Bitcoin miner Keel Infrastructure Corp. (NASDAQ/TSX: KEEL) confirmed on August 10, 2026, that it has completed shutting down each US Bitcoin mining web site it owns, clearing websites for AI and high-performance computing builds as an alternative.
The disclosure got here inside Keel’s second-quarter 2026 earnings report, the place income fell 50% yr over yr to $30.4 million because the mining exit weighed on outcomes. CEO Ben Gagnon mentioned Keel is negotiating from a place of energy, pointing to $819 million in liquidity as of August 7, 2026.
Moses Lake Mining Ends as Income Falls 50%
Keel mentioned in its second-quarter 2026 earnings launch that it has accomplished decommissioning all US Bitcoin mining in preparation for HPC web site development. The corporate shut down its Moses Lake, Washington mining operation in April 2026, and that closure, paired with a decrease common Bitcoin value, pulled income down from $60.9 million a yr earlier.
Keel posted an working lack of $141 million, together with $84 million in non-cash depreciation, in opposition to $11 million in working earnings a yr earlier. Web loss reached $65.0 million, and adjusted EBITDA turned destructive $24 million from constructive $7 million. Keel’s Kind 10-Q filed with the SEC on August 10, 2026, for the quarter ended June 30, 2026, displays the identical figures.
Keel can be winding down its Bitcoin treasury, promoting 1,085 BTC for $75 million since April 1, leaving a steadiness of 1,861 BTC. The corporate raised $458 million by way of a convertible notice providing in the course of the quarter, bringing complete liquidity to $819 million, break up between $698 million in unrestricted money and $121 million in unencumbered Bitcoin.
Why Public Miners Are Buying and selling Hashrate for AI Offers
For Bitcoin holders, Keel’s exit displays a wider shift in mining, the place energy capability more and more goes to AI tenants as an alternative of mining rigs, since AI contracts typically pay extra per megawatt than block rewards do proper now.
Marathon Digital, CleanSpark, Riot Platforms, and Core Scientific, the most important US public Bitcoin miners by hashrate, have weighed comparable tradeoffs as problem climbs. That shift doesn’t contact Bitcoin’s community safety, since international hashrate sits largely outdoors Keel’s footprint, nevertheless it shrinks the pool of US-listed miners whose earnings double as a sector proxy.
What Occurs at Sherbrooke and Panther Creek Subsequent
Keel nonetheless wants tenants for these websites. Panther Creek and Sharon in Pennsylvania have cleared zoning, and Moses Lake has taken supply of its first Vertiv energy modules, however not one of the three precedence campuses has an introduced anchor buyer.
Keel additionally signed a conditional take care of Hydro-Sherbrooke in Quebec for 96 megawatts towards a fourth information heart on a separate timeline. A signed HPC lease at any of those websites earlier than year-end would transfer KEEL inventory greater than one other wind-down quarter.
What this implies for you: This shutdown doesn’t change Bitcoin’s community safety, since Keel represented a small share of worldwide hashrate, nevertheless it does present public miners more and more buying and selling block rewards for steadier AI infrastructure contracts.
This text is for informational functions solely and doesn’t represent monetary recommendation. Do your personal analysis earlier than making any funding choices.