Project Sophie will Sell Miners, Redeploy Capital

ALBANY, N.Y. / Apr 06, 2023 / 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.

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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.’