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Large-scale cryptocurrency miners and institutional investors buy mining machines and outdoor computing containers from SAIHEAT Limited to run mining operations. These equipment sales provide most of its revenue, and one customer supplies the majority of its total revenue. The company also runs its own Bitcoin mining machines, earning a share of the rewards for adding blocks to the blockchain. Its mining revenue comes from a single site, SAI NODE Marietta in Ohio. It has also used mined Bitcoin as collateral to borrow operating funds.
SAIHEAT’s ULTIWIT System uses liquid cooling to remove heat from computing equipment and recover it as hot water for heating. The company plans to charge heat users for a continuous hot-water supply, helping offset mining electricity costs, but it has not yet collected heating-service fees. It is also developing liquid-cooling infrastructure for AI computing; this is a development effort rather than its main revenue source.
Both equipment demand and mining income depend on Bitcoin mining economics. Bitcoin’s price, the rewards its machines earn and access to affordable, reliable electricity determine whether mining can cover its costs. Regulators can restrict mining sites or their electricity supply. SAIHEAT moved its mining operations out of China following mining bans; its Chinese subsidiaries now handle supply-chain work and heating-equipment research rather than mining.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Bitdeer is both a paying customer and a rival to SAIHEAT: it bought 40 MW of liquid-cooling containers for SEALMINER rigs, while both sell mining machines and mine Bitcoin for themselves. That deployment was completed in August 2025, making Bitdeer’s SEALMINER rollout a concrete reference for SAIHEAT’s container business.
Canaan competes with SAIHEAT for miners’ spending on Bitcoin mining machines. Its industrial AvalonMiner sales are the closer comparison for SAIHEAT’s large-scale mining customers, rather than its Avalon Home consumer devices.
HIVE Digital Technologies Ltd. shares SAIHEAT’s exposure to Bitcoin mining economics and the move into liquid-cooled AI infrastructure. HIVE sells computing power to mining pools and AI customers; its upgrades of mining facilities for high-density AI workloads offer a comparison for SAIHEAT’s developing AI cooling products.
Soluna Holdings, Inc. and SAIHEAT both seek better Bitcoin mining economics, but Soluna uses access to renewable power while SAIHEAT aims to reuse and sell mining heat. Soluna’s fees for housing customers’ miners accounted for approximately 57% of 2025 revenue, making hosting results a useful comparison for the economics facing SAIHEAT’s mining customers.
MARA Holdings and SAIHEAT both earn Bitcoin rewards from mining rigs and seek to improve returns by controlling energy and computing infrastructure. MARA’s move toward owning its facilities offers a comparison for SAIHEAT’s company-built mining sites and heat-recovery approach to reducing operating costs.
CleanSpark and SAIHEAT both mine Bitcoin and use mined coins to support operating funds, including pledging them for loans. Watch CleanSpark’s balance between selling production and retaining coins: unlike SAIHEAT, which held all Bitcoin mined in 2025, it has begun using a substantial portion to fund operations and capital spending.
Core Scientific and SAIHEAT both draw on mining-facility experience to develop AI infrastructure. Core Scientific provides powered data-center space for customers’ equipment as well as mining for itself; its conversion of facilities for AI workloads offers a comparison for SAIHEAT’s liquid-cooled containers and cabinets.
Digi Power X Inc. serves mining customers by housing their machines, while SAIHEAT sells miners machines and containers; both are developing liquid-cooled AI infrastructure. Digi Power X’s ARMS 200 modular AI data-center deployment is the product to compare with SAIHEAT’s developing AI cooling systems.
Cipher Digital and SAIHEAT share the same mining squeeze: Bitcoin rewards must cover electricity costs despite competition from other miners. Cipher contributes its machines’ computing power to pools in return for Bitcoin rewards, so its Bitcoin production cost relative to market price is the clearest comparison for SAIHEAT’s self-mining economics.
DarkHorse Technologies Inc.’s reported Sphere 3D business and SAIHEAT both place Bitcoin miners with hosting providers and supply computing power to pools for rewards. Sphere 3D’s payouts reflect expected rewards even when its pool does not record a block, whereas SAIHEAT’s stated entitlement is a share of awards its pool receives for successfully adding a block.
American Bitcoin and SAIHEAT both own miners that supply computing power to pools for Bitcoin rewards and aim to accumulate coins. American Bitcoin’s focus on owning machines rather than facilities makes its Bitcoin ownership per dollar invested a comparison for SAIHEAT’s strategy of retaining mined coins.
Keel Infrastructure Corp.’s legacy mining business shares SAIHEAT’s exposure to Bitcoin rewards earned from computing power, but Keel is shifting toward leasing high-performance computing data centers to large cloud and AI customers. That leasing business had no revenue as of December 31, 2025, and Keel expects initial data-center revenue in 2027, so its transition is not yet an established alternative to mining income.
Cipher Digital Inc. earningsCIFR
Cipher Digital’s report will show how the cost of mining Bitcoin compares with the value of its rewards, a useful read on the mining pressure SAIHEAT also faces.
Read Cipher Digital’s cost to mine Bitcoin against the value of the Bitcoin it earns. If costs remain well below reward value, mining revenue has room to cover electricity and other expenses, a more supportive backdrop for SAIHEAT’s own mining. If costs approach or exceed reward value, competition and power costs are eating into miners’ economics. Different scale, sites and power arrangements mean this does not establish the margin at SAIHEAT’s own facility.
Core Scientific, Inc. earningsCORZ
Core Scientific’s report will show whether it can turn mining facilities into AI-serving data centers, a real-world comparison for SAIHEAT’s developing liquid-cooled computing infrastructure.
Look for evidence that AI data-center services are in use and generating revenue, alongside revenue from Core Scientific’s own mining. If AI plans become operating services, customers are paying for powered space and equipment hosting, giving SAIHEAT’s liquid-cooled infrastructure a more concrete market comparison. If the transition remains planned or small, demand for products like SAIHEAT’s is still unproven.
Bitdeer Technologies Group earningsBTDR
Bitdeer’s report will show whether its liquid-cooling-container rollout continues, offering a read on demand for the kind of containers SAIHEAT sells.
After Bitdeer’s completed 40 MW liquid-cooling-container deployment, look for further deployment or related purchases. Continued activity would show that mining customers are still investing in liquid-cooled containers, supporting demand for SAIHEAT’s product; little follow-through would mean one rollout is not evidence of a repeat market. Bitdeer is also a competitor, so its own miner sales do not establish SAIHEAT’s sales.
Canaan Inc. earningsCAN
Canaan’s report will show demand for industrial AvalonMiner machines, where it competes with SAIHEAT for mining customers’ equipment spending.
Focus on Canaan’s industrial AvalonMiner sales, not its consumer home devices. Strong industrial sales would show that mining customers are still investing in equipment, a more supportive demand backdrop for SAIHEAT’s machine sales. Weak sales would point to tighter customer budgets and greater pressure on SAIHEAT’s equipment business. Machines and SAIHEAT’s containers are different products.
CLEANSPARK INC earningsCLSK
CleanSpark’s report will show how much mined Bitcoin it sells to fund operations and capital spending, a useful comparison for SAIHEAT’s choice between retaining coins and raising cash.
Compare the Bitcoin CleanSpark sells from mining with the Bitcoin it retains. If sales increase, miners may be turning rewards into cash to pay operating costs or capital spending—a relevant trade-off for SAIHEAT, which has continuing operating cash outflows and Bitcoin-backed borrowing. If CleanSpark retains more production, it is relying less on selling current rewards for cash, but that does not establish that SAIHEAT has the same liquidity.
