Soluna Installs more than 14,600 Bitcoin Mining Machines for Its Hosting Customers
$26M Run Rate Revenue at Projects Sophie and
Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH),
the parent company of Soluna Computing, Inc. (“SCI”), a developer
of green data centers for Bitcoin mining and other intensive
computing applications, announced today that it has successfully
installed more than 14,600 Bitcoin mining machines at its Project
Dorothy site in Texas and Project Sophie site in Kentucky. This
execution for Soluna’s customers comes within months after
announcing the agreements at Project Sophie and Project Dorothy.
The following is a summary of the current operations and financial
Project Sophie (Hosting):
- On April 6, 2023 Soluna announced a 25 MW hosting contract with
a sustainability focused hosting customer.
- Since then, Soluna has made significant progress deploying more
than 7,600 machines for its hosting customer filling 23 MW of
capacity, with approximately 812 PH/s installed hash rate.
- The site holds great revenue potential, estimated at $11.8
million on an annualized run-rate basis.
Dorothy 1A (Hosting):
- On May 10, 2023 Soluna announced it had signed a contract to
fill its 25 MW capacity at Project Dorothy 1A with two strategic
hosting partners, including Compass Mining.
- More than 7,000 machines from the agreements have been deployed
on the site filling 18 MW adding approximately 669 PH/s to the
site's hash rate.
- More machines are being shipped from Soluna’s partners to fill
the entire capacity by the end of June.
- The impeccable performance of MaestroOS, Soluna's proprietary
platform, ensures seamless management of Project Dorothy's power
consumption, optimizing it automatically by monitoring grid
telemetry, wind farm production, and data center power
- The revenue potential for this site, operating at 25 MW, is
projected to reach $14.2 million on an annualized run-rate
Dorothy 1B (Prop-Mining):
- Signed $14 million Prop-Mining Joint Venture with Navitas
- Construction continues on the buildings with the first five
scheduled to come online by the middle of June.
John Belizaire, CEO of Soluna Holdings, commented, “After we
announced our agreements to bring Project Sophie and Project
Dorothy 1A each to capacity, we were all hands on deck to get
machines delivered and installed for our customers. Ramping up
these facilities in a safe, and timely manner continues our push to
be cash flow positive from operations during the second half of
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Soluna
Holdings, Inc. may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including but not limited to
statements about Soluna’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, further information regarding
which is included in the Company's filings with the Securities and
Exchange Commission. All information provided in this press release
is as of the date of the press release, and Soluna Holdings, Inc.
undertakes no duty to update such information, except as required
under applicable law.
About Soluna Holdings, Inc (SLNH)
Soluna Holdings, Inc. is the leading developer of green data
centers that convert excess renewable energy into global computing
resources. Soluna builds modular, scalable data centers for
computing intensive, batchable applications such as Bitcoin mining,
AI, and machine learning. Soluna provides a cost-effective
alternative to battery storage or transmission lines. Soluna uses
technology and intentional design to solve complex, real-world
challenges. Up to 30% of the power of renewable energy projects can
go to waste. Soluna’s data centers enable clean electricity asset
owners to ‘Sell. Every. Megawatt.’
version on businesswire.com: https://www.businesswire.com/news/home/20230608005420/en/
Sam Sova Founder and CEO SOVA Sam@teamsova.biz
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