Keel has completed the shutdown of its US Bitcoin mining operations, a move that comes as the company's Q2 revenue fell by half. The miner is now turning its attention to AI and high-performance computing infrastructure.
The exit from mining
Keel finished shutting down its US mining sites this week. The company said the shutdown is complete, meaning it no longer runs any Bitcoin mining hardware in the country. It hasn't said whether it will sell the equipment or repurpose the facilities.
Revenue cut in half
The company's Q2 revenue dropped 50% from the same period last year. That's a steep decline, and it's hard to see how mining stays viable at that level. Keel hasn't blamed the revenue drop for the shutdown, but the timing is telling.
The AI pivot
Keel is now pivoting toward AI and high-performance computing infrastructure. That's a different business from mining, but it uses some of the same skills — power management, cooling, and large-scale hardware deployment. The company hasn't detailed its plans, but the direction is clear.
Unanswered questions
Keel hasn't given a timeline for its AI transition. The company said it's focused on building out that infrastructure, but it hasn't said when it expects to generate meaningful revenue from it. It also hasn't said what it will do with its mining hardware or the now-idle US sites. For now, the shutdown is complete, and the pivot is underway.
