Bitcoin miner Soluna Holdings scales AI operations, invests $53 mln in ‘Project Dorothy’

Soluna Holdings, a green Bitcoin mining firm, has acquired a West Texas-based Biscoe wind farm for $53M to scale its vertical integration.

The miner reported that this was part of its ‘Project Dorothy,’ which aims to help increase its renewable energy sources and green data centers. The move is expected to generate $20 million to $24.4 million in annual revenue.

Since last September, Soluna has been mining an average of nine BTC per month. Apart from BTC mining operations and AI data centers, Soluna also provides hosting services to other miners.

Interestingly, AI data centers have become a new lifeline for most public BTC miners. Besides Soluna, other players are doubling down on the AI pivot.

Some, like Bitdeer, sold their entire BTC stash and pivoted to AI. Likewise, Core Scientific, MARA, Bitfarms, and others continue to monetize holdings to prioritize AI infrastructure ventures.

Shrinking Bitcoin miner revenue fuels AI pivot

The AI pivot has accelerated as BTC dropped by half from over $126K to below $65K in the past few months.

Notably, the 2024 halving slashed miner rewards by half to 3.125 BTC. In the next 2028 halving, the block rewards will drop further to 1.5625 BTC; hence, miner revenue could shrink further if Bitcoin transactions do not improve.

As of early Q2 2026, the total daily miner revenue was $32 million, translating to a 50% drop from the H2 2025 high of nearly $60 million.

While this was a slight relief from the recent low of $29M seen in mid-March, the sub-sector was not out of the woods just yet.

The miner distress or capitulation, where miners turn off machines and sell BTC reserves because they are unable to cover operating costs, is back again.

The distress was more pronounced in late November after the BTC price slipped below $90K. This is tracked by the Hash Ribbon metric (shaded areas).

Last month, there was a relief as BTC tried breaking out from the $60K-$75K range. However, the recent pullback has flagged the miner distress again. If it deepens, the potential miner sell-off could delay BTC recovery.

Final Summary

• Soluna Holdings has acquired the Texas-based Briscoe wind farm, opening up a potential $24 million in annual revenue to scale BTC mining and AI data center operations.
• BTC miner distress was back as BTC struggled to hold above $65K in early April.