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Soluna Expands Hosting Business and Strikes Deal With Compass Mining at Project Dorothy
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Soluna Holdings, Inc. (NASDAQ: SLNH) announced a 5 MW hosting contract with Compass Mining at its Project Dorothy data center in Texas. This two-year partnership allows Soluna to provide Bitcoin mining services, leveraging energy from a co-located wind farm, thus monetizing excess wind energy curtailment. In addition to hosting, Soluna will deliver operations and maintenance services for Compass. The partnership highlights Soluna's commitment to sustainable energy solutions in the Bitcoin mining sector. CEO John Belizaire expressed enthusiasm for collaborating with Compass, which is recognized as a leader in the Bitcoin mining industry. The commissioning of hardware for Compass will commence shortly, enhancing the operational capabilities of the Project Dorothy facility.
Positive
5 MW hosting contract signed with Compass Mining for a two-year partnership.
Utilization of renewable energy from a co-located wind farm reduces energy waste.
Expansion of high-profile hosting services strengthens Soluna's market position.
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None.
ALBANY, N.Y.--(BUSINESS WIRE)--
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, announced today a 5 MW hosting contract with Compass Mining (“Compass”) at its Project Dorothy data center in Texas.
Compass Mining is the world’s first and largest online marketplace for Bitcoin mining hardware and hosting. Through its network of partners with mining facilities located in the US and Canada, Compass facilitates both large and small miner deployments on behalf of its end-users.
The hosting contract entails a two year partnership between Soluna and Compass for 5 MW of Bitcoin Mining at Project Dorothy 1A, Soluna’s data center which sources much of its energy from a co-located wind farm. Project Dorothy 1A monetizes a substantial amount of the curtailment experienced by the wind farm. In addition to hosting, Soluna will provide O&M services for Compass.
John Belizaire, CEO of Soluna Computing, commented, “We are excited to partner with Compass who we view as an industry leader in innovation and thought leadership in the Bitcoin mining space. Through this partnership we continue to bring in high profile hosting customers to our flagship renewable energy powered data centers.”
“Compass Mining continues to seek diligent, qualified operations teams to host our retail and institutional miners,” Thomas Heller, co-CEO and Chief Mining Officer said. “We’re deeply impressed with Soluna’s management team and project operations to date and excited to offer Project Dorothy 1A as yet another hosting facility option at Compass Mining.”
In the coming weeks Soluna will begin to commission hardware to bring Compass online.
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.’
About Compass Mining
Compass Mining is a bitcoin-first, proof-of-work mining company on a mission to strengthen Bitcoin's network by democratizing hash rate. Compass' mining marketplace offers easy procurement and deployment of mining machines for institutional and retail clients. Compass Mining also produces industry-leading research and educational content through a variety of tailored media product offerings. Mining is a notoriously opaque sector of the Bitcoin industry, but Compass now serves as the guide for everyone's path to successfully mining bitcoin. Thanks to Compass, now everyone can mine bitcoin.
