Jeremy Segal, CEO of SOLminer, stood before the audience at Mining Disrupt, held from June 24–26, 2024, to outline a specific strategy for survival in the volatile world of cryptocurrency mining. He did not speak in abstract theories but in the concrete terms of hardware iterations and site construction timelines. His core argument was that miners who focus solely on purchasing depreciating hardware are exposed to unnecessary risk, whereas those who diversify into the physical infrastructure that powers that hardware are building an appreciating asset.
Segal traced the company’s origins back to 2016, when the operation began with GPU open-air rigs. "We were building hpu open air rigs um so you know not much infrastructure you need to do that," Segal recalled, noting the simplicity of those early days. From there, the company built compartmentalized 10-foot shipping containers filled with GPUs around 2017, which demanded the development of specific site infrastructure to support the scale of the operation. The company spent years iterating on these designs, learning how to build the necessary supporting structures for large-scale farms.
A key innovation in their infrastructure approach involved what Segal described as a "cathedral Style" setup. In these sites, racks are positioned to point at each other, creating a chimney effect that forces heat out through the top. This design eliminates the need for exhaust fans, a significant engineering choice that reduces complexity and maintenance. Segal displayed images of recent sites to illustrate the speed with which SOLminer could deploy these structures. One example was a 4-megawatt site that took approximately five weeks to assemble. The rapid deployment was made possible by established contacts with infrastructure suppliers, allowing the company to pull together the necessary components efficiently.
The scale of these operations is substantial. Segal highlighted a 24-megawatt site, and said every one of these builds comes down to infrastructure. "In order to power all this equipment you need infrastructure," he stated, identifying this as the company's core business. He argued that many miners fall into a trap by buying machines and hosting them without considering the underlying power assets. When market values fluctuate, which is common in the crypto space, miners with leveraged equipment can face margin calls. If the value of the hardware drops, and the miner has not diversified into an appreciating asset like real estate or infrastructure, the business may fail. Segal noted that he has seen many companies go under for this exact reason, making infrastructure a critical tool for de-risking the business.
The value of this infrastructure extends beyond just mining. Segal pointed to the current market strength for AI compute, noting that high-density electricity contracts with data centers are becoming increasingly valuable. In his view, these power assets are appreciating in value as the demand for compute resources grows. "We feel like it's an appreciating asset," Segal said.
The company’s experience with market downturns also shaped its current strategy. Segal described a period when the company had a surplus of GPUs that it needed to liquidate. Liquidating GPUs, he said, is different from liquidating ASICs in a downturn. To address this, SOLminer pivoted to an e-commerce model, selling the equipment on Amazon, Newegg and Walmart. "We just became a e-commerce business for that part of our business and started selling them on Amazon new EG Walmart," Segal explained. That let the company liquidate a lot of its equipment.
Beyond selling hardware, Segal mentioned that the company also sells transformers. He noted that the company sources transformers from a conglomerate of Mexican manufacturers, offering fast lead times for clients who need them. "If you have a site or know someone who builts sites it needs a fast lead times on Transformers that's something we can help with," he said, highlighting the practical value they offer to other operators.
The discussion concluded with Segal inviting the audience to visit the company’s booth, located in the far back corner of the venue. He emphasized the importance of perspective in working through market volatility. The ability to withstand fluctuations, he argued, comes from having a diversified business model that includes appreciating assets like infrastructure. "Having the perspective and a way to drisk your business uh is really important," he said, summarizing the core philosophy. For SOLminer, the path forward involves continuing to build and maintain this infrastructure, ensuring that the company remains resilient regardless of where the crypto market goes next. The focus on physical assets, from shipping containers to transformers, provides a tangible foundation for a business that otherwise operates in a highly digital and volatile space. By diversifying into infrastructure, Segal believes miners can de-risk their business. When this session was recorded, Bitcoin traded at $61,272; on October 12, 2026 it was $83,316.