Soluna Achieves Record Low Power Costs Paving the Way for AI Computing at Project Dorothy
24 Octobre 2023 - 2:00PM
Business Wire
Offers Comprehensive Updates on Company and
Project Sites; Launches new data center design program
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 applications, announced today detailed company and site
level updates, including its record low power costs being realized
in October at its Project Dorothy 1 site, and its plans to include
a high performance computing and AI pilot as part of Project
Dorothy 2.
John Belizaire, CEO of Soluna Holdings, commented, “Our business
fundamentals continue to improve. We are proud to say that we are
executing well against our plan. Project Dorothy 1 is now fully
operational and our costs are optimized. Our technology, data
centers and MaestroOS software, is working as planned, and we are
poised to take advantage of the exploding AI market. This is
beginning to attract new strategic partners. I want to thank our
investors who have been patient with us and are with us for the
long haul.”
The Company has provided the following Corporate and Site
Updates.
Corporate Highlights:
- Project Dorothy 2 Plans to include AI - Site layout
finalized for an initial phase of the second 50 MW of Project
Dorothy. Equipment specification bids have been obtained. Financing
is being finalized for an initial 16 MW phase, to begin in the
first half of 2024, and will include a scalable pilot for high
performance computing which Soluna expects will be used to run AI
workloads for future customers.
- AI Data Center Design Underway – The company has been
working with new strategic partners to design and upgrade its
existing data center design to more specifically address the needs
of generative AI training workloads – codenamed internally as
“Helix.” The company believes the overwhelming unmet demand for
power and computing space in the AI field will allow Soluna to
transform its super low cost computing infrastructure to meet AI’s
exponentially growing needs. Soluna’s data centers and proprietary
MaestroOS software have been designed for this opportunity since
inception. As Soluna converts its asset base to be AI-centric, it
expects to offer its AI customers purpose-built facilities powered
by renewable energy at ground breaking costs.
- Curtailment Solution Hits Record- Soluna has exceeded
the expectations of its wind farm partners by monetizing over 4,000
MWh of curtailed (wasted) energy. That’s enough energy to charge a
typical smartphone 1 billion times. Soluna has demonstrated that
when coupled with a wind farm, 100% of generated energy is
monetized. This improves the economics of our wind farm partners
and helps to put more renewables on the grid.
- Power Costs Hit Record Levels – Project Dorothy has been
experiencing record low power costs in October of less than $26/MWh
level without ancillary services.*
- Project Sophie Moving to More Profitable Customers - 60%
of the site is being transitioned to new customers, and more
profit. The Company is expanding its relationships with leading
bitcoin miners in the market.
- Inched closer to launching Ancillaries – The company is
on track to complete its registration for ERCOT Ancillary services
market in Q1.
- Soluna CTO Attends Water Tower Research Fireside Chat -
Dip Patel, CTO of Soluna Computing, gave an update on Project
Dorothy (Phase 1), and an in depth look at Soluna's Modular Data
Centers, including performance of its proprietary software,
MaestroOS. The energizing discussion can be viewed
here.
- Pipeline Continues to Grow – Over 250 MW was added to
Soluna’s long term pipeline.
Key Company Metrics:
- The following metrics are year-to-date for all project sites.
Metric [All sites]
YTD [Sep]
YTD [Oct]
Installed Hashrate
2.6 EH/s
2.6 EH/s
Total Power Capacity
75 MW
75 MW
Average Operating Hashrate [Prop
& Hosting]
2.2 EH/s
2.36 EH/s
Average Power Cost
$30 / MWh
$30 / MWh
Average J/TH (across all
sites)
30 J/TH
30 J/TH
Power Usage Effectiveness
1.01
1.01
Curtailed Energy Consumed
(Project Dorothy 1A & 1B)
1,307 MWh
4,003 MWh
Bitcoin Miners Deployed
23,655
23,655
Project Dorothy 1A (950 PH/s, 25 MW, Hosting):
- Continued improvements in average operating hashrate as the
Company has maintained steady state operations with a full-time
team in place.
- Implemented hashrate optimizations and thermal management
programs to improve Power Usage Effectiveness (PUE).
Project Dorothy 1A Metrics:
Metric
YTD [Sep]
YTD [Oct]
Power Usage Effectiveness
(PUE)
1.01
1.01
Curtailed Energy Consumed YTD
1,068 MWh
2,501 MWh
Project Dorothy 1B (815 PH/s, 25 MW, Prop-Mining):
- Hashrate increased by 12.6% as teams performed optimizations to
power infrastructure and miner tuning.
- Implemented network optimizations, upgrades to firmware and
thermal management programs to improve Power Usage Effectiveness
(PUE).
Project Dorothy 1B Metrics:
Metric
YTD [Sep]
YTD [October]
Average Operating Hashrate
(PH/s)
588
660
Total Bitcoin Mined
53
96
Power Usage Effectiveness
(PUE)
1.01
1.01
Curtailed Energy Consumed YTD
239 MWh
1,502 MWh
Project Sophie (844 PH/s, 25 MW, Hosting):
- Soluna signed new hosting term sheets for 15 MW. The new deals
include an expansion of the relationship with Compass Mining and
two new customer relationships. Soluna’s existing customer is
beginning its planned ramp down in Q4 2023. The new contracts are
more profitable for the company.
Project Sophie Metrics:
Metric
YTD [Sep]
YTD [October]
Power Usage Effectiveness
1.02
1.02
Average Power Cost
$31 /MWh
$28 /MWh
Project Kati (166 MW):
- Completed studies have been submitted to ERCOT for review and
analysis.
- Responses to PPA draft documents sent to IPP for review.
- Responses to Equipment RFPs rolling in.
View Soluna’s Earnings Power Presentation here.
View Soluna’s latest Discussion on Crypto and the second half of
2023 for the company here.
*Note: October metrics are as of October 23, 2023
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.’
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Sam Sova Founder and CEO SOVA Sam@teamsova.biz
Soluna (NASDAQ:SLNH)
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