Bitcoin mining firm Keel Infrastructure has ceased operations in the U.S., focusing instead on high-performance computing infrastructure. The move follows a 50% drop in revenue and an $819 million liq
Keel Infrastructure, a digital infrastructure company based in the United States, announced it would shut down its US-based Bitcoin mining operations as part of a broader strategy shift towards high-performance computing (HPC) infrastructure. This decision came after reporting Q2 revenue that had fallen by 50% year-over-year to $30 million.
The significant decline was largely due to the drop in average Bitcoin prices and the shutdown of its Moses Lake mining operations, which occurred in April 2026. Additionally, Keel reported a substantial operating loss of $141 million compared to an income of $11 million for the same period last year. This included non-cash depreciation amounting to $84 million.
Despite this challenging financial situation, Keel maintained its liquidity position at approximately $819 million, with nearly half in unrestricted cash reserves and holding 1,861 BTC as of Friday after selling off a portion for $75 million since April. This move underscores the company's efforts to transition away from Bitcoin mining towards more lucrative HPC projects.
This pivot by Keel is part of an emerging trend among major miners who are diversifying into AI infrastructure. Notably, other companies like Bit Digital and Crusoe have also exited traditional crypto-mining in favor of AI-related ventures. The shift reflects a broader industry move as Bitcoin mining becomes less profitable due to regulatory pressures and the rise of specialized hardware.
The decision to exit US-based operations could impact local economies that relied on these facilities, while potentially opening up new opportunities for Keel in high-performance computing markets. However, it also highlights the volatility inherent in the crypto space, where companies must adapt quickly to changing market conditions or risk significant financial losses.
For traders and investors, this development signals a potential realignment of resources within the blockchain industry towards more innovative applications like AI. As such, Keel's move could influence other miners considering similar transitions, potentially leading to further consolidation in the sector.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.