Keel shuts US Bitcoin mining operations as Q2 revenue falls 50%
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Keel Infrastructure has shut down all its US Bitcoin mining operations as part of a plan to build a high-performance computing (HPC) site, according to its Q2 report. The company reported a 50% drop in revenue year-on-year to $30 million, largely due to lower Bitcoin prices and the closure of its Moses Lake mining operation. Keel also recorded a $141 million operating loss in the quarter.
Why it matters
This shift highlights a strategic pivot from cryptocurrency mining toward HPC, reflecting changing market conditions and opportunities in AI and computational infrastructure. Keel’s exit from US Bitcoin mining contrasts with peers who have reduced but not fully ceased mining operations as they expand into AI-related infrastructure.
Key context
Keel’s revenue decline and operating loss are tied to a downturn in Bitcoin prices and the shutdown of a major mining site. The company has been selling off Bitcoin holdings as part of winding down its mining business. Industry peers including Bit Digital and Crusoe have also paused mining operations to focus on AI infrastructure.
Key numbers and entities
Keel reported $30 million in Q2 revenue, down 50% year-on-year. The operating loss was $141 million, including $84 million in non-cash depreciation. The company sold 1,085 BTC for $75 million since April 1 and held 1,861 BTC as of the recent report. Its liquidity stands at about $819 million, with $698 million in unrestricted cash. Keel’s stock price dropped 12% on the report day.
What remains unclear
The source does not flag open questions or provide detailed timelines for the HPC site construction or the full wind-down process of Bitcoin mining operations.