Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 8

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 8
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 Blockstream, Blockware,
Foundry, Compass Mining, Hut8, Bitdeer, and Core Scientific. Our success in our hosting operations depends on our ability to supply hosting
space and power, our performance with respect to installation, operation and repair of customer equipment, our ability to obtain replacement
parts, the value of our service offering to our customers and the availability of mining equipment.

Our proprietary Bitcoin Mining Business competes
globally to complete new blocks and earn Bitcoin rewards.

We may compete with the following publicly traded
Bitcoin mining companies: Riot Platforms, Marathon Digital Holdings, Core Scientific, Cipher Mining, Hut 8 Mining, Hive Blockchain Technologies,
Bitfarms, Bitdeer Technologies Group, Cleanspark, IREN, Bit Digital, TeraWulf, and Greenidge Generation Holdings.

Key competitive factors include our number of miners,
mining difficulty, operational efficiency, and the fiat value of rewards. Bitcoin mining has shifted from individual participants to large-scale,
industrial facilities. Mining pools allow participants to combine processing power and share rewards based on contributed hash power.
We also compete for new miners, capital, and technological advancements to enhance mining efficiency.

Many of our competitors offer more locations in more
markets worldwide and have well-established international operations. Many of our competitors may have significant advantages over us,
including greater name recognition, longer operating histories and higher operating margins, pre-existing relationships with current
or potential customers, the capacity to provide the same or additional products and services at a lower cost, more significant marketing
budgets and other financial and operational resources, more robust internal controls and systems, and better established, more extensive
scale and lower cost suppliers and supplier relationships. 

We face significant competition from our competitors,
and we expect such competition to continue to increase, which could significantly harm our business, financial condition, and results
of operations. If we cannot compete successfully against our current and future competitors, we may not be able to retain and grow our
customer base, and our business and prospects may be harmed.

Intellectual Property

We seek protection for our intellectual property as
appropriate. To establish and protect our proprietary rights, we rely upon a combination of patent, copyright, trade secret and trademark
laws and contractual restrictions such as confidentiality agreements and intellectual property assignment agreements.

As of the date of this Annual Report, Soluna has two
issued US patents, seven pending US patent applications with the U.S. Patent and Trademark Office, and 13 pending non-US patent applications.
The non-US jurisdictions include Australia, Canada