Business
Soluna Project Dorothy 1 Reaches Full Capacity of 50 MW, Company hits 2.6 EH/s Hashrate Milestone
Provides Operational Update and Curtailed Energy Consumption Achievement ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“SHI” or the “Company”),
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"\nProvides Operational Update and Curtailed Energy Consumption Achievement\n\n\n ALBANY, N.Y.--(BUSINESS WIRE)--\nSoluna 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 it has brought Project Dorothy 1 fully online, with a focus on sustainability and enabling more renewable energy on the grid, completing construction on Project Dorothy 1B, and deploying 50 MW of Bitcoin mining machines for its hosting and proprietary businesses. This now brings Soluna to 2.6 EH/s under management.\n\n\nJohn Belizaire, CEO of Soluna Holdings, commented, “We’ve had a busy summer ramping Project Dorothy through record high temperatures. As we approach the peak wind months and cooler temperatures in Texas, we have achieved a key milestone to complete Project Dorothy 1 and bring it to its 50 MW capacity. We have also made great progress accelerating development at Project Dorothy 2, Project Kati, and working on operational improvements, including significant reductions in SG&A. We also began delivering on our promise to mitigate curtailment for renewable energy power projects.”\n\n\nThe Company has provided the following Corporate and Site Updates.\n\n\nCorporate Highlights:\n\n\n\nFlagship fully ramped - In late August, the Company completed the construction and fully ramped Project Dorothy 1. The site now has a full 50 MW of capacity energized with record-breaking power usage effectiveness (PUE) of 1.01. Since the beginning of the year Soluna has racked more than 15,630 Machines. More than 1.76 EH/s is installed at the site bringing the Company total over 2.6 EH/s.\n\n\n\nPlatform for Cashflow – Getting Project Dorothy to scale is just in time for the cooler months in Texas where Soluna expects seasonally high winds and power prices well below $25 / MWh on average.\n\n\n\nFirst Month of Positive EBITDA – The Company achieved its first monthly positive EBITDA (a non-GAAP measure related to GAAP operating earnings) in July (unaudited) and reduced G&A by more than $1M current year to date versus prior year to date as part of its cost optimization programs.\n\n\n\nCurtailment Consumption Ramps – Soluna has now monetized a groundbreaking 1,286 MWh of curtailed (wasted) energy for ...