Keel Dumps Bitcoin Mining to Bet Big on Artificial Intelligence

Keel Infrastructure has shut down all of its bitcoin mining sites across the United States. The company is now busy converting these power heavy facilities into infrastructure for artificial intelligence and other high performance computing needs. This marks a major pivot as the firm shifts its focus away from block rewards.

The move follows a difficult stretch for the company. Revenue dropped by 50 percent during the second quarter as the business struggled with lower mining output. To keep the lights on and build up its reserves, the company sold 1,085 bitcoin recently.

Despite the operational headaches, the company remains in a strong position. They currently have 819 million dollars in liquidity available to fund this transition. Investors are now watching to see how quickly the company can turn these former mining hubs into profitable data centers for the AI sector.