Scaling Hashrate Simplified: The Mining Model That Delivered for BitMine

IntroductionBitMine Immersion Technologies (OTCQX: BMNR), a growing player in the Bitcoin mining industry, faced a very common industry opportunity & challenge: how to bring hashrate online in the best way possible. The complexities of sourcing energy, power infrastructure, site development, running operations, ASIC procurement, software optimization, and hashrate management require a holistic approach and entail many operational risks.An experienced capital allocator, BitMine was familiar with these risks owing to deep experience in similar markets prior to founding the company. However, they were open to support. Enter Soluna and Luxor, two industry leaders partnering to provide a complementary solution. Soluna provided power, infrastructure, and operational expertise. Luxor delivered financing, hedging, procurement, software optimization via LuxOS, and monetization of hashrate via Luxor Pool. Together, they formed a game-changing partnership that addressed BitMine’s needs, setting a new standard for turnkey mining solutions.This case study explores how the collaboration between BitMine, Soluna, and Luxor streamlined deployment, mitigated risk, and unlocked new growth opportunities.BitMine’s Opportunity: Bringing Hashrate Online With Low Operational RiskBitMine had a clear vision: to scale its mining operations efficiently while minimizing risk. However, they knew the pitfalls associated with deployments. This creates vulnerabilities, especially when deals are structured poorly, for example:Power Pricing Pitfalls: Many miners enter long-term hosting agreements with fluctuating rates, or worse, hidden pass-through costs that explode when energy prices spike. Some hosting providers lock clients into contracts that shift all the risk onto the miner.Overpaying for Equipment: Without direct industry relationships, miners may buy hardware at retail prices or from intermediaries with significant mark ups. This happened during the 2021 bull run when desperate new entrants paid $10,000–$15,000 per ASIC, only to watch prices crash to $3,000 during the next bear market.Inefficient Machine Deployment: Delays, customs, DOAs – there are a lot of things that can go wrong in the procurement phase. After the machines have arrived, firmware adjustments, cooling, and heat can affect downtime, all resulting in significantly less hashrate and associated declines in returns. If uptime and efficiency are poor, larger sites can underperform smaller, well-optimized sites.Cash Flow Mismatches: Mining revenue is volatile, fluctuating with network difficulty and Bitcoin price action. Some miners finance their operations with loans assuming steady returns, only to get caught in a bear market where mining rewards drop, electricity bills stay fixed, and debt payments become unmanageable.This is why partnerships with experienced service providers who understand the nuances of power markets, hardware procurement, optimization, and financial hedging are critical. Those who fail to manage these risks effectively often end up selling distressed assets at the bottom of the cycle, exiting the industry with heavy losses, while more sophisticated players continue to scale.The Solution: A Turnkey Approach with Soluna & LuxorRecognizing BitMine’s needs, Soluna and Luxor combined their strengths to offer a comprehensive and predictable end-to-end solution. Soluna: Reliable Infrastructure & Stable PowerBitMine expanded its relationship with Soluna from ~3 MWs at the Project Sophie data center to adding an additional ~10MW at the new Project Dorothy facility. With Soluna currently providing 13MW hosting capacity, this eliminated uncertainty related to fluctuating energy prices and power interruptions, ensuring BitMine had a dedicated, stable source of power.Luxor: Financial, Operational, and Strategic ExpertiseLuxor played a critical role in enabling BitMine’s expansion by leveraging all aspects of its business:Hashrate Forward Contract: Luxor structured a hedging strategy that secured BitMine’s profitability by locking in a fixed hashprice for a 12-month term.Capital & Equipment Financing: Luxor facilitated financing for ASIC machine procurement through a forward hashrate sale, ensuring BitMine could scale without facing capital constraints.Logistics Support: Luxor managed the entire shipping & logistics process to minimize downtime.Fleet Optimization & Management: Luxor firmware was deployed across BitMine’s fleet, unlocking dynamic mining strategies through LuxOS to maximize revenue and efficiency.Why This Model Stands OutThis partnership redefined the traditional mining setup by integrating infrastructure, software & financial services, and operations management into a turnkey solution. By reducing risk across deployment, price volatility, and operational uncertainty, BitMine was able to scale confidently and predictably while focusing on its core business activities.Results: Unlocking More Hashrate, More ASICs, and More EfficiencyThe collaboration between BitMine, Soluna, and Luxor delivered tangible results:Tripled BitMine’s deployed ASIC capacity, significantly boosting its hashrate.Secured long-term power stability, mitigating energy price fluctuations.Locked in hashprice terms, reducing financial exposure to market volatility.Streamlined deployment process, cutting down hardware lead times and ensuring rapid scaling.Enhanced operational efficiency, leveraging LuxOS firmware and running around 10% more efficiently than other miners, leading to improved profitability and lower downtime.This approach provided BitMine with greater financial stability, operational certainty, and a faster growth trajectory, proving the effectiveness of a fully integrated mining solution.Conclusion: The Future of Integrated Mining SolutionsThis partnership between BitMine, Soluna, and Luxor showcases the value of turnkey mining solutions. Each party benefited:BitMine: Gained a complete, risk-mitigated mining solution with price certainty, reliable power, and operational efficiency.Soluna: Secured a long-term customer for its power capacity, reinforcing its role as a leader in sustainable Bitcoin mining.Luxor: Demonstrated the power of its full-service model, proving that its comprehensive approach can drive long-term success for mining companies.As mining economics continue to evolve, integrated win-win-win solutions like this will become increasingly essential. Soluna and Luxor plan to replicate and scale this model, bringing more miners into a stable, profitable framework.For mining companies looking for a reliable, end-to-end solution, this case study validates the effectiveness of strategic partnerships in an industry where efficiency and risk management are critical.Can We Help You?Given the success of this collaboration, Soluna and Luxor are exploring ways to expand this model. If you're a miner looking for a scalable, turnkey solution, get in touch to learn how this approach can work for you.About BitMine Immersion Technologies, Inc.BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies while lowering operating expenses and increasing yield. BitMine's operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.About Soluna Holdings, Inc. (SLNH)Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings. About Luxor Technology CorporationLuxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services includes an open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware, and a Bitcoin mining data platform.If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].DisclaimerThis content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.

