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Soluna Holdings, Inc. (NASDAQ: SLNH) is advancing its Project Dorothy, a 50MW green data center in Texas, expected to energize in Q1 2023. The project is in the final stages of planning before transitioning to operations, with a targeted energization date in early February to early March. Upon completion, Dorothy aims to be among North America's lowest-cost facilities for Bitcoin mining, with projected cash inflows of $2.196M to $3.534M based on current market conditions. CEO Michael Toporek emphasizes the project's potential to drive renewable energy use.
Positive
Project Dorothy is nearing completion of the planning phase, on track for energization by Q1 2023.
Projected cash inflows from Project Dorothy range from $2.196M to $3.534M, depending on market conditions.
The project is expected to be one of the lowest cost facilities for Bitcoin mining in North America.
Negative
None.
Project Dorothy Set to Energize in the First Quarter of 2023
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 is providing the following corporate update.
The company’s Dorothy project, a 50MW facility in Texas continues to make steady progress through the regulatory process. The project is nearing the completion of the planning phase and will then advance into the modeling phase. The modeling phase is scheduled to complete in February when the project enters the operations phase where the logistics of a specific date for energization of the facility are set. This would put the project on track to begin energizing in the first quarter of 2023. The grid system operator, wind farm, and Soluna must coordinate physical logistics and other requirements as they drive to energize the site. Current target dates range from early February to early March as work is completed to integrate the facility with the grid.
Michael Toporek, CEO of Soluna Holdings, stated, “Through the market turbulence, we have remained focused to get Project Dorothy through the approval process. By working collaboratively with Texas regulators, the utilities, and the owner of the wind farm, we now have a clear path to energize the first 50MW of our Project Dorothy data center in Texas. We fundamentally believe Bitcoin and other intensive computing can be a major catalyst for the renewable energy industry, and this project will be a repeatable blueprint for future projects.”
Once the Company energizes Dorothy, anticipated to be one of the lowest cost facilities of its kind in North America, it will continue to refine the economic model of the first 50MW of this 100MW site. The table below updates a recent illustration of the earnings power of the site updated for current economic conditions, including current Bitcoin pricing and network hashrate.
Illustrative Monthly Earnings Power of Dorothy
(Bitmain XP chips, $ in 000)
Illustrative Summary of Monthly Financials from Dorothy
($ in 000)
100% Hosting
50% / 50%
100% Prop
Cash Inflows
Dorothy 1A
1,098
1,433
1,767
Dorothy 1B
1,098
1,433
1,767
Total Cash Inflows
2,196
2,865
3,534
Cash Contribution Margin
Dorothy 1A (Net of 32% Spring Lane Ownership)
311
539
766
Dorothy 1B
458
792
1,127
Total Cash Contribution Margin
769
1,331
1,893
Note: Represents non-GAAP financial metrics and forward looking statements.
Note: Assumes $17k BTC price, 270 EH / s network hash rate, 90% capacity factor, 95% availability factor, and estimated $35 / kWh average annual power costs (including assumed seasonal demand fees and taxes). Hosting contract based on $60 / kWh fixed rate. Assumes that purchased and hosted machines are 140 Th/s Bitmain XPs.
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.’
