Soluna takes a share of what 28 megawatts of Bitdeer machines earn
A filing accepted at 07:30 UTC puts approximately 1.93 exahashes per second of Bitdeer machines into Soluna's 83 megawatt wind-powered site in South Texas, under a proceeds share the company calls co-mining and describes as a new structure for its Bitcoin platform. Where the industry's usual contracted hosting fee leaves hash-price risk with the machine owner, a proceeds share puts it on the site owner too — and the split is not disclosed.
A bitcoin miner needs three things that rarely sit inside one company: a site with power, machines that hash, and the balance sheet to own both. The industry's usual answer is hosting. The site owner rents space and electricity to the machine owner at a price per kilowatt-hour or per megawatt, collects that rent whether the machines earn anything or not, and takes no view on what bitcoin does next.
Soluna Holdings told the Securities and Exchange Commission this morning that the machines arriving at its largest operating site next month come in on different terms. In a Reg FD filing accepted at 07:30 UTC, the company disclosed that one of its subsidiaries has agreed with Dory Creek, LLC — a wholly owned subsidiary of Bitdeer Technologies Group — to deploy approximately 28 megawatts of Bitcoin mining equipment, representing approximately 1.93 exahashes per second, at Project Kati 1 in South Texas. Deployment begins in September and ramps in batches.
The structure is the news. Soluna calls it co-mining, and describes it plainly: Soluna provides the site, the power and turnkey operations; Bitdeer provides and owns its Sealminer A2 Pro Air machines; and the two parties share in the mining proceeds the deployment generates. The company says the arrangement is a new structure for its Bitcoin platform.
Read that as a different allocation of risk rather than simply a new revenue line. Under hosting, the site owner's revenue is contracted and its exposure is to whether the tenant keeps paying. Under a proceeds share, the site owner's revenue moves with two things it does not control: the bitcoin price and the global hash rate, which together set what any given machine earns per unit of work. If mining economics tighten, a hosting contract still pays and a proceeds share does not. If they loosen, the ranking reverses. The machine owner faces the mirror image, giving up the certainty of a fixed rent in exchange for keeping more of the upside on hardware it has already bought.
The site tells you why either party would take that trade here. Project Kati 1 is an 83 megawatt wind-powered data centre in Willacy County, Texas, and Soluna says it delivered its first gross profit in the second quarter of this year; the Bitdeer machines land in the site's K1BC phase. Twenty-eight megawatts against an eighty-three megawatt site is not a pilot, but it is not the whole site either.
“Co-mining is a natural extension of that operating history,” said John Belizaire, Soluna's chief executive. “It puts our track record to work in a structure where we participate more directly in what the infrastructure produces, alongside a partner that builds some of the most capable machines in the industry.” Bitdeer, which is registered with the SEC under its own name and trades on Nasdaq as BTDR, both manufactures mining machines and mines with them, which is what makes it able to sit on the machine side of this deal with its own hardware.
Two caveats belong with the numbers. The megawatts and the exahashes describe equipment to be deployed from next month, not equipment currently earning: Soluna's own disclosure identifies the timing, the expected hash rate and the expected economics of the structure as forward-looking. And the disclosure publishes no split. How the proceeds are divided, on what measurement, and with what floor if any, is not in the document — which means the reader can see that 28 of Soluna's 192 megawatts in operation will sit on the proceeds side of that comparison, but cannot yet see what the share is worth.