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Soluna Inks 25 MW Hosting Deal with Leading Bitcoin Miner
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Soluna Holdings, Inc. (NASDAQ: SLNH) announced a 25 MW hosting contract with a leading Bitcoin miner at Project Sophie in Kentucky. This shift in business model will transition from proprietary mining to hosting Bitcoin miners for clients. The company plans to sell its existing Bitcoin miners at the site and redeploy the capital. CEO John Belizaire emphasized the importance of building a larger hosting business and partnering with like-minded industry leaders to promote a low-carbon future. The site will begin integrating customer hardware in the coming weeks.
This announcement reflects Soluna's strategic pivot in response to market changes aimed at enhancing its growth and operational efficiency.
Positive
New 25 MW hosting contract signifies a strategic shift to hosting services.
Transition from proprietary mining to hosting may enhance revenue streams.
Partnership with a leading Bitcoin miner aligns with low-carbon business ethos.
Negative
Selling existing Bitcoin miners indicates a potential shift away from direct mining profits.
Project Sophie will Sell Miners, Redeploy Capital
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 25 MW hosting contract with an industry leading Bitcoin miner at Soluna’s Project Sophie in Kentucky.
The contract will shift Soluna’s business model at Soluna’s modular data centers at Project Sophie from proprietary mining to hosting Bitcoin miners for the customer. Soluna plans to sell its existing Bitcoin miners at the site and redeploy capital.
John Belizaire, CEO of Soluna Computing, commented, “As markets have shifted, our business model has shifted with it. We are building a bigger hosting business and are excited to partner with industry leaders. This customer has a similar ethos to Soluna – accelerating a low-carbon future. This is one of the many hosting agreements we are exploring for our current and future modular data centers.”
Soluna is preparing the site to begin phasing in the customer’s hardware over the next several weeks.
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.’
