Keel Infrastructure stops Bitcoin mining and focuses on AI data centers

Keel Infrastructure has called time on its Bitcoin mining activities in the United States. The company has dismantled all its mining sites and will use that space for AI and high performance computing data centres. At the same time, the most recent quarterly figures show a sharp decline in revenue.

Bitcoin is available at OKX and Bybit.

At a glance:

• Keel Infrastructure closes all its US Bitcoin mining sites and converts them into AI and HPC data centres.
• Revenue in the second quarter of 2026 falls 50% year on year to $30.4 million, with a net loss of $65 million.
• The company sells more than a thousand Bitcoin for around $75 million and still holds 1,861 BTC.

From mining to AI data centres

Keel Infrastructure announces that it has completely shut down its mining operation in Moses Lake. The closure took place as early as April 2026 and is part of a broader strategic shift. The company wants to convert its existing sites into data centres focused on artificial intelligence and high performance computing.

According to the company, it is currently in the project management phase of that new strategy. To fund the transition, Keel is attracting additional senior specialists, which pushes general and administrative costs from $19 million in the second quarter of 2025 to $31 million in the same quarter of 2026, reports Keel Infrastructure.

Sharp revenue decline in second quarter

The financial figures for the second quarter of 2026 show a clear decline. Revenue came in at $30.4 million, a drop of 50% compared with a year earlier. This is due to both the lower average Bitcoin price and the discontinuation of mining activities. Bitcoin currently stands at $64K, down 1.7% over the past 24 hours.

The operating loss amounts to $141 million, of which $84 million are non-cash depreciation charges. By comparison, the second quarter of 2025 still showed an operating profit of $11 million. The net loss from continuing operations amounts to $64 million, or a loss of $0.11 per share. Adjusted EBITDA came in at negative $24 million, whereas last year it was positive $7 million.

Selling Bitcoin to maintain liquidity

Between 1 April and 7 August 2026, Keel sells a total of 1,085 Bitcoin for approximately $75 million. After these sales, the company still holds 1,861 BTC. Similar steps are being taken by other companies in the sector: for example, Empery Digital sells 1,635 Bitcoin for over $102 million.

Despite the losses, Keel reports a total liquidity position of $819 million. The company says it therefore has sufficient financial room to continue the transition to AI infrastructure.