Keel Infrastructure has shut down all of its U.S. bitcoin mining operations as the company shifts its power infrastructure toward artificial intelligence and high-performance computing, a strategic pivot that weighed heavily on its second-quarter results.
The company, formerly known as Bitfarms, said it completed the decommissioning of its remaining U.S. mining operations to prepare the sites for HPC data-center development.
Keel’s second-quarter revenue fell 50.8% year-on-year to $30.4 million, from about $61 million a year earlier, as the company wound down mining activity and faced weaker bitcoin prices.
It reported a $65 million net loss and an operating loss of about $141 million, compared with operating income of roughly $11 million in the year-earlier period.
REALITY CHECK | Poolin, Once the World’s Largest Bitcoin Mining Pool, Files for Bankruptcy
