Keel Infrastructure has completed the decommissioning of all its U.S. Bitcoin mining operations, formally closing out a business line the company shut down in stages starting with its Moses Lake, Washington facility in April, as it repositions its power and land holdings entirely toward AI and high-performance-computing data centers.
The exit shows up directly in the numbers: Keel's second-quarter revenue fell 50% year over year to $30.4 million, a drop the company attributed both to a lower average bitcoin price during the quarter and to the loss of mining revenue following the Moses Lake shutdown.
“Power is the constraint”
Keel's leadership framed the pivot as a straightforward bet on where the real bottleneck in AI infrastructure sits. “Power is the constraint. Everything else is downstream of it,” the company said, with CEO Ben Gagnon noting that all three of Keel's priority sites are nearing full permitting while the company negotiates with multiple prospective HPC tenants.
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A war chest for the transition
Keel isn't making the shift short on cash. As of August 7, the company held roughly $819 million in liquidity — $698 million in unrestricted cash plus $121 million in unencumbered bitcoin holdings — bolstered by a $458 million convertible note offering raised during the quarter, according to Keel's second-quarter results. That balance sheet gives the company runway to build out its development pipeline, which spans 2.2 gigawatts of capacity with grid interconnections already secured across Pennsylvania, Washington State and Quebec.
Part of a wider miner exodus
Keel's move adds to a growing list of former bitcoin miners repurposing their power infrastructure for AI workloads, a shift driven by AI data centers' ability to pay far more per megawatt than mining ever could — even as bitcoin's price sits roughly 50% below its October record. The pressure on miners' economics echoes a broader squeeze across bitcoin-holding companies generally, several of which have pared back their BTC reserves in recent weeks to manage cash needs rather than expand them.
