Keel exits U.S. Bitcoin mining, shifts focus to AI infrastructure

Keel has completed the shutdown of its U.S.-based Bitcoin mining operations as the company pivots toward AI and high-performance computing infrastructure.

The decision follows a 50% year-over-year decline in second-quarter revenue, attributed to reduced Bitcoin mining profitability amid lower network hash rates and sustained operational costs. Keel did not disclose specific revenue figures but confirmed the revenue contraction in a statement on Thursday.

The transition reflects broader industry challenges in Bitcoin mining, where rising electricity expenses and regulatory pressures have pressured margins. Keel’s pivot underscores a strategic shift toward higher-margin, emerging technology segments, particularly AI-driven computing infrastructure.

The company’s remaining operations, including data center assets and existing AI initiatives, will continue to be developed as part of this new focus. Keel has not provided a timeline for the completion of the shutdown process or detailed plans for its AI infrastructure investments.

The move comes as other miners face similar pressures. Publicly traded Bitcoin mining firms have reported declining revenues and profitability in recent quarters, prompting some to diversify into adjacent sectors such as AI hosting or renewable energy projects.