Keel exits U.S. Bitcoin mining as Q2 revenue falls 50%

Keel Infrastructure decommissioned all U.S. Bitcoin mining operations to prepare sites for high-performance computing facility construction, the company reported in its second-quarter filing published Monday. The firm posted $30 million in revenue for the quarter, a 50% decline from the same period a year earlier.

Management attributed the revenue drop to a lower average Bitcoin price and the April 2026 shutdown of Keel’s Moses Lake mining site. The company recorded an operating loss of $141 million for the quarter, compared with operating income of $11 million a year earlier. Non-cash depreciation charges totaled $84 million.

Keel reported roughly $819 million in total liquidity, including $698 million in unrestricted cash. As part of winding down crypto holdings, the company sold 1,085 BTC for about $75 million since April 1 and held 1,861 BTC as of Friday.

Keel’s stock fell about 12% on Monday. Company officials described the operational changes as repurposing data center capacity for high-performance computing that supports large-scale machine learning, scientific modeling and other compute-intensive workloads.

Several public Bitcoin miners have been moving into AI and compute infrastructure in recent months. Keel is among a smaller group to halt U.S. Bitcoin mining operations entirely while redirecting resources to build and operate HPC sites. Other miners that paused or stopped mining to focus on AI-related infrastructure include Bit Digital and Crusoe.

The quarterly report did not provide a detailed timetable for completion of HPC construction but indicated site preparations are underway following the decommissioning of mining equipment. The filing noted the company is reallocating capital from mining toward development of HPC facilities.