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Soluna Holdings supplies power and data-center capacity to large Bitcoin mining operators that need somewhere to run their equipment. Hosting provides most of its revenue: customers pay service fees or share mining profits, with power costs generally passed through under profit-sharing arrangements. Its facilities sit alongside renewable power plants and use both on-site generation and grid electricity through the plants’ existing connections. Two customers supply much of its hosting revenue.
Soluna also runs its own Bitcoin mining equipment, another substantial source of revenue. It contributes computing power to the Luxor mining pool, receives a proportional share of Bitcoin rewards and transaction fees, and promptly sells the Bitcoin for U.S. dollars through Coinbase. Earnings depend on electricity costs, Bitcoin’s price and competition for mining rewards; scheduled halvings reduce the Bitcoin awarded for each block.
Soluna earns a smaller amount from grid operators or utilities for keeping its facilities ready to reduce power use when called upon, subject to performance requirements. It is also developing leasing and hosting for artificial intelligence and other high-performance computing workloads, but that business currently contributes very little revenue. Most revenue comes from Texas facilities, where large digital-asset miners must obtain ERCOT grid-connection approval. Access to affordable power and approval to connect new capacity are central to the business.
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.
Core Scientific competes with Soluna for Bitcoin rewards and paying mining-hosting customers, while both develop data centers for power-intensive AI computing. Watch Core Scientific’s conversion of mining facilities to AI capacity as a measure of how mining infrastructure can serve that market.
Bitdeer and Soluna compete for Bitcoin rewards from their own miners and fees from hosting other miners’ equipment. Bitdeer’s SEALMINER equipment efficiency is worth watching against Soluna’s reliance on low-cost power to compete.
Vulcan Infrastructure and Power Inc. offers a comparison for Soluna’s on-site power model: both mine Bitcoin and host customer-owned miners for fees and profit sharing. Vulcan uses its own natural-gas plant rather than Soluna’s colocated renewable generation; its gross-profit share from NYDIG-hosted miners shows how mining profitability reaches hosting revenue.
Hut 8 competes with Soluna for Bitcoin rewards and mining-hosting customers, with both putting power access at the center of data-center development. Hut 8’s choices of powered sites and computing uses provide a comparison for Soluna’s strategy of building beside renewable plants.
Digi Power X and Soluna both earn fees by housing customers’ mining equipment and are developing AI-ready data-center services. Watch Digi Power X’s ARMS 200 modular AI facility deployment: its 2025 revenue still came primarily from digital-currency organizations, making the move to AI a useful comparison for Soluna.
Cipher Digital shares Soluna’s exposure to Bitcoin mining profits and demand for powered data centers rented by large cloud companies for high-performance computing. Cipher’s development of 600 MW of HPC facilities across two sites for those tenants offers a concrete comparison for Soluna’s planned leasing business.
Galaxy Digital is a customer for Soluna’s expansion, secured as the initial Bitcoin-hosting customer at the 83 MW Project Kati 1 in Willacy County, Texas. Watch Kati 1’s energization and hosting start, rather than Galaxy’s trading results, for progress toward revenue from this customer.
Riot Platforms and Soluna share exposure to Texas electricity costs and Bitcoin rewards earned by operating mining equipment. Riot’s mining output and access to low-cost power in the Dallas–Austin corridor provide a comparison for the economics of Soluna’s Texas mining sites.
HIVE Digital Technologies Ltd. and Soluna both use energy-advantaged facilities for Bitcoin computing while pursuing paid AI computing services. HIVE sells computing power to mining pools and AI users; its upgrades of mining facilities into enterprise AI data centers offer a comparison for Soluna’s renewable-powered HPC plans.
Applied Digital competes with Soluna in hosting miners’ equipment and developing powered data centers leased to large cloud companies and other computing customers. Its shift in investment from blockchain hosting to HPC makes its long-term AI hosting leases worth watching as a comparison for Soluna’s emerging business.
