Keel exits U.S. Bitcoin mining after $65M loss, shifts to AI

Keel Infrastructure has shut down all of its U.S. Bitcoin mining operations as the former Bitfarms business redirects its American power portfolio toward artificial intelligence and high performance computing data centers. Summary Keel ended all U.S. Bitcoin mining operations on June 29 to prepare sites for HPC. Q2 revenue fell 50% yearly to $30 million as mining activity and Bitcoin prices weakened. Keel sold 1,085 BTC for $75 million, leaving 1,861 BTC on its balance August 7. $819 million in liquidity includes $698 million cash and $121 million in unencumbered Bitcoin reserves. U.S. sites in Washington and Pennsylvania have not yet generated any HPC data center revenue. The company disclosed the transition on Aug. 10 alongside second quarter results showing revenue fell 50% from a year earlier to $30.4 million. Net loss reached about $65 million. The move brings an end to Bitcoin mining at Keel’s sites in Washington and Pennsylvania, but it does not represent a complete exit from mining worldwide. The Delaware based company continues to operate legacy Bitcoin mining assets in Canada while pursuing approvals to convert more Canadian capacity toward HPC and AI workloads. Keel Infr...