Soluna Holdings develops, owns, and operates data centers co-located with renewable energy power plants — primarily wind farms in Texas. The core idea is to build data centers directly at renewable generation sites to consume power that would otherwise be wasted due to grid curtailment, giving Soluna access to below-market electricity costs. Soluna's current business is split between proprietary Bitcoin mining (using its own hardware to earn block rewards) and Bitcoin hosting (renting data center capacity to third-party miners). Bitcoin hosting is the largest revenue segment at roughly 57% of FY25 revenue, while proprietary mining accounts for about 38%. A small demand response business generates incremental revenue by agreeing to curtail power consumption when grid operators request it. Soluna is also developing an AI/HPC data center business, with its flagship project (Project Kati 2, 100+ MW in Texas) being built with partner Metrobloks, targeting hyperscalers and GPU-focused cloud companies as customers. This AI/HPC segment has no material revenue yet. Soluna currently operates about 123 MW across two sites in Kentucky and Texas, with another 83 MW under construction and a stated pipeline of over 4.3 GW in potential future projects. Soluna funds development through a mix of public equity, debt, and project-level capital partnerships, sharing ownership economics with partners like Spring Lane Capital and Generate Capital in exchange for construction capital.