Written by Helena Markou
Soluna and Bitdeer have disclosed a new co-mining arrangement at Project Kati 1, a wind-powered data center in South Texas. According to the August 25 release, Bitdeer will deploy approximately 28 megawatts of Bitcoin-mining equipment, representing about 1.93 exahashes per second, while Soluna supplies the site, power and turnkey operations. Bitdeer provides and owns the Sealminer A2 Pro Air equipment, and the two companies will share the mining proceeds. The same release was furnished with Soluna’s Form 8-K.
The important shift is contractual. A conventional hosting arrangement generally emphasizes a more predictable service fee for the infrastructure operator. Co-mining makes the operator more exposed to the economics of the Bitcoin output generated at the site. That can improve upside when network conditions and machine productivity are favorable, but it also introduces a direct sensitivity to variables that hosting contracts can partly insulate: Bitcoin price, network difficulty, transaction-fee conditions, curtailment, machine uptime and pool performance.
Scale makes the structure meaningful. Soluna describes Kati 1 as an 83 MW site; the 28 MW Bitdeer deployment represents 33.7% of that facility’s stated capacity. Deployment is expected to begin in September 2026 and ramp in batches, so neither the 28 MW nor the 1.93 EH/s should be treated as immediate, fully realized output. The company also says Kati 1 generated its first gross profit in the second quarter. Those are company disclosures, and their forward-looking elements remain subject to delivery and operating risk.
For Bitdeer, the arrangement is a way to place owned equipment into a site where the host handles power and operations. For Soluna, it is a bet that operating expertise and flexible renewable-energy infrastructure can command more value when the host participates in the output rather than only the service layer. This is not simply a story about adding more miners. It is an attempt to change the allocation of commodity-like mining economics between the machine owner and the infrastructure operator.
The renewable-energy setting adds a second layer to the analysis. Soluna’s stated model is to convert surplus wind, solar or hydroelectric power into intensive-computing capacity. In that framing, mining is a controllable source of demand that can monetize electricity which may otherwise be curtailed or less valuable. But the environmental and commercial outcome still depends on the power contract, grid conditions, curtailment behavior and the source of marginal electricity. “Wind-powered” describes the project’s design context; it is not, by itself, a complete lifecycle assessment.
The co-mining format also changes what analysts should monitor. The critical operating disclosures are not just energized megawatts. They include realized hash rate, the pace of batch deployment, uptime, revenue share, mining costs per bitcoin-equivalent output, treatment of curtailment and the gap between expected and actual economics. A shared-proceeds model can produce attractive returns, but it is less transparent to outsiders until the parties disclose those mechanics over several reporting periods.
Soluna says it has 192 MW of operating data-center capacity across its sites, plus 14 MW under construction at Kati 1 and a 6.3 GW development pipeline. Those figures point to potential scale but are not interchangeable: operating capacity, construction capacity and a development pipeline carry very different execution certainty. The same caution applies to the new Bitdeer agreement. It is a notable experiment in mining-infrastructure economics, not a guarantee that output sharing will outperform a fixed hosting structure across cycles.
The practical takeaway is that Bitcoin-mining infrastructure is becoming more financially diverse. As operators look for ways to monetize power, machines and operational skill, contract design may matter as much as headline hash rate. This agreement will be worth watching for its actual ramp and disclosed unit economics, not merely for the size of the deployment announced today.
