Keel Shuts All Bitcoin Mining With $819M Ready for AI Pivot

Keel Infrastructure has decommissioned all of its U.S. bitcoin mining operations as it converts power-rich sites for AI and high-performance computing. The transition comes with weaker earnings and continued bitcoin sales, but the company says $819 million of liquidity gives it room to fund development.

Keel Infrastructure has completed the shutdown of its U.S. bitcoin mining operations, marking one of the clearest breaks yet from the industry that built its energy portfolio.

“Power is the constraint. Everything else is downstream of it,” Gagnon said, describing the thesis behind a transition that began about 18 months ago.

The pivot is weighing on Keel’s legacy operations. Second-quarter revenue fell 50% from a year earlier to $30.4 million, partly because of lower bitcoin prices and the April shutdown of mining at Moses Lake. Keel posted a $65 million net loss, while adjusted EBITDA was negative $24 million.

The company ended that period with about $819 million of liquidity, including $698 million in unrestricted cash and $121 million of unencumbered bitcoin. It also raised $458 million through convertible notes during the quarter.

Meanwhile, Keel is expanding beyond its U.S. pipeline. Its Sherbrooke, Quebec, project includes an agreement covering the conditional transfer and operation of 96 MW of power capacity.

Keel’s strategy follows a broader shift among miners that increasingly view grid connections and power contracts as more valuable than mining equipment.

Keel has yet to announce a comparable long-term AI lease. That makes its next milestone critical. The company has already exited U.S. mining and assembled the capital; it now needs signed customers to prove that scarce power can translate into durable AI revenue.