Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 90

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 90
---
004  
    $3,038  
    $1,835  
    $1,167  
    $11,044  
    $-  
    $11,044 

Cryptocurrency
Mining Revenue: Cryptocurrency mining revenue decreased between the six months ended June 30, 2025 compared to the six months
ended June 30, 2024 related to the Bitcoin halving event that occurred in April 2024, which reduced the block reward by 50%, which was
offset by a change in bitcoin price. We were rewarded 61.2 Bitcoins for the six months ended June 30, 2025 compared to 187.5 Bitcoins
for the six months ended June 30, 2024.

Data
Hosting Revenue: Cryptocurrency hosting services provide energized space and operating services to third-party mining companies
who locate their mining hardware at our mining locations- D1A and Project Sophie. Services include fees for hosting the miners which
could be fixed fees or profit sharing, as well as potential additional fees for services provided such as installation charges or other
services fees. The decrease for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 relate to the Bitcoin
halving event that occurred in April 2024, which drove down the dollar Petahash (“PH”) per day. Also, in December 2024, one
of our largest customers exited leaving 20 MW of capacity to fill that was ultimately filled slowly over December 2024 and into March
2025, in which the replacement customers were on a profit-sharing fee.

51

Demand
Response Service: Demand response service revenue was lower in the six months ended June 30, 2025 compared to the six months
ended June 30, 2024 due to a decline in the ERCOT Clearing price per MW, in addition to the fact that the capacity we bid on was
reduced due to known outages in the Texas area and efficiency of our aging miners at D1B.

Cost
of Cryptocurrency Mining Revenue, exclusive of depreciation: Cost of cryptocurrency mining revenue includes direct utility
costs, site overhead expenses, and overhead costs that relate to the operations of our cryptocurrency mining facilities in Kentucky and
Texas.

The
cost remained consistent between the six months ended June 30, 2025 and the six months ended June 30, 2024.

Cost
of Data Hosting Revenue,