Keel Infrastructure has decommissioned all of its US Bitcoin mining sites, redirecting those facilities to AI and high-performance computing workloads. The shift, disclosed in the company's August 2026 Form 10-Q, comes alongside a $65 million net loss and $819 million in total liquidity. Keel still holds $121 million in Bitcoin reserves and continues to mine in Canada.
Why Keel left the US
The company's US mining economics have been under pressure from power costs, competition, and post-halving realities. The $65 million net loss added to that strain. Keel didn't say it's quitting crypto — it's a regional pivot, not a full exit.
The AI pivot
Keel is repurposing its US sites for AI and high-performance computing. That's a different revenue model. AI data-center contracts can be more predictable than Bitcoin mining revenue, which swings with hash price and network difficulty. The company is essentially monetizing its power assets in a new way.
A regional shift, not a retreat
Keel still operates Bitcoin mining sites in Canada. The US decommissioning is strategic, not a wholesale abandonment of the sector. The company's $121 million in Bitcoin reserves shows it's still tied to the asset.
The broader mining shift
Keel's move fits a wider trend: miners are becoming data-center companies. Power assets are increasingly valuable, and AI workloads offer a steadier revenue stream. Keel's pivot is one example of miners monetizing energy beyond Bitcoin.
The company's next steps will likely hinge on how its Canadian operations perform and whether the AI pivot delivers the contract-based revenue it's after. The 10-Q doesn't lay out a timeline for the US repurposing, but the shift is already underway.
