Soluna Achieves Record Low Power Costs Paving the Way for AI Computing at Project Dorothy

Offers Comprehensive Updates on Company and Project Sites; Launches new data center design program

ALBANY, NY, October 24, 2023 – 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 detailed company and site level updates, including its record low power costs being realized in October at its Project Dorothy 1 site, and its plans to include a high performance computing and AI pilot as part of Project Dorothy 2. 

John Belizaire, CEO of Soluna Holdings, commented, “Our business fundamentals continue to improve. We are proud to say that we are executing well against our plan. Project Dorothy 1 is now fully operational and our costs are optimized. Our technology, data centers and MaestroOS software, is working as planned, and we are poised to take advantage of the exploding AI market. This is beginning to attract new strategic partners. I want to thank our investors who have been patient with us and are with us for the long haul.”

The Company has provided the following Corporate and Site Updates.

Corporate Highlights:

  • Project Dorothy 2 Plans to include AI – Site layout finalized for an initial phase of the second 50 MW of Project Dorothy.  Equipment specification bids have been obtained. Financing is being finalized for an initial 16 MW phase, to begin in the first half of 2024, and will include a scalable pilot for high performance computing which Soluna expects will be used to run AI workloads for future customers.
  • AI Data Center Design Underway – The company has been working with new strategic partners to design and upgrade its existing data center design to more specifically address the needs of generative AI training workloads – codenamed internally as “Helix.” The company believes the  overwhelming unmet demand for power and computing space in the AI field will allow Soluna to transform its super low cost computing infrastructure to meet AI’s exponentially growing needs. Soluna’s data centers and proprietary MaestroOS software have been designed for this opportunity since inception. As Soluna converts its asset base to be AI-centric, it expects to offer its AI customers purpose-built facilities powered by renewable energy at ground breaking costs. 
  • Curtailment Solution Hits Record- Soluna has exceeded the expectations of its wind farm partners by monetizing over 4,000 MWh of curtailed (wasted) energy. That’s enough energy to charge a typical smartphone 1 billion times. Soluna has demonstrated that when coupled with a wind farm, 100% of generated energy is monetized. This improves the economics of our wind farm partners and helps to put more renewables on the grid.
  • Power Costs Hit Record Levels  – Project Dorothy has been experiencing record low power costs in October of less than $26/MWh level without ancillary services.*
  • Project Sophie Moving to More Profitable Customers – 60% of the site is being transitioned to new customers, and more profit. The Company is expanding its relationships with leading bitcoin miners in the market.
  • Inched closer to launching Ancillaries – The company is on track to complete its registration for ERCOT Ancillary services market in Q1.
  • Soluna CTO Attends Water Tower Research Fireside Chat – Dip Patel, CTO of Soluna Computing, gave an update on Project Dorothy (Phase 1), and an in depth look at Soluna’s Modular Data Centers, including performance of its proprietary software, MaestroOS. The energizing discussion can be viewed here
  • Pipeline Continues to Grow – Over 250 MW was added to Soluna’s long term pipeline.

Key Company Metrics: 

  • The following metrics are year-to-date for all project sites.
Metric [All sites] YTD [Sep] YTD [Oct]
Installed Hashrate 2.6 EH/s 2.6 EH/s
Total Power Capacity 75 MW 75 MW
Average Operating Hashrate [Prop & Hosting] 2.2 EH/s 2.36 EH/s
Average Power Cost $30 / MWh $30 / MWh
Average J/TH (across all sites) 30 J/TH 30 J/TH
Power Usage Effectiveness 1.01 1.01
Curtailed Energy Consumed (Project Dorothy 1A & 1B) 1,307 MWh 4,003 MWh
Bitcoin Miners Deployed  23,655 23,655

Project Dorothy 1A ( 950 PH/s, 25 MW, Hosting):

  • Continued improvements in average operating hashrate as the Company has maintained steady state operations with a full-time team in place.
  • Implemented hashrate optimizations and thermal management programs to improve Power Usage Effectiveness (PUE).

Project Dorothy 1A Metrics:

Metric YTD [Sep] YTD [Oct]
Power Usage Effectiveness (PUE) 1.01 1.01
Curtailed Energy Consumed YTD 1,068 MWh 2,501 MWh

Project Dorothy 1B ( 815 PH/s, 25 MW, Prop-Mining):

  • Hashrate increased by 12.6% as teams performed optimizations to power infrastructure and miner tuning.
  • Implemented network optimizations, upgrades to firmware and thermal management programs to improve Power Usage Effectiveness (PUE).

Project Dorothy 1B Metrics:

Metric YTD [Sep] YTD [October]
Average Operating Hashrate (PH/s)  588 660
Total Bitcoin Mined  53 96
Power Usage Effectiveness (PUE) 1.01 1.01
Curtailed Energy Consumed YTD 239  MWh 1,502 MWh

Project Sophie (844 PH/s, 25 MW, Hosting):

  • Soluna signed new hosting term sheets for 15 MW.  The new deals include an expansion of the relationship with Compass Mining and two new customer relationships.  Soluna’s existing customer is beginning its planned ramp down in Q4 2023. The new contracts are more profitable for the company.

Project Sophie Metrics:

Metric YTD [Sep] YTD [October]
Power Usage Effectiveness 1.02 1.02
Average Power Cost $31 /MWh $28 /MWh

Project Kati (166 MW):

  • Completed studies have been submitted to ERCOT for review and analysis.
  • Responses to PPA draft documents sent to IPP for review.
  • Responses to Equipment RFPs rolling in.

View Soluna’s Earnings Power Presentation here.

View Soluna’s latest Discussion on Crypto and the second half of 2023 for the company here.

*Note: October metrics are as of October 23, 2023 


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.’


Contact Information

Sam Sova

Founder and CEO



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