Bitcoin miner Keel Infrastructure Corp. (NASDAQ/TSX: KEEL) confirmed on August 10, 2026, that it has finished shutting down every US Bitcoin mining site it owns, clearing sites for AI and high-performance computing builds instead.
The disclosure came inside Keel’s second-quarter 2026 earnings report, where revenue fell 50% year over year to $30.4 million as the mining exit weighed on results. CEO Ben Gagnon said Keel is negotiating from a position of strength, pointing to $819 million in liquidity as of August 7, 2026.
Moses Lake Mining Ends as Revenue Falls 50%
Keel said in its second-quarter 2026 earnings release that it has completed decommissioning all US Bitcoin mining in preparation for HPC site construction. The company shut down its Moses Lake, Washington mining operation in April 2026, and that closure, paired with a lower average Bitcoin price, pulled revenue down from $60.9 million a year earlier.
Keel posted an operating loss of $141 million, including $84 million in non-cash depreciation, against $11 million in operating income a year earlier. Net loss reached $65.0 million, and adjusted EBITDA turned negative $24 million from positive $7 million. Keel’s Form 10-Q filed with the SEC on August 10, 2026, for the quarter ended June 30, 2026, reflects the same figures.
Keel is also winding down its Bitcoin treasury, selling 1,085 BTC for $75 million since April 1, leaving a balance of 1,861 BTC. The company raised $458 million through a convertible note offering during the quarter, bringing total liquidity to $819 million, split between $698 million in unrestricted cash and $121 million in unencumbered Bitcoin.
Why Public Miners Are Trading Hashrate for AI Deals
For Bitcoin holders, Keel’s exit reflects a wider shift in mining, where power capacity increasingly goes to AI tenants instead of mining rigs, since AI contracts often pay more per megawatt than block rewards do right now.
Marathon Digital, CleanSpark, Riot Platforms, and Core Scientific, the largest US public Bitcoin miners by hashrate, have weighed similar tradeoffs as difficulty climbs. That shift doesn’t touch Bitcoin’s network security, since global hashrate sits mostly outside Keel’s footprint, but it shrinks the pool of US-listed miners whose earnings double as a sector proxy.
What Happens at Sherbrooke and Panther Creek Next
Keel still needs tenants for these sites. Panther Creek and Sharon in Pennsylvania have cleared zoning, and Moses Lake has taken delivery of its first Vertiv power modules, but none of the three priority campuses has an announced anchor customer.
Keel also signed a conditional deal with Hydro-Sherbrooke in Quebec for 96 megawatts toward a fourth data center on a separate timeline. A signed HPC lease at any of these sites before year-end would move KEEL stock more than another wind-down quarter.
What this means for you: This shutdown doesn’t change Bitcoin’s network security, since Keel represented a small share of global hashrate, but it does show public miners increasingly trading block rewards for steadier AI infrastructure contracts.
This article is for informational purposes only and does not constitute financial advice. Do your own research before making any investment decisions.
