Soluna Announces Monthly Business Update

Company Reduces Convertible Debt by Over $4 Million

Plans Capital Raise for New AI Venture

ALBANY, NY, January 24, 2024 – Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for Bitcoin mining and other intensive computing applications, announced its January project site-level operations, developments, and updates.

John Belizaire, CEO of Soluna Holdings, commented, “We’ve reached major milestones in 2023, and our unwavering commitment to operational excellence propels us forward as we make further strides to grow our business in 2024. I want to express my gratitude to our exceptional team for their ongoing commitment to our success.”

The Company has provided the following Corporate and Site Updates.

Corporate Highlights:

  • Reduction of Convertible Debt – Since the Company’s last quarterly report,  $4.1 million of the principal amount of the outstanding convertible notes have been converted into 1,029,769 shares of the Company’s common stock, reducing the total outstanding principal to $8.1 million (unaudited).
  • Advisor Retained for AI Capital Raise – The Company retained BitOoda Technologies, LLC as a financial advisor to assist with raising capital for its new AI business venture.
  • Ancillary Services Tested Successfully – The Company successfully conducted its initial test signal for Ancillary Services from ERCOT. Upon receiving the demand response test signal, MaestroOS efficiently ramped down Project Dorothy within the specified time and seamlessly brought it back up.
  • Project Dorothy 2 (50 MW) – The project continues to progress in development. The Company’s engineering team held a Helix design workshop with the country’s leading data center design firm. They’ve designed data centers for the leading hyperscalers.
  • Project Kati (166 MW) – The project continues to build momentum and is  expected to exit the ERCOT planning phase before the end of Q1 2024.
  • Project Sophie – Signed a new 8.8 MW customer as part of its ongoing plan to improve site profitability.
  • Soluna Data Centers are 18% Greener – An Independent report found that Soluna’s Datacenters outperform traditional data centers with 18% lower carbon footprint.
  • December AMA    The Company published responses to investor questions in its monthly AMA.  View the CEO’s responses here.
  • US Climate Investor Conference – Watch CEO John Belizaire’s presentation here. (Note: You’ll need to register to view.)

Key Company Metrics:

  • Previously, operational and project updates provided insights into partial-month progress. Going forward, the company will release monthly updates recapping activities from the previous months only.
  • Metrics for all sites are as of December 31, 2023.
  • The data in the site charts throughout the release reflect a consistent calculation of power consumption using month-over-month versus a year-to-date calculation, which is now standard for all business updates from the Company going forward. Edits have also been made to improve clarity.
  • All power consumption metrics are cumulative, year-to-date, totals.
  • Curtailed Energy is energy produced by the wind farm and consumed by Soluna’s Project Dorothy which the grid either could not absorb or was not economically valuable.
  • Average Power Cost is a long-term contracted average. It does not represent a month-to-month average.
  • Average Hashrate decreased at Project Dorothy due to increased curtailments resulting from the cold weather in December and January.
  • Project Sophie’s Average Hashrate decreased as the Company began rolling in its new 8.8 MW customer
  • Project Dorothy Average Hashrate was also affected by a wind farm substation outage in late December.

Metric [All sites]




Installed Hashrate

2.6 EH/s

2.5 EH/s

2.6 EH/s

Total Installed Power Capacity

75 MW

75 MW

75 MW

Average Operating Hashrate

Prop Mining


2.3 EH/s

690 PH/s

1.6 EH/s

2.3 EH/s

764 PH/s

1.5 EH/s

2.3 EH/s

680 PH/s

1.6 EH/s

Average Power Cost*

$30 / MWh

Average J/TH (across all sites)

29 J/TH

30 J/TH

29 J/TH

Curtailed Energy Consumed (Project Dorothy 1A & 1B)

11,664 MWh

17,544 MWh

22,601 MWh

Bitcoin Miners Deployed




*Note: Long-term contracted average. Does not represent a month-to-month average.

Key Project Updates

Project Dorothy 1A ( 953 PH/s, 25 MW, Hosting):





Total Power Consumed YTD

60,624 MWh

76,652 MWh

90,976 MWh

Curtailed Energy Consumed YTD*

6,397 MWh

9,392 MWh

11,932 MWh

*Note: Curtailed Energy is energy produced by the wind farm and consumed by Soluna’s Project Dorothy, which the grid either could not absorb or did not deem economically valuable.

Project Dorothy’s operations continue to remain strong through the winter months.

Project Dorothy 1B (816 PH/s, 25 MW, Prop-Mining):





Average Operating Hashrate (PH/s)




Total Bitcoin Mined YTD




Total Power Consumed YTD

37,003 MWh

52,444 MWh

66,627 MWh

Curtailed Energy Consumed YTD*

5,267 MWh

8,152 MWh

10,668 MWh

*Note: Curtailed Energy is energy produced by the wind farm and consumed by Soluna’s Project Dorothy, which the grid either could absorb or did not deem economically valuable.

Project Sophie (653 PH/s, 25 MW, Hosting with Profit Share):





Average Operating Hashrate (PH/s)*




*Note: Under our contract at Project Sophie, we are only allowed to operate 83% of the time. The average has been adjusted to contemplate only the hours we are contractually permitted to run.

  • Deployment of the new 8.8 MW customer and expansion of an existing customer is underway and will be completed before the end of January. The site will return to full utilization in February.

Project Dorothy 2 (50 MW):

  • The construction bid period is still planned for the first quarter.
  • Procurement of long-lead equipment continues.
  • ERCOT model update submission completed with approval expected in early March.
  • Helix design session held with a leading data center design firm.

Project Kati (166 MW):

  • Project Kati is still expected to exit the ERCOT planning phase before the end of Q1 2024.
  • Definitive PPA agreements are set to be finalized before the end of Q1 2024.
  • Negotiations have begun with land owners for land lease agreements.

View Soluna’s Earnings Power Presentation here.

View Soluna’s recent AMA here.

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.

In addition to figures prepared in accordance with GAAP, Soluna from time to time presents alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow.  These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principle. Other companies may define these terms in different ways.

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.’

Contact Information

Sam Sova

Partner and CEO


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