KULR Technology Group Inc. (NYSE:KULR) is one of the best long term penny stocks with huge upside potential. On October 9, KULR Technology Group and Soluna Holdings Inc. (NASDAQ:SLNH) announced a new 3.3 MW hosting partnership for Bitcoin mining operations. Under this agreement, Soluna will operate ~3.3 MW of KULR’s Bitcoin mining capacity at its Project Sophie facility located in Kentucky.

This marks the first time Soluna has partnered with a company primarily focused on a Bitcoin+ treasury strategy, which expands Soluna’s customer base beyond traditional Bitcoin miners and hyperscalers. The partnership supports KULR’s Bitcoin Treasury Accumulation Strategy, announced earlier this year, where KULR committed up to 90% of its surplus cash reserves to Bitcoin.

The hosting is structured as a Bitcoin Mining Lease, where KULR uses Soluna’s operational and market expertise. Soluna will be responsible for purchasing, servicing, and managing KULR’s entire fleet of mining hardware for the duration of the contract. Crucially, Soluna will deliver guaranteed hashrate and uptime targets to KULR on both a daily and monthly basis.

KULR Technology Group Inc. (NYSE:KULR), through its subsidiary, KULR Technology Corporation, develops & commercializes thermal management technologies for electronics, batteries, and other component applications in the US.

Soluna Holdings Inc. (NASDAQ:SLNH), together with its subsidiaries, mines cryptocurrency through data centres. It has 3 segments: Cryptocurrency Mining, Data Center Hosting, and HPC Services.

While we acknowledge the potential of KULR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.