Keel Exits US Bitcoin Mining for HPC Amid 50% Revenue Drop and $141M Loss

Woofun AI reports that Keel Infrastructure has fully decommissioned its US Bitcoin mining operations to facilitate high-performance computing (HPC) site construction, a strategic shift announced on Monday.

The financial impact of this transition was stark, with revenue plunging 50% year-over-year to $30 million. This contraction stemmed primarily from the shutdown of the Moses Lake crypto mining operations in April 2026 and a decline in the average Bitcoin (BTC) price. Consequently, the firm posted a $141 million operating loss, a sharp reversal from the $11 million operating income recorded in the same period last year.

Notably, this loss figure included $84 million in non-cash depreciation charges.

Structurally, Keel joins a growing cohort of miners pivoting to AI infrastructure, alongside peers such as Bit Digital and Crusoe who have also halted mining operations. As part of its wind-down strategy, the company sold 1,085 BTC for $75 million since April 1. Per Woofun AI, these transactions left Keel holding 1,861 BTC as of Friday.

Despite the operational losses, the firm maintains a robust liquidity position of $819 million, comprising $698 million in unrestricted cash.

However, market sentiment remained negative, with Keel's stock price falling 12% on Monday, .