Soluna Holdings, a green Bitcoin mining company, has purchased a West Texas-based Biscoe wind farm for $53 million to scale up 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. In addition to BTC’s 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 supply and switched to AI. Also Core Scientific, MARA, Bit farmsand others continue to monetize holding companies to prioritize AI infrastructure projects.
Shrinking revenues from Bitcoin miners are fueling the AI pivot
The AI pivot has accelerated as BTC has fallen by half in recent months from over $126,000 to under $65,000.
Notably, the 2024 halving has halved miner rewards to 3,125 BTC. In the next one Halving in 2028block rewards will drop further to 1.5625 BTC; Therefore, miners’ revenues could shrink further if Bitcoin transactions do not improve.
As of the start of the second quarter of 2026, total daily miner revenues were $32 million, translating to a 50% decline from the second half of 2025 high of nearly $60 million.
While this was a slight relief from the recent low of $29 million in mid-March, the subsector was not yet out of the woods.
The miners’ distress or capitulation, where miners switch off machines and Sell BTC reserves because they cannot cover operating costs, is back again.
The need was more apparent in late November after the BTC price fell below $90,000. This is tracked by the Hash Ribbon metric (shaded areas).
There was relief last month as BTC attempted to break out of the $60K-$75K range. However, the recent downturn has once again led to a crisis for the miners. If it deepens, the potential miner selloff could slow BTC’s recovery.
Final summary
- Soluna Holdings has acquired Texas-based Briscoe wind farm, creating potential annual revenue of $24 million to scale BTC’s mining and AI data center operations.
- The need for BTC miners was back as BTC struggled to hold above $65,000 in early April.