Introduction

BitMine Immersion Technologies (OTCQX: BMNR), a growing player in the Bitcoin mining industry, faced a very common industry opportunity & challenge: how to bring hashrate online in the best way possible. The complexities of sourcing energy, power infrastructure, site development, running operations, ASIC procurement, software optimization, and hashrate management require a holistic approach and entail many operational risks.

An experienced capital allocator, BitMine was familiar with these risks owing to deep experience in similar markets prior to founding the company. However, they were open to support. Enter Soluna and Luxor, two industry leaders partnering to provide a complementary solution.

Soluna provided power, infrastructure, and operational expertise. Luxor delivered financing, hedging, procurement, software optimization via LuxOS, and monetization of hashrate via Luxor Pool.

Together, they formed a game-changing partnership that addressed BitMine’s needs, setting a new standard for turnkey mining solutions.

This case study explores how the collaboration between BitMine, Soluna, and Luxor streamlined deployment, mitigated risk, and unlocked new growth opportunities.

BitMine’s Opportunity: Bringing Hashrate Online With Low Operational Risk

BitMine had a clear vision: to scale its mining operations efficiently while minimizing risk. However, they knew the pitfalls associated with deployments. This creates vulnerabilities, especially when deals are structured poorly, for example:

Power Pricing Pitfalls: Many miners enter long-term hosting agreements with fluctuating rates, or worse, hidden pass-through costs that explode when energy prices spike. Some hosting providers lock clients into contracts that shift all the risk onto the miner.
Overpaying for Equipment: Without direct industry relationships, miners may buy hardware at retail prices or from intermediaries with significant mark ups. This happened during the 2021 bull run when desperate new entrants paid $10,000–$15,000 per ASIC, only to watch prices crash to $3,000 during the next bear market.
Inefficient Machine Deployment:
- Delays, customs, DOAs – there are a lot of things that can go wrong in the procurement phase.
- After the machines have arrived, firmware adjustments, cooling, and heat can affect downtime, all resulting in significantly less hashrate and associated declines in returns.
- If uptime and efficiency are poor, larger sites can underperform smaller, well-optimized sites.
Cash Flow Mismatches: Mining revenue is volatile, fluctuating with network difficulty and Bitcoin price action. Some miners finance their operations with loans assuming steady returns, only to get caught in a bear market where mining rewards drop, electricity bills stay fixed, and debt payments become unmanageable.

This is why partnerships with experienced service providers who understand the nuances of power markets, hardware procurement, optimization, and financial hedging are critical. Those who fail to manage these risks effectively often end up selling distressed assets at the bottom of the cycle, exiting the industry with heavy losses, while more sophisticated players continue to scale.

