Soluna: Business Via Bitcoin Isn't Sustainable (NASDAQ:SLNH)
— Shrink, Positioning, New vehicles sold, Nasdaq, California independent system operator, Intensive services, Intangible assets, Bitcoin mining become unprofitable, Competitive advantage, Speculate — 1 min read
Bitcoin mining companies are more volatile than Bitcoin and possess additional risks such as insolvency. Soluna Holdings (NASDAQ:SLNH) is positioning itself in the Bitcoin mining sector. Iris Energy (IREN) has hard assets in excess of total liability and is valued more than its market cap. This implies that investors are getting its Bitcoin mining business for free. We speculate that Soluna started with Bitcoin mining because Bitcoin mining has a relatively lower barrier to entry. However, we highly value Soluna's ability to pivot to other types of batchable computing applications. We do not find any competitive advantage when compared to other cloud services compared to Amazon's cloud services (NZAM) Soluna prides itself on low-cost energy. Source