Bitdeer Technologies and Soluna Holdings have signed a 28 megawatt joint mining agreement at Soluna’s Project Kati 1 wind-powered data center in southern Texas, with deployment of roughly 1.93 exahashes per second scheduled to begin in September.
Under the arrangement, Bitdeer’s subsidiary Dory Creek will install its in-house SEALMINER A2 Pro Air mining machines, while Soluna supplies the site, electricity and operations. The two companies will share mining revenue, a structure that differs from traditional hosting deals in which a miner pays fixed fees for space and power and keeps all mined bitcoin.
The agreement arrives as Soluna is asking shareholders to significantly expand its equity issuance capacity. An SEC filing showed investors will vote at the company's Oct. 16 annual meeting on whether to increase authorized common stock to 1 billion shares from 375 million. A separate proposal would allow Soluna to issue more than 20% of outstanding shares under a standby equity agreement with YA II PN. Soluna had 246.7 million shares outstanding as of Aug. 21, and the YA agreement allows sales of up to $250 million of common stock over time.
Soluna is pursuing a 6.3-gigawatt development pipeline, but only about 3% of that is energized. The company currently operates about 192 MW and has 14 MW under construction. Roughly 1.6 GW remains in planning and development, and another 4.5 GW is still in assessment. The company has secured 397 acres for Project Dorothy 3, a planned AI and high-performance computing campus in Texas with potential capacity of more than 300 MW, and acquired the 150 MW Briscoe Wind Farm for $53 million.
Soluna CEO John Belizaire said the co-mining model puts the company’s operating history to work in a structure where it participates more directly in what the infrastructure produces. Bitdeer, meanwhile, gains a renewable-energy deployment pathway for its proprietary mining hardware amid post-halving margin pressures that have pushed miners toward efficiency-focused and risk-sharing structures.
The project does not expand Soluna’s overall 6.3 GW pipeline because the 28 MW sits within Kati 1’s existing capacity, but it offers both firms a revenue-sharing model that could become more common across the mining sector.