The Solution: A Turnkey Approach with Soluna & Luxor

Recognizing BitMine’s needs, Soluna and Luxor combined their strengths to offer a comprehensive and predictable end-to-end solution.

Soluna: Reliable Infrastructure & Stable Power

BitMine expanded its relationship with Soluna from ~3 MWs at the Project Sophie data center to adding an additional ~10MW at the new Project Dorothy facility. With Soluna currently providing 13MW hosting capacity, this eliminated uncertainty related to fluctuating energy prices and power interruptions, ensuring BitMine had a dedicated, stable source of power.

Luxor: Financial, Operational, and Strategic Expertise

Luxor played a critical role in enabling BitMine’s expansion by leveraging all aspects of its business:

Hashrate Forward Contract: Luxor structured a hedging strategy that secured BitMine’s profitability by locking in a fixed hashprice for a 12-month term.
Capital & Equipment Financing: Luxor facilitated financing for ASIC machine procurement through a forward hashrate sale, ensuring BitMine could scale without facing capital constraints.
Logistics Support: Luxor managed the entire shipping & logistics process to minimize downtime.
Fleet Optimization & Management: Luxor firmware was deployed across BitMine’s fleet, unlocking dynamic mining strategies through LuxOS to maximize revenue and efficiency.

Why This Model Stands Out

This partnership redefined the traditional mining setup by integrating infrastructure, software & financial services, and operations management into a turnkey solution. By reducing risk across deployment, price volatility, and operational uncertainty, BitMine was able to scale confidently and predictably while focusing on its core business activities.

Results: Unlocking More Hashrate, More ASICs, and More Efficiency

The collaboration between BitMine, Soluna, and Luxor delivered tangible results:

Tripled BitMine’s deployed ASIC capacity, significantly boosting its hashrate.
Secured long-term power stability, mitigating energy price fluctuations.
Locked in hashprice terms, reducing financial exposure to market volatility.
Streamlined deployment process, cutting down hardware lead times and ensuring rapid scaling.
Enhanced operational efficiency, leveraging LuxOS firmware and running around 10% more efficiently than other miners, leading to improved profitability and lower downtime.

This approach provided BitMine with greater financial stability, operational certainty, and a faster growth trajectory, proving the effectiveness of a fully integrated mining solution.

Conclusion: The Future of Integrated Mining Solutions

This partnership between BitMine, Soluna, and Luxor showcases the value of turnkey mining solutions. Each party benefited:

BitMine: Gained a complete, risk-mitigated mining solution with price certainty, reliable power, and operational efficiency.
Soluna: Secured a long-term customer for its power capacity, reinforcing its role as a leader in sustainable Bitcoin mining.
Luxor: Demonstrated the power of its full-service model, proving that its comprehensive approach can drive long-term success for mining companies.

As mining economics continue to evolve, integrated win-win-win solutions like this will become increasingly essential. Soluna and Luxor plan to replicate and scale this model, bringing more miners into a stable, profitable framework.

For mining companies looking for a reliable, end-to-end solution, this case study validates the effectiveness of strategic partnerships in an industry where efficiency and risk management are critical.

Can We Help You?

Given the success of this collaboration, Soluna and Luxor are exploring ways to expand this model. If you’re a miner looking for a scalable, turnkey solution, get in touch to learn how this approach can work for you.

About BitMine Immersion Technologies, Inc.

BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies while lowering operating expenses and increasing yield. BitMine’s operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.

About Soluna Holdings, Inc. (SLNH)

Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings. 

About Luxor Technology Corporation

Luxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services includes an open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware, and a Bitcoin mining data platform.

If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].

Disclaimer

This content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.

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Around half of SNP voters back nuclear power in energy mix – poll

