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Zeta Network Group’s operating revenue comes entirely from cryptocurrency mining through its Hong Kong subsidiary, Model Queen Limited. BTC KZ hosts and operates all its machines in Kazakhstan and connects them to Pool4Miners LLP. BTC KZ owns the Bitcoin produced; Zeta instead has a contractual right to the mining proceeds after pool, hosting and maintenance fees. BTC KZ settles those net proceeds in USDT, a stablecoin intended to maintain a U.S. dollar value, rather than delivering Bitcoin.
The business depends on BTC KZ both to keep the machines running and to settle the proceeds owed. Kazakhstan requires mining to take place through a licensed local operator, an accredited pool and a mining data center; the machines operate under BTC KZ’s license, not Model Queen’s. The money left after fees depends on Bitcoin’s price, how much Bitcoin the machines produce as mining difficulty changes, and electricity-linked hosting costs.
Zeta also holds SolvBTC as a long-term reserve asset. Issued by Solv Protocol, this separate token is intended to track Bitcoin’s value. It pays no interest or dividends, so Zeta’s expected benefit comes solely from price appreciation. Funding operations from these holdings requires selling or otherwise monetizing them. That depends on a limited trading market, SolvBTC maintaining its Bitcoin link, and redemption rules that impose eligibility and geographic restrictions.
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.
Beyond these mining peers, Zeta Network Group’s results hinge on the valuation of its concentrated SolvBTC reserve and on BTC KZ, which hosts and operates its machines and settles mining proceeds in USDT.
DarkHorse Technologies Inc.’s supplied Sphere 3D disclosures describe the same basic model as Zeta Network Group: owning Bitcoin miners but paying others to host them, leaving both exposed to Bitcoin prices, mining difficulty and hosting costs. Sphere 3D supplies computing power to mining-pool operator Foundry Digital for Bitcoin payouts; its miner output and hosting costs offer a comparison for Zeta’s outsourced operation.
American Bitcoin and Zeta Network Group both own miners operated at another company’s facilities, so Bitcoin output and operating costs matter without either owning the hosting infrastructure. American Bitcoin earns Bitcoin through mining pools while Hut 8 manages its facilities; watch whether its fleet’s efficiency translates into lower Bitcoin production costs.
Abits Group Inc derives nearly all its revenue from Bitcoin mining, making it a close comparison for the Bitcoin prices, mining difficulty and electricity costs driving Zeta Network Group’s operating revenue. Its Bitcoin revenue at Duff and Memphis is more relevant to that comparison than the fees it collects from hosting other miners.
Bitdeer Technologies Group’s substantial business mining Bitcoin for its own account shares Zeta Network Group’s exposure to Bitcoin prices, network difficulty and machine efficiency. Bitdeer also sells its own SEALMINER rigs, making their power efficiency a useful benchmark for the equipment economics facing Zeta.
Soluna Holdings, Inc. depends on the mining margins and power costs that also shape Zeta Network Group’s results, but earns money both from mining Bitcoin and from hosting other miners. Its data centers sit alongside renewable power plants, so watch the electricity economics supporting its mining and hosting revenue.
BTC Digital Ltd. shares Zeta Network Group’s exposure to Bitcoin mining returns, but it earns much more from selling mining machines than from mining itself. Machine resale accounted for 72.5% of its revenue in the year ended December 31, 2025, versus 12.7% from mining, so separate equipment demand from mining performance when comparing its results with Zeta’s.
The9 Limited and Zeta Network Group both earn Bitcoin mining revenue, giving them shared exposure to Bitcoin prices and mining rewards, but The9 also operates online games. The9 supplies computing power to a mining pool for a share of Bitcoin rewards; that mining activity, rather than its gaming business, is the relevant comparison for Zeta.
Core Scientific shares Zeta Network Group’s exposure to mining profitability and power costs because it mines digital assets primarily for its own account. Unlike Zeta’s outsourced model, Core Scientific builds and operates data centers and is developing space, power and cooling for customers’ AI and other high-performance computers, so distinguish mining performance from that infrastructure business.
Ionic Digital Inc.’s miners at four remaining mining sites share Zeta Network Group’s exposure to Bitcoin mining profitability, but its move into contracted AI infrastructure leasing makes the comparison less direct. Watch its remaining mining operations separately from Ward County, where it removed the mining assets and leases infrastructure to Nscale.
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