NEW YORK,, Aug. 12, 2021 /PRNewswire/ -- Mechanical
Technology Inc (Nasdaq: MKTY) released its 2021 Q2
financials this week, capping off a strong quarter on both the
revenue and production sides. Total revenue was reported at
$3.3 million, up 35% from the
previous quarter. Cryptocurrency revenue through the Company's
EcoChain division, was $1.6
million.
Cash on hand was $12.1 million
after a $15 million equity offering,
a significant increase from the $2.7
million reported end of Q1. The additional purchase power
opened up an opportunity for MTI to take advantage of crypto
market disruptions in China by
purchasing dormant S19s at a discounted price. The power density of
these chips increases capacity.
On the production side, EcoChain moved forward with
infrastructure improvements at its Washington and Southeast locations. Their TNT
site location is now operating at capacity. MTI Instruments, which
produces a PBS product line, semiconductors, and EV batteries,
reported an increase in cost of sales, from 26% to 30%.
EcoChain Acquires Soluna Computing
In a strong opening move for Q3, EcoChain, a subsidiary of MTI,
announced the acquisition of Soluna Computing, Inc (SCI), a
developer of scalable data centers that buy excess renewable energy
from solar and wind farms. The new company, called "Soluna
Holdings," improves the scalability of EcoChain's renewable energy
powered data centers.
The move increases MTI's mining capacity from 50MW to 350MW,
positioning the Company in the large-cap category for
cryptocurrency mining operations. MTI will also absorb Soluna's
technical team, which is currently developing an additional 200MW
capacity, adding expertise in project development, energy markets,
finance, and computing.
Soluna's ability to scale using renewable energy addresses one
of the crypto mining industry's greatest challenges – power
consumption. It also solves the issue of excess energy the
renewable energy sector is experiencing. MTI and EcoChain are now
able to implement new power sources and scale their approach
globally from megawatts to gigawatts.
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investment adviser. No information contained in this communication
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