If you have a big barn where you could put a round bale inside and peel off what you needed to feed that would work. With one horse the bale will get icky before it's finished if exposed outside.
I fed round bales this winter to 3 and I've several bales out there that were wasted. In my case it was from multiple freezing rain storms that turned them into haycicles before they got too far and they stopped eating them. Mold doesn't grow much when it's subzero but the moment it thawed it started going funky. Big waste.
I am now the proud owner of more mulch hay than I can use for the next several years.