Keel Infrastructure has decommissioned all of its US Bitcoin mining sites, repurposing those facilities for AI and high-performance computing workloads, according to its August 2026 Form 10-Q. The company reported a $65 million net loss and $819 million in total liquidity, while still holding $121 million in Bitcoin reserves. The shift is regional and strategic, not a full crypto exit.
Why the US sites are closing
The decision follows a rough stretch for US mining economics. Power costs and competition have squeezed margins, and the company's losses made the pivot more urgent. Keel's infrastructure — the power contracts, the cooling, the physical plants — is valuable for AI workloads, which need exactly that kind of capacity. So instead of shutting down, the sites are being converted. The Form 10-Q, filed in August, lays out the plan: decommission the US mining operations, repurpose the facilities for AI and HPC, and keep the Canadian sites running.
What Keel keeps
Keel isn't leaving crypto entirely. It still operates mining sites in Canada, and it holds $121 million in Bitcoin reserves. The company is becoming a hybrid: some crypto, some AI. That's a deliberate choice, not a fire sale. The US sites are the ones being repurposed, while the Canadian operations continue as before. The $819 million in total liquidity gives Keel room to make the transition without a fire sale of its Bitcoin.
Miners as data-center companies
Keel's move fits a broader pattern. Miners across the industry are turning into data-center companies, because they already own the power assets and the physical infrastructure that AI workloads demand. The transition isn't always smooth, but for Keel, the US sites are now aimed at high-performance computing rather than proof-of-work. The company's own losses — $65 million in the quarter — are part of the reason. But the infrastructure itself is the asset, and that's what's being repurposed.
Keel's next quarterly report will show how the conversion is progressing, and whether the AI side can offset the mining losses. For now, the company is betting that its power assets are worth more as compute than as hash rate.