CleanSpark and Soluna face the same mining test: Bitcoin rewards must cover the power and equipment costs of running miners. Watch CleanSpark’s fleet energy efficiency and uptime, which show how much computing power it can sustain for its electricity spending.
MARA Holdings and Soluna both earn Bitcoin block rewards and transaction fees, so economical electricity matters to both miners’ returns. MARA’s move toward owning its energy and computing infrastructure provides a comparison for Soluna’s approach of securing power beside renewable plants.
BitFuFu competes with Soluna’s Bitcoin hosting business by selling customers outsourced computing power to earn mining rewards without buying their own miners. Watch its cloud-mining revenue from major customers for a view of demand for outsourced mining services.
KULR Technology Group, Inc. became a Bitcoin-mining hosting customer of Soluna through a 3.3 MW partnership at the 25 MW Project Sophie in Kentucky in October 2025. That hosting relationship, rather than KULR’s battery-system sales, is the direct connection to Soluna’s revenue.
TeraWulf leases power-intensive data centers to the large cloud and enterprise customers Soluna plans to serve with HPC facilities. Its leases typically have 10- to 25-year base terms, making customer commitments and facility deliveries a useful comparison for Soluna’s planned rental revenue.
IREN’s renewable-powered AI cloud overlaps with Soluna’s planned business of leasing and hosting renewable-powered HPC facilities. IREN sells AI training and inference capacity from its own data centers; its grid-connected model provides a contrast to Soluna’s direct access to colocated renewable plants.
Cango shares the Bitcoin reward economics that affect both Soluna’s own mining and the yields on its mining-hosting contracts. Cango supplies computing power to mining pools in return for Bitcoin rewards, and almost all its current revenue comes from crypto mining, making that revenue line the relevant comparison—not its automobile trading business.
Bit Digital’s WhiteFiber competes with Soluna’s emerging AI offering by charging customers for HPC data-center hosting and access to cloud GPUs. WhiteFiber’s hosting and GPU-service revenue from AI and machine-learning developers provides a comparison for Soluna’s still-small HPC business.
Galaxy Digital Inc. earningsGLXY
Galaxy Digital’s report can show whether its deployment as the initial Bitcoin-hosting customer at Soluna’s Project Kati 1 is moving closer to generating hosting revenue.
Look for any update from Galaxy on energization and the start of hosting at Project Kati 1. Progress would bring this 83 MW Soluna project closer to turning customer demand into hosting revenue; delays would push that revenue further out. This is evidence about customer deployment and project progress, not revenue Soluna has already earned.
Riot Platforms, Inc. earningsRIOT
Riot Platforms’ report offers a comparison of Texas Bitcoin output and power costs, showing what the same reliance on electricity and block rewards could mean for Soluna’s mining business.
Read Riot’s mining output alongside its power costs. Supported output without power costs eating into returns would suggest Texas miners can still turn electricity into Bitcoin rewards, a more supportive backdrop for Soluna’s own mining and hosting customers’ returns. Weak output or heavier power-cost pressure would point to greater strain on both. Riot is a comparison, not a report of Soluna’s own results.
TeraWulf Inc. earningsWULF
TeraWulf’s report will show whether large cloud and enterprise customers are leasing and receiving data-center capacity for high-performance computing, the rental business Soluna plans to build.
See whether TeraWulf’s customer leases and facility deliveries are advancing together. More leases with capacity delivered would show customers making long-term commitments to high-performance computing capacity, supporting the case that Soluna can turn planned facilities into rental revenue. Slow leasing or delivery would make Soluna’s path from construction to paid customer use less certain.
Soluna Holdings, Inc. earningsThis company
Soluna’s report will show whether hosting customers’ revenue can offset pressure on its own Bitcoin mining business.
Read Bitcoin hosting revenue, Soluna’s own mining revenue and gross profit together. Steady or rising hosting revenue, less weakness in mining and stable gross profit would show that customer hosting is cushioning mining pressure. If both revenue streams fall and gross profit narrows, Soluna’s main sources of income are weakening at the same time.
