Shares of Soluna Holdings Inc. (SLNH), a provider of green data centers for Bitcoin mining and other intense processing, were up 6.73% at $0.368 at the time of our last check in after-hours trading.
Which project has received financing from SLNH?
In accordance with an agreement with several critical parties made public in late January, Soluna Holdings (SLNH) has drawn down $1.186 million in order to generate enough money to power the first 50 MW phase of Project Dorothy. The equity of Soluna Holdings was not sold in order to get this finance. Money has been used to pay for the completion of the building and energization processes. The cost of connecting the project to the grid will be covered in part by the capital budget.
Project Dorothy, a 50 MW project owned by the company and located in Texas, is quickly approaching its energization date. Project Dorothy will be powered up to 50 MW, where it could run 2.2 exahashes per second (EH/s) of Bitcoin mining capability, as SLNH seeks to complete the financial transactions it announced in January. The majority of this space will probably be used by SLNH to host its clients, who are expected to bring in roughly $28 million in annual income from the facility.
SLNG succeeded in the modeling stage
This month, the modeling stage of the ERCOT Large Flexible Load clearance procedure was completed for Project Dorothy. As a result, the project enters the operations phase and SLNH is now free to determine an energization date in collaboration with regulatory agencies and important partners.
The facility can accommodate up to 16,000 miners at this first 50 MW deployment, increasing the company’s mining capacity by up to 2.2 exahashes per second (EH/s). It could operate 4.4 EH/s of processing power using ultra-cheap renewable energy at its maximum deployment of 100 MW.
Is SLNH’s completion of the development phase significant?
For Soluna Holdings (SLNH), passing the modeling stage of the regulatory procedure is a crucial step in developing actual funding and operational strategies to revitalize the site. This critical step in the process was achieved by SLNH working with its partners.