Despite BTC Price Decreases, Soluna Meets Margin Expectations and Grows Hashrate
ALBANY, NY, June 16, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the release of its May site level financials.
Michael Toporek, CEO of Soluna Holdings, stated, “Our company was engineered from inception to thrive in a difficult Bitcoin downturn. We specifically focused on building a strong operating base of ultra-low-cost power data centers. It is this kind of difficult environment that will demonstrate to our investors the value of what our team has built.”
Toporek added, “Our Dorothy project is expected to energize at least 20 MW by September, which is about 600 PH. We are working with the Texas regulator to assure security of the grid as we ramp to 100 MW. For project Marie, we expect to re-formulate our hosting deal in September 2022 or convert those slots to proprietary capacity, which is about 300 PH.”
Key Summary Highlights:
- Significant ramp in May boosts performance despite low BTC prices
- BTC equivalent mined was the same* Month-over-Month despite average BTC prices decreasing by 23%
- Average Hashrate deployed grew 22% Month-over-Month**
- Drivers to margin growth
- Site margins meeting…
