Keel exits U.S. Bitcoin mining after $65M loss, shifts to AI

cryptonews08-11 12:43

Keel Infrastructure has shut down all of its U.S. Bitcoin mining operations as the former Bitfarms business redirects its American power portfolio toward artificial intelligence and high performance ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKeel exits U.S. Bitcoin mining after $65M loss, shifts to AI\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-11 12:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/keel-exits-u-s-bitcoin-mining-after-65m-loss/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Keel Infrastructure has shut down all of its U.S. Bitcoin mining operations as the former Bitfarms business redirects its American power portfolio toward artificial intelligence and high performance ...</p>\n\n<a href=\"https://crypto.news/keel-exits-u-s-bitcoin-mining-after-65m-loss/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GBTC","symbol_name":"比特币ETF-Grayscale","start_time":0,"source_url":"https://crypto.news/keel-exits-u-s-bitcoin-mining-after-65m-loss/","article_id":"2658619249","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/keel-exits-u-s-bitcoin-mining-after-65m-loss/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2658619249","pubTimestamp":1786423421,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Keel Infrastructure has shut down all of its U.S. Bitcoin mining operations as the former Bitfarms business redirects its American power portfolio toward artificial intelligence and high performance computing data centers.Keel ended all U.S. Bitcoin mining operations on June 29 to prepare sites for HPC.Q2 revenue fell 50% yearly to $30 million as mining activity and Bitcoin prices weakened.Keel sold 1,085 BTC for $75 million, leaving 1,861 BTC on its balance August 7.The change is particularly relevant to Keel’s U.S. operations because the company is now trying to reuse power infrastructure originally built around cryptocurrency mining. Panther Creek and Scrubgrass continued selling electricity after their miners were switched off. They had about 60 MW and 63 MW of energized capacity, respectively, that had not been contracted under an electric supply agreement as of Aug. 7. Sharon is being prepared for a planned 110 MW HPC data center.Keel’s latest release also shows its Bitcoin treas","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"GBTC":"比特币ETF-Grayscale","BTCZ":"T-Rex 2X Inverse Bitcoin Daily Target ETF","BITX":"2倍比特币期货ETF-Volatility Shares","BCCC":"Global X Bitcoin Covered Call ETF","BAGY":"Amplify Bitcoin Max Income Covered Call ETF","YBTC":"比特币看涨期权ETF-Roundhill","BITY":"Amplify Bitcoin 2% Monthly Option Income ETF","KEEL":"Keel Infrastructure Corp","CBXO":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - October","BTC":"Grayscale Bitcoin Mini Trust","CBXY":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - July","CBOA":"Calamos Bitcoin Structured Alt Protection ETF - April","BTCC":"Grayscale Bitcoin Covered Call ETF","BITB":"比特币ETF-Bitwise","SBIT":"2倍做空比特币期货ETF-Proshares","BTCI":"NEOS Bitcoin High Income ETF","BETE":"等权重比特币&以太币期货ETF-ProShares","IBIT":"比特币ETF-iShares","CBOJ":"Calamos Bitcoin Structured Alt Protection ETF - January","BTF":"比特币&以太币期货ETF-CoinShares","BFJL":"FT Vest Bitcoin Strategy Floor15 ETF - July","CBTA":"Calamos Bitcoin 80 Series Structured Alt Protection ETF – April","QBF":"Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly","BITI":"1倍做空比特币期货ETF-Proshares","BETH":"比特币&以太币期货ETF-ProShares","CBTJ":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - January","BTFX":"比特币期货ETF-CoinShares","WGMI":"比特币矿商ETF-CoinShares","BITO":"比特币期货ETF-ProShares","BTCL":"T-REX 2X LONG BITCOIN DAILY TARGET ETF","DEFI":"比特币期货ETF-Hashdex","HODL":"比特币ETF-VanEck","CBOO":"Calamos Bitcoin Structured Alt Protection ETF - October","BRRR":"比特币ETF-CoinShares","BTCO":"比特币ETF-Invesco Galaxy","BPI":"Grayscale Bitcoin Premium Income ETF","CBTO":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - October","BK4023":"应用软件","DFII":"FT Cboe Vest Bitcoin Strategy & Target Income ETF","CBTY":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - July","FBTC":"比特币ETF-Fidelity","BFAP":"FT Vest Bitcoin Strategy Floor15 ETF - April","BITU":"2倍做多比特币期货ETF-Proshares","BTRN":"比特币期货ETF-Global X","CBXA":"Calamos Bitcoin 90 Series Structured Alt Protection ETF – April","MNRS":"GRAYSCALE BITCOIN MINERS ETF","EZBC":"比特币ETF-Franklin","MAXI":"比特币期货ETF-Simplify","ARKB":"比特币ETF-21Shares","BTCW":"比特币ETF-Wisdom Tree","CBOY":"Calamos Bitcoin Structured Alt Protection ETF - July","CBXJ":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - January","XBTY":"GraniteShares YieldBOOST Bitcoin ETF"},"translate_title":"Keel 亏损 6500 万美元后退出美国比特币矿业，转向人工智能","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GBTC":0.6,"BTRN":0.6,"CBOO":0.6,"BCCC":0.6,"BITI":0.6,"ARKB":0.6,"BTF":0.6,"BTCW":0.6,"BTC":1.91,"CBTJ":0.6,"BITY":0.6,"BTCI":0.6,"BRRR":0.6,"BFJL":0.6,"CBXJ":0.6,"CBTO":0.6,"BETE":0.6,"QBF":0.6,"DFII":0.6,"WGMI":0.6,"HODL":0.6,"FBTC":0.6,"BFAP":0.6,"CBXY":0.6,"CBXA":0.6,"BITO":0.6,"BTCO":0.6,"CBOY":0.6,"CBTA":0.6,"CBXO":0.6,"BAGY":0.6,"SBIT":0.6,"IBIT":0.6,"BTFX":0.6,"XBTY":0.6,"YBTC":0.6,"BITU":0.6,"CBOA":0.6,"KEEL":1.97,"BTCZ":0.6,"DEFI":0.6,"BTCC":0.6,"BITB":0.6,"BETH":0.6,"BPI":0.6,"CBTY":0.6,"CBOJ":0.6,"MNRS":0.6,"BTCL":0.6,"EZBC":0.6,"MAXI":0.6,"BITX":0.6},"content_text":"Keel Infrastructure has shut down all of its U.S. Bitcoin mining operations as the former Bitfarms business redirects its American power portfolio toward artificial intelligence and high performance computing data centers. \n\n\nSummary\n\n\n\nKeel ended all U.S. Bitcoin mining operations on June 29 to prepare sites for HPC.\nQ2 revenue fell 50% yearly to $30 million as mining activity and Bitcoin prices weakened.\nKeel sold 1,085 BTC for $75 million, leaving 1,861 BTC on its balance August 7.\n$819 million in liquidity includes $698 million cash and $121 million in unencumbered Bitcoin reserves.\nU.S. sites in Washington and Pennsylvania have not yet generated any HPC data center revenue.\n\n\n\nThe company disclosed the transition on Aug. 10 alongside second quarter results showing revenue fell 50% from a year earlier to $30.4 million. Net loss reached about $65 million.\nThe move brings an end to Bitcoin mining at Keel’s sites in Washington and Pennsylvania, but it does not represent a complete exit from mining worldwide. The Delaware based company continues to operate legacy Bitcoin mining assets in Canada while pursuing approvals to convert more Canadian capacity toward HPC and AI workloads.\nKeel Infrastructure ends U.S. Bitcoin mining\nKeel’s SEC filing shows that the U.S. withdrawal happened in stages. Bitcoin mining at its Washington State site ended on April 28 as the company began converting the location into an 18 MW HPC data center. Mining then ceased at Panther Creek, Scrubgrass and Sharon in Pennsylvania on June 29.\n\nKeel Shuts U.S. Bitcoin Mining Operations as It Pivots to AI Data CentersKeel Infrastructure said it has decommissioned all U.S. Bitcoin mining operations as it repurposes sites for AI and high-performance computing data centers. Q2 revenue fell 50% year over year to $30.4… pic.twitter.com/Jnik7NhVbM— Wu Blockchain (@WuBlockchain) August 10, 2026\n\nThe change is particularly relevant to Keel’s U.S. operations because the company is now trying to reuse power infrastructure originally built around cryptocurrency mining. Panther Creek and Scrubgrass continued selling electricity after their miners were switched off. They had about 60 MW and 63 MW of energized capacity, respectively, that had not been contracted under an electric supply agreement as of Aug. 7. Sharon is being prepared for a planned 110 MW HPC data center.\nKeel has also changed its corporate center of gravity. The former Bitfarms completed its redomiciliation from Canada to the United States on April 1. Keel became a Delaware corporation, a U.S. domestic issuer and the ultimate parent of the Bitfarms business. Its common stock trades on Nasdaq under the KEEL ticker.\nBitcoin sales give Keel more cash for the AI shift\nKeel’s latest release also shows its Bitcoin treasury continuing to shrink. Between April 1 and Aug. 7, the company sold 1,085 BTC for roughly $75 million. Its remaining balance stood at 1,861 BTC, valued by the company at approximately $121 million for liquidity purposes.\nManagement made clear that further disposals are planned. During its earnings presentation, Keel said its “intent is to liquidate our Bitcoin position in 2026.” That remains a management plan rather than a completed transaction, meaning the timing and proceeds from the remaining BTC are still dependent on future sales.