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#Soluna Holdings Achieves 99% Revenue Growth in 2022 with Proprietary Mining and Project Sophie Facility Electrification

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According to reports, Soluna Holdings, a developer of encrypted mining data centers, released its full year financial results as of December 31, 2022. By 2022, proprietary mining h

#Soluna Holdings Achieves 99% Revenue Growth in 2022 with Proprietary Mining and Project Sophie Facility Electrification

According to reports, Soluna Holdings, a developer of encrypted mining data centers, released its full year financial results as of December 31, 2022. By 2022, proprietary mