Bitcoin miner Keel shuts down all US mining operations to pivot toward AI infrastructure provision.
Macro & Markets ·
Keel has shut down all of its Bitcoin mining operations in the United States as part of a broader shift toward AI infrastructure supply. The move reflects a strategic pivot that mirrors similar repositioning by other miners seeking exposure to the growing AI data center sector rather than cryptocurrency extraction.
The timing coincides with financial headwinds for the company. Keel reported Q2 revenue declined 50% year-over-year to $30.4 million, accompanied by a net loss of $65 million. The severity of these figures underscores the narrowing margins in traditional Bitcoin mining and the competitive pressure pushing established players toward alternative infrastructure opportunities.
It remains unclear whether Keel retains mining operations outside the United States or what timeline governs its transition to AI infrastructure deployment. The scale and profitability of its AI-focused operations have not been disclosed.