\nTotal liquidity reached approximately $819 million as of Aug. 7, comprising $698 million of unrestricted cash and $121 million of unencumbered Bitcoin. That compares with about $533 million of liquidity reported in May, as previously reported in earlier earnings coverage.\nKeel also raised $458 million through 1.25% convertible senior notes due in 2032 during the second quarter. Management said the capital is intended in part to support additional power capacity at its Pennsylvania properties, including Panther Creek and Scrubgrass.\nQ2 losses show the cost of leaving Bitcoin mining\nThe transition is already visible in Keel’s financial results. Revenue from continuing operations fell to $30.4 million from $60.9 million a year earlier. Bitcoin mining revenue alone declined by $29.6 million as the company dealt with lower average Bitcoin prices, higher network difficulty and reduced U.S. mining activity.\nThe U.S. portion of the decline was substantial. U.S. operations generated 37% of second quarter revenue, down from 51% a year earlier. Revenue from U.S. operations fell by $19.9 million compared with Q2 2025, with Keel citing the Bitcoin market, higher network difficulty and the April shutdown in Washington.\nKeel recorded a $141 million operating loss, compared with operating income of about $11 million one year earlier. Net loss was $65 million, while the loss from continuing operations was $64 million. The quarter also included large noncash depreciation charges tied partly to the retirement of mining infrastructure at Panther Creek and Scrubgrass.\nGeneral and administrative expenses increased to $31.3 million from $19.4 million. Keel attributed the rise partly to stock compensation, professional costs connected with its U.S. redomiciliation and hiring staff for its expansion into data center development.\nThe strategy follows a broader move by listed miners to reuse power intensive Bitcoin infrastructure for AI computing. In related broader industry coverage, several miners have redirected capital and electrical capacity toward AI hosting as mining economics weakened during 2026.\nWhat happens next for Keel’s U.S. data centers\nThe next test is whether Keel can convert retired mining sites into contracted AI infrastructure. As of Aug. 7, the company had not begun HPC operations or recognized HPC data center revenue at the Washington site or its Pennsylvania properties. That makes the current transition primarily a development story rather than an established new revenue stream.\nKeel says commercial talks are advancing. Chief executive Ben Gagnon said there were “multiple prospective tenants negotiating for each one” of the company’s three priority sites. However, Keel has not publicly named those prospective tenants or announced a signed customer lease for the sites in its latest results. The customer negotiations therefore remain a company reported commercial process rather than booked revenue.\nPermitting is also unfinished. Panther Creek and Sharon have received zoning and land development approvals, while environmental permits remain in progress. Panther Creek has 350 MW of secured utility capacity, and management said its earliest expected ready for service date remains in 2027.\nKeel has not abandoned Bitcoin mining everywhere. Its Canadian mining assets remain operational while it pursues further HPC conversions, including a proposed 96 MW data center campus in Sherbrooke, Quebec. Local approval has been obtained for the power transfer, although the change to HPC and AI use remains subject to provincial review.\nFor Keel, the U.S. pivot has therefore moved beyond planning: the miners are now off, mining equipment has been designated for sale and capital has been raised. The remaining milestones are more difficult to measure in advance. Permits must be completed, tenants must sign contracts, construction must proceed and the former mining sites must begin producing HPC revenue before the new model can be judged on operating performance.\n\n\n\n\n\n                Read more:\n            \n\n                CLARITY Act delay draws backlash before September vote","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2658619249","isCrawlerRequest":true}