Roughly half of the SNP’s voters believe nuclear power should be part of Scotland’s mix of clean energy generation, a poll suggests, despite the party’s longstanding opposition to it.Polling for the campaign group Britain Remade found 52% of those who voted for the party in 2021 believe nuclear power should be included in Scotland’s energy mix to meet the 2045 net zero target.
Meanwhile, 57% of those who voted for the party in last year’s general election felt the same way, the poll found.
A total of 56% of Scots thought nuclear power should be part of Scotland’s clean energy mix to meet the targets, while 23% disagreed, and 21% said they did not know.
Opinium surveyed 1,000 Scottish adults between April 22 and 25.
Britain Remade describes itself as a grassroots campaign for economic growth.
Founder Sam Richards said: “The message from our polling is clear: when it comes to safe and reliable nuclear power, the SNP is not just out of step with the majority of Scots – they’re at odds with a huge number of their own supporters.
“It’s time for the SNP to stop saying ‘no’ to new nuclear and start listening to the people, the experts, and the communities who know what’s at stake.
“Investing in a new generation of nuclear power is not just critical if Scotland is to hit its 2045 net zero target – it is essential for Scotland’s economy. Grangemouth could be transformed by SMR (small modular reactor) technology, but the SNP’s opposition is standing in the way.”
Scotland nuclear energy
Scotland has one remaining active nuclear reactor, at Torness in East Lothian, which is due to shut down in 2030.
Last week the deactivated Hunterston B power station was declared “nuclear free” as all fuel elements were removed ahead of decommissioning.

Hunterston B nuclear power station in Ayrshire, which was due to be decommissioned in 2016, has had its operational licence extended until 2023Credit: James Williamson

Labour MSP Martin Whitfield said: “If we don’t act soon to end this ideological opposition, Scotland will lose its nuclear energy capacity entirely, damaging jobs and the economy, including East Lothian.
“A Scottish Labour Government will end the block on new nuclear, delivering zero carbon nuclear energy, kickstarting economic growth and bringing significant investment into East Lothian and the rest of Scotland.”

Conservative MP John Lamont said: “It’s absolutely ridiculous for the Nationalists to ignore the majority of Scots who support the use of more nuclear power, especially since it is clean energy that doesn’t harm the environment.”
However the SNP argued nuclear power projects remain too expensive to be a viable alternative to renewable power.
MSP Bill Kidd said: “Our focus is delivering a just transition that supports communities and creates long-term economic opportunities to build a truly sustainable future.
“Nuclear remains one of the most costly forms of energy with projects like Hinkley Point C running billions over budget and years behind schedule.
“In contrast, Scotland’s net zero transition is already delivering thousands of green jobs across energy, construction, innovation, and engineering. This number will continue to grow.
“Simply, renewables are cheaper to produce and develop, create more jobs, and are safer than nuclear as they don’t leave behind radioactive waste that will be deadly for generations.
“While Labour funnels billions into slow, centralised projects, the SNP is focused on creating real, sustainable jobs in Scotland now.”

Synaptec aims to tackle million pound wind farm cable problem

Glasgow-based Synaptec has developed new technology designed to tackle the issue of cable failures on offshore wind farms that can cost operators millions.The company’s Greenlight provides automated monitoring of the joints and terminations in a cable network, delivering early warnings of emerging faults before they become failures.
The system is based on Synaptec’s Distributed Electrical Sensing (DES) technology, which was Synaptec previously deployed on the latest phase of the Dogger Bank wind farm.
Cable failures are a major issue facing offshore wind farms, with a single fault in transmission networks and offshore wind developments capable of costing up to £1m per day in lost revenue.
Allianz, the insurer for UK offshore wind projects including Dogger Bank and East Anglia Three, warned that damage to cables is the main cause of offshore wind insurance claims, accounting for 53% of claims across its global portfolio from 2014-2020.
Around 70% of these failures originate in the joints and terminations rather than the cables themselves.
The Global Underwater Hub (GUH) recently launched a forum to tackle rising costs and reliability issues facing subsea cable systems on the UK’s offshore wind farms.
Synaptec vice-president of applications, Dr Steven Blair, said: “Greenlight gives operators control over the most unpredictable and expensive aspect of offshore cable operations and maintenance.
“It’s a system designed not just to collect data, but to deliver clear, early, and location-specific insight that finds the early warning signs of failure.

“The return on investment is immediate – it pays for itself the first time it pre-empts an issue that would otherwise shut down a wind farm.”
Synaptec has made the first commercial installations of Greenlight with offshore wind operators and transmission systems internationally. There are plans for further large-scale installations throughout 2025.
The firm previously raised £6.5m in funding last year, with participation from Megger Group, Proserv, and Equity Gap.
The company aims to use the funds to support its expansion, including the development of new manufacturing facilities in Scotland.
The company had previously said that it aims to increase its revenues fourfold in the next two to three years, along with doubling its headcount as it takes advantage of the 24.4GW pipeline of floating offshore wind capacity off Scotland’s shores.