash depreciation charges. While several Bitcoin mining companies have expanded into AI infrastructure alongside their existing operations, Keel stands out as one of the few to fully exit US Bitcoin mining entirely as part of its pivot toward high-performance computing, joining a small group of other companies that have made similar full transitions.

Bitcoin Holdings Continue to Shrink

The company held 1,861 BTC as of last Friday after selling over 1,000 BTC for $75 million since April as part of its ongoing wind-down of Bitcoin reserves. Keel reported roughly $819 million in total liquidity, including close to $700 million in unrestricted cash. Shares of the company fell 12% following the earnings report.