Keel has completed the shutdown of its US Bitcoin mining operations, a move that comes as the company's Q2 revenue dropped 50% year over year. The miner is now redirecting its resources toward AI and high-performance computing infrastructure, a pivot that signals how quickly the crypto mining landscape is shifting.
The shutdown
Keel finished winding down its American mining sites this week, according to the company. That means no more Bitcoin production from those facilities. The exact number of rigs and sites wasn't disclosed, but the closure is total.
The timing isn't great for the broader mining sector, which has been squeezed by tight margins and rising energy costs. Keel's exit from US soil removes one more player from a market that's already consolidating.
Revenue hit
The financial toll is clear. Keel's Q2 revenue fell 50% compared to the same period last year. That's a steep drop, and it likely played a role in the decision to abandon mining altogether.
Mining revenue is tied directly to Bitcoin's price and network difficulty, and neither has been kind lately. But Keel isn't sticking around to wait for a rebound.
Pivot to AI
Instead, the company is moving into AI and high-performance computing infrastructure. That's a natural fit for a firm that already owns data centers, power contracts, and cooling systems — the same assets that made it a miner.
The pivot isn't unique. Several miners have repurposed their facilities for AI workloads, which often pay better and are less volatile than crypto. Keel's shift suggests it sees more upside in serving machine-learning models than in hashing blocks.
What's next for Keel isn't fully spelled out. The company hasn't said when its AI infrastructure will come online or which clients it's targeting. But the direction is clear: Bitcoin mining is out, and high-performance computing is in.
