Soluna Holdings Approaches 2 EH/s Milestone in Bitcoin Mining Operations

Soluna Holdings, Inc, (SLNH), the mum or dad firm of Soluna Computing, Inc. (“SCI”), a developer of inexperienced information facilities for Bitcoin mining and different intensive computing functions, introduced right this moment it has made important progress on its commercialization plan for Challenge Dorothy and Challenge Sophie, deploying greater than 30 MW of apparatus at Challenge Dorothy and bringing Challenge Sophie totally operational. Based mostly on this progress, the Firm is on observe to realize a major firm milestone of two EH/s below administration. These operational milestones and enhancements have resulted in a stronger money place for the Firm yr over yr.

John Belizaire, CEO of Soluna Holdings, commented, “We proceed to execute on the plan specified by my letter to shareholders. In June we gave an operational replace that centered on reaching money circulation optimistic from operations in the course of the second half of 2023. As one can see by these updates, we proceed to get extra miners on-line, and are actually on observe to exceed 2 EH/s below administration.”

Challenge Sophie (Internet hosting):

• On April 6, 2023 Soluna introduced a 25 MW internet hosting contract with a sustainability centered internet hosting buyer.

• Since then, Soluna has deployed miners to the whole website and has been operating at full capability.

• In June, the location achieved one of many highest utilization in its working historical past.

• The positioning holds nice income potential, estimated at $3.21 million on an annualized foundation. (As of Earnings Energy Illustration June 21, 2023.)1

Challenge Dorothy 1A (Internet hosting):

• On Could 10, 2023 Soluna introduced it had signed a contract to fill its 25 MW capability at Challenge Dorothy 1A with two strategic internet hosting companions, together with Compass Mining.

• Soluna accomplished deployment of Challenge Dorothy 1A’s internet hosting clients with 100% of the location deployed.

• The income potential for this website, working at 25 MW, is projected to succeed in $16.47 million on an annualized foundation. (As of Earnings Energy Illustration June 21, 2023.)

Challenge Dorothy 1B (Prop-Mining):

• In Could, the Firm introduced its $14 million Prop-Mining Joint Enterprise with Navitas International.

• The Firm accomplished its tender of apparatus buy, with greater than 8,250 machines bought for a complete of 860 PH/s of hashrate with a median effectivity of 29.9 J/TH, and at a value of $11.25 $/TH inclusive of all charges, import, and taxes.

• Machines proceed to ramp with 3,600 deployed to-date. The remaining are anticipated to be full by the tip of August.

• The income potential for this website, working at 25 MW, is projected to succeed in $17.78 million. (As of Earnings Energy Illustration June 21, 2023.)

Extra Firm Updates:

• Challenge Kati continues the event course of, finishing the primary of the three required ERCOT interconnection research within the planning part. It has additionally superior authorized agreements with its energy accomplice.

• The Firm is on observe to finish the quarter with a powerful money steadiness as will likely be introduced in its 10-Q in August.

Observe(s):

1 Below GAAP accounting guidelines, the brand new Challenge Sophie internet hosting contract income doesn’t embrace energy value as it’s a passthrough value. Challenge Sophie’s incomes energy seems within the Earnings Energy Illustration dated June 21, 2023.

Protected Harbor Assertion

This announcement incorporates forward-looking statements. These statements are made below the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements may be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “assured” and comparable statements. Soluna Holdings, Inc. may make written or oral forward-looking statements in its periodic studies to the U.S. Securities and Trade Fee, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic details, together with however not restricted to statements about Soluna’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties, additional data relating to which is included within the Firm’s filings with the Securities and Trade Fee. All data offered on this press launch is as of the date of the press launch, and Soluna Holdings, Inc. undertakes no responsibility to replace such data, besides as required below relevant legislation.

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the main developer of inexperienced information facilities that convert extra renewable vitality into world computing assets. Soluna builds modular, scalable information facilities for computing intensive, batchable functions equivalent to Bitcoin mining, AI, and machine studying. Soluna gives an economical various to battery storage or transmission strains. Soluna makes use of expertise and intentional design to unravel advanced, real-world challenges. As much as 30% of the facility of renewable vitality tasks can go to waste. Soluna’s information facilities allow clear electrical energy asset house owners to ‘Promote. Each. Megawatt.’

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Founder and CEO

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Supply: Soluna Holdings, Inc.