1 day ago
MiningPublished:Aug 11, 2026, 10:07 AM
Keel Infrastructure has decommissioned each of its U.S. bitcoin mining operations arsenic it converts power-rich sites for AI and high-performance computing. The modulation comes with weaker net and continued bitcoin sales, but the institution says $819 cardinal of liquidity gives it country to money development.
Published: Aug 11, 2026, 10:07 AM
Key Takeaways
- Keel unopen each U.S. bitcoin mining arsenic Q2 gross fell 50% to $30.4M during its AI pivot.
- Keel sold 1,085 BTC, leaving $819M successful liquidity arsenic miners pursuit higher AI infrastructure returns.
- Keel’s adjacent trial is signing AI tenants for 3 precedence U.S. sites aft its 18-month transition.
Keel Sells 1,085 BTC arsenic Revenue Falls 50% successful Second Quarter
Keel Infrastructure has completed the shutdown of its U.S. bitcoin mining operations, marking 1 of the clearest breaks yet from the manufacture that built its vigor portfolio.
The institution is present preparing its American sites for artificial quality (AI) and high-performance computing workloads. Three precedence projects are approaching afloat permitting, portion Keel is successful progressive discussions with respective prospective tenants, according to CEO Ben Gagnon successful the company’s Q2 2026 report.
“Power is the constraint. Everything other is downstream of it,” Gagnon said, describing the thesis down a modulation that began astir 18 months ago.
Bitcoin Sales Bolster $819 Million Liquidity Position
The pivot is weighing connected Keel’s bequest operations. Second-quarter gross fell 50% from a twelvemonth earlier to $30.4 million, partially due to the fact that of little bitcoin prices and the April shutdown of mining astatine Moses Lake. Keel posted a $65 cardinal nett loss, portion adjusted EBITDA was antagonistic $24 million.
Keel is besides reducing its bitcoin treasury. It sold 1,085 BTC for $75 cardinal betwixt April 1 and Aug. 7, leaving 1,861 BTC connected its equilibrium sheet.
The institution ended that play with astir $819 cardinal of liquidity, including $698 cardinal successful unrestricted currency and $121 cardinal of unencumbered bitcoin. It besides raised $458 cardinal done convertible notes during the quarter.
Meanwhile, Keel is expanding beyond its U.S. pipeline. Its Sherbrooke, Quebec, task includes an statement covering the conditional transportation and cognition of 96 MW of powerfulness capacity.
Bitcoin Miners Chase Higher AI Returns
Keel’s strategy follows a broader displacement among miners that progressively presumption grid connections and powerfulness contracts arsenic much invaluable than mining equipment.
Bitdeer precocious signed a 16-year AI infrastructure agreement worthy astir $4.7 cardinal for 121 MW of computing capableness astatine its Tydal field successful Norway.
MARA CEO Fred Thiel precocious said the institution was pursuing large-scale AI infrastructure, arsenic scarce energy tin nutrient acold higher returns erstwhile directed to AI than to bitcoin mining, with bitcoin mining lone viable wherever energy remains exceptionally cheap.
Keel has yet to denote a comparable semipermanent AI lease. That makes its adjacent milestone critical. The institution has already exited U.S. mining and assembled the capital; it present needs signed customers to beryllium that scarce powerfulness tin construe into durable AI revenue.
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