Bitcoin miner Soluna invests $53M in wind farm as AI becomes revenue lifeline
Soluna Holdings acquired a West Texas wind farm for $53 million to expand its Bitcoin mining and AI data center operations. The purchase is part of "Project Dorothy," designed to increase renewable energy capacity and scale the company's infrastructure.
The Briscoe wind farm is expected to generate $20 million to $24.4 million in annual revenue. Soluna has mined an average of nine Bitcoin per month since September and also provides hosting services to other miners.
Miner economics are deteriorating
The move reflects a broader industry shift. Bitcoin miners are increasingly turning to AI data centers as their core business becomes less profitable.
Bitcoin's price has fallen from over $126,000 to below $65,000 in recent months. The 2024 halving cut miner rewards to 3.125 BTC per block-half the previous amount. The next halving in 2028 will cut rewards again to 1.5625 BTC, further pressuring revenue unless transaction volumes rise.
Daily miner revenue dropped to $32 million in early Q2 2026, down 50% from the second half of 2025 when it reached nearly $60 million. Mid-March saw an even steeper low of $29 million.
Industry-wide pivot to AI
Soluna is not alone. Bitdeer sold its entire Bitcoin holdings to focus on AI infrastructure. Core Scientific, Marathon Digital, and Bitfarms are monetizing Bitcoin reserves to fund AI data center expansion.
The pressure is visible in miner behavior. When Bitcoin prices fall and operating costs exceed revenue, miners turn off equipment and sell reserves-a pattern tracked by the Hash Ribbon metric. Miner distress emerged again in early April as Bitcoin struggled to hold above $65,000, after a brief relief period in March.
If distress deepens, miners may accelerate asset sales, potentially delaying Bitcoin's recovery.
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