Soluna Holdings announced that it has finished the third and final construction phase of its 48‑MW Dorothy 2 Bitcoin‑hosting data center. The milestone brings the facility closer to full energization and the start of revenue‑generating operations, marking a key step in the company’s renewable‑powered computing strategy.
The completion of Phase 3 reduces the remaining construction work and associated costs, allowing Soluna to accelerate the project’s energization. With the full 48‑MW capacity now within reach, the company can begin delivering Bitcoin‑hosting services to its customers, generating recurring revenue streams and improving cash flow. Soluna’s broader pipeline exceeds 2.8 GW of renewable‑powered AI and Bitcoin hosting capacity, and the company recently secured a $100 million credit facility from Generate Capital to support its projects.
Management highlighted the significance of the milestone. CEO John Belizaire said, “The energization of Project Dorothy 2 builds on the success of Project Dorothy 1, demonstrating how Soluna’s approach to curtailment solutions and sustainable computing can be scaled efficiently.” He added, “This milestone marks the full ramp of Dorothy 2’s sustainable hosting capacity—and another strong vote of confidence from one of our longest‑standing customers. It also underscores the rising demand for efficient, renewable‑powered infrastructure in the post‑halving era.”
Investors reacted positively to the announcement. While the company’s Q3 2024 revenue rose 30% to $7.5 million from $5.8 million in Q3 2023, and YTD 2024 revenue reached $29.7 million, a 172% increase over the prior year, the market viewed the Phase 3 completion as a catalyst for future cash‑flow generation. Analysts noted that the milestone supports Soluna’s strategy to convert surplus green energy into high‑performance computing resources, a trend that is gaining traction in both Bitcoin mining and AI/HPC workloads.
The project’s completion also strengthens Soluna’s competitive position in the renewable‑powered data center market. By demonstrating its ability to execute large‑scale renewable‑powered facilities, Soluna signals to customers and partners that it can deliver reliable, low‑carbon hosting services. The company’s focus on AI and HPC diversification, coupled with its expanding pipeline, positions it to capture growing demand for sustainable computing infrastructure as the industry moves toward greener operations.
In summary, the Phase 3 milestone is a tangible indicator of Soluna’s progress toward full operational status for Dorothy 2, a critical driver of future revenue and cash flow. The company’s financial trajectory, supported by a robust pipeline and strategic financing, suggests that the milestone will accelerate its path to profitability while reinforcing its market leadership in renewable‑powered computing.
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