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KULR Bitcoin Mining Operations

KULR Technology Group operates Bitcoin mining infrastructure as a core component of their Bitcoin-Plus Treasury strategy. The mining operations serve dual purposes: generating revenue and accumulating BTC directly into the corporate treasury.

The company's mining strategy employs a "buy-or-mine" approach, dynamically choosing between purchasing Bitcoin on the open market or mining based on hash price economics. This flexible approach maximizes treasury efficiency across varying market conditions.

KULR mines Bitcoin through a hosting partnership with Soluna Holdings at Project Sophie, a ~3.3 MW renewable-powered facility in Kentucky. In FY2025, KULR mined 81.72 BTC at an average all-in cost of approximately $103,545 per BTC, accumulating those coins directly into the corporate treasury.

Mining Operations

Bitcoin Mining Infrastructure & Performance

FY2025 Mining Overview

FY2025 BTC Mined⛏️
Full-Year 2025
Mining Partner
Project Sophie
Facility Capacity
Kentucky (Renewable)
Avg Cost / BTC
FY2025 All-In Cost

FY2025 Mining Production

Q3 2025 — July 11 through September 30

BTC Mined (Q3)
Jul 11 – Sep 30, 2025
Mining Revenue
64% of Q3 Total Revenue
Avg Cost / BTC
Including Power & Lease
Gross Margin
Q3 2025

Q4 2025 — October 1 through December 31

BTC Mined (Q4)
Oct 1 – Dec 31, 2025
Mining Cost (Q4)
Power & Lease
Avg Cost / BTC
All-In Cost
Status
Project Sophie Active

Mining Economics Breakdown

FY Mining Revenue

$4.40M+

Q3 reported

FY2025 Mining Cost

~$8.85M

Power + Lease (FY total)

FY2025 BTC Mined

81.72 BTC

Q3 + Q4 Combined

Mining Segment Margin

5%

Q3 2025

Q3 Non-Mining Revenue

$2.48M

36% of Q3 total

FY2025 Avg Cost / BTC

$103,545

All-in blended

Note: Bitcoin mining was KULR's largest revenue segment in Q3 2025, representing approximately 64% of quarterly revenue. Operations are conducted through a hosting agreement with Soluna Holdings at Project Sophie (Kentucky), with mined BTC accumulating directly into KULR's corporate treasury as part of their Bitcoin-Plus Treasury strategy.

Active Mining Infrastructure

Project Sophie (Kentucky)

3.3 MW hosting partnership with Soluna Holdings

Operational since Q4 2025

Renewable-powered mining operation via Soluna Holdings. Operational since Q4 2025, contributing to KULR's Bitcoin-Plus Treasury accumulation.

Mining Strategy

Dual "buy-or-mine" approach

Active

Maximizes treasury efficiency across market conditions by choosing between buying BTC on open market or mining based on hash price dynamics.

Mining Infrastructure Details

Project Sophie — Kentucky

Location

Kentucky

Project Sophie

Partner

Soluna Holdings

Hosting Agreement

Capacity

~3.3 MW

Renewable Power

FY2025 BTC Mined

81.72

Total Mined

Deployment

Q4 2025

Date

Status

Operational

Active

FY2025 Mining Production

Quarterly BTC production — full-year 2025

Q3 2025
Jul 11 – Sep 30, 2025
34.85 BTC
Q4 2025
Oct 1 – Dec 31, 2025
46.87 BTC
FY2025 Total
Full-Year Production
81.72 BTC

Note

Mining operations data is sourced from KULR Technology Group's FY2025 Annual Report (Form 10-K, filed March 31, 2026) and official press releases. Actual production figures may vary based on network difficulty, equipment uptime, and energy availability at the Project Sophie facility.

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