Soluna (SLNH) announced the full energization of Project Dorothy 2, adding 48 MW and bringing its total energized data-center capacity to 123 MW, marking a 64% increase and demonstrating momentum in its renewable-powered computing infrastructure expansion.
Key takeaways:
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The 48 MW second phase of Project Dorothy in West Texas is now fully online, making the Project Dorothy campus (100 MW) fully operational and raising the company’s total capacity to 123 MW and over 5 EH/s of sustainable compute capability.
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The data-center campus is co-located behind the meter at a 150 MW wind farm, converting otherwise curtailed renewable power into productive computing for Bitcoin mining, high-performance computing and AI workloads.
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Operational metrics from the site highlight high efficiency and utilization: over 3.9 EH/s of computing capacity, uptime above 94-95%, and power priced at about US$32.5/MWh for the wind-sourced energy.
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This milestone reinforces Soluna’s strategic pipeline: the company is advancing toward a 1 GW+ roadmap of renewable-computing projects, including a 166 MW “Project Kati” currently under construction.
Street view:
The announcement is likely viewed positively by infrastructure and crypto-mining investors alike. It demonstrates execution capability, expansion of scale in a high barrier-to-entry segment (wind-co-located compute infrastructure), and alignment with decarbonization/crypto themes. That said, broader investor focus may remain on utilization, margins, and the bitcoin-price environment, which continue to influence SLNH’s operating model.
Catalysts / what’s next:
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Monitor Project Kati’s commissioning and how quickly its 166 MW of capacity comes online and is monetized.
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Watch for hosting contracts and revenue recognition tied to the increased hosting capacity (25 MW proprietary mining + 73 MW hosting at Dorothy) to verify the business model at scale.
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Evaluate energy cost and curtailment metrics: the economics of converting wind-curtailment into compute demand remain central to Soluna’s value proposition.
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Keep an eye on bitcoin market conditions and compute demand (HPC/AI) which will drive hosting demand, utilization and economic returns.
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