Keel Infrastructure (KEEL) has shut down all of its US Bitcoin mining operations and turned sites into AI and high-performance computing data centers, becoming the latest crypto miner to look to AI as mining profits vanish.
Keel Abandons Bitcoin Mining in Full AI Pivot After Q2 Miss
10 August 2026 - 22:30 UTC
By Jona Jaupi
The transition to AI affects all three of Keel's US Bitcoin mining sites, representing a combined 478MW of power capacity. Keel announced the move alongside its quarterly results on 10 Aug. The company reported second-quarter revenue of $30.4mn, down 50% from a year earlier, and a net loss of $65mn, widening from a $5.5mn loss in the same period last year. Loss per share came in at 11 cents, wider than analysts' consensus estimate of a loss of five to seven cents.
The weaker results weighed on investor sentiment, with Keel shares falling more than 12% on the day to $3.40 as of 20:06UTC.
The move comes as more Bitcoin miners, struggling with the depressed price of the leading cryptocurrency, turn to AI to find new ways to make money from the power and data centers they used in their mining operations. But while companies such as Bitdeer, MARA Holdings and Cipher Digital are expanding into AI while still mining Bitcoin, Keel is going one step further by shutting down its US Bitcoin mining operations completely.
Bitcoin mining winds down
The company attributed the drop in second-quarter revenue to lower average Bitcoin prices and the shutdown of its Moses Lake mining operations in Washington in April. Bitcoin is trading at $64,000 as of 20:10UTC – down 27% from the start of the year.
Keel is also selling down its Bitcoin holdings, already having sold 1,085 BTC for $75mn between 1 Apr and 7 Aug. It now has 1,861 BTC, worth about $121mn as of 7 Aug. Keel said it had about $819mn in liquidity on the same date, including $698mn in cash.
The company also raised $458mn through convertible notes during the quarter. CFO Jonathan Mir said the money would help Keel develop its sites and fund construction as it moves into AI infrastructure.
Bitcoin miners turn to AI
The shift to AI has picked up as Bitcoin mining has become less profitable over the past few years, and demand for AI computing has grown.
A McKinsey forecast cited by Charles Schwab in a May report estimates global data center power demand will rise from around 80 gigawatts in 2025 to more than 200 gigawatts by 2030, with much of that growth coming from AI.
Every major publicly traded Bitcoin miner had announced some sort of move towards AI data centers, with many also selling Bitcoin as they fund themselves through the transition.
Uneven transition
The transition is unfolding at different speeds and taking different forms across miners. Bitdeer last week signed a 16-year deal worth $4.7bn for its AI data center in Norway, while Hut 8 and IREN have also announced large AI deals in recent weeks. MARA Holdings and CleanSpark, meanwhile, are still mining Bitcoin but have also said they are developing AI data center businesses alongside their mining operations.
Keel said that it's currently in talks with potential tenants for its main sites. The company is also planning a 96-megawatt data center in Quebec and said it has a 2.2-gigawatt development pipeline across Pennsylvania, Washington and Quebec.
