Keel shuts down US Bitcoin mining operations
Keel has decommissioned all US Bitcoin mining operations as it shifts toward high-performance computing infrastructure. The company reported $30 million in revenue, down 50% year-over-year.
The decrease was largely attributed to a decline in the average Bitcoin price and the shutdown of its Moses Lake crypto mining operations. Keel also reported a $141 million operating loss, compared with operating income of $11 million in the same period last year.
The company held 1,861 BTC as of Friday after selling 1,085 BTC for $75 million since April 1. Keel reported about $819 million in liquidity, including $698 million in unrestricted cash.
Keel’s stock price fell 12% after the announcement.