Keel Infrastructure has officially phased out its United States Bitcoin mining operations to pivot entirely toward high-performance computing and artificial intelligence infrastructure, according to a second-quarter financial report released by the company. The digital infrastructure firm reported 3,000만 달러 in revenue for the quarter, marking a 50-percent year-over-year decline driven by falling average cryptocurrency prices and the wind-down of its Moses Lake mining site.
Financial Impact of the Digital Infrastructure Shift
According to the company’s Q2 report, Keel posted an operating loss of 1억 4,100만 달러, a sharp contrast to the 1,100만 달러 operating profit reported during the same period last year. The recent loss includes 8,400만 달러 in non-cash depreciation charges. The company’s total liquidity stood at approximately 8억 1,900만 달러, which included 6억 9,800만 달러 in unrestricted cash. Following the earnings release, Keel stock fell 12 percent in Monday trading.
As part of its strategy to exit the cryptocurrency mining sector, Keel gradually liquidated portions of its digital asset treasury. According to corporate disclosures, the firm held 1,861 Bitcoin as of Friday after selling 1,085 BTC for approximately 7,500만 달러 since April 1.
Industry Context and Hashrate Comparison
Before rebranding to Keel Infrastructure, the enterprise operated under the name Bitfarms and ranked among the larger publicly traded Bitcoin mining entities. According to historical network data, the company’s managed hashrate peaked at 19.5 EH/s in March 2025, when the total Bitcoin network hashrate sat at approximately 812.5 EH/s. That footprint accounted for roughly 2.4 percent of the total network computing power, though that figure included capacity hosted for third-party clients.
While the company held a substantial network footprint, it remained smaller than sector leaders at the time. According to public production reports from March 2025, MARA operated with a hashrate of 54.3 EH/s, while CleanSpark averaged 40.2 EH/s. Keel’s operational capacity ran roughly two to three times smaller than those market leaders.
Broader AI and HPC Conversion Trends
Keel joins a growing cohort of digital asset infrastructure providers repurposing energy assets for artificial intelligence workloads. Companies including Bit Digital and Crusoe have previously initiated similar structural transitions to capitalize on high-performance computing demand. The pivot reflects a wider industry movement among energy-heavy operators shifting capital away from pure-play cryptocurrency mining and into data center development for AI training and hosting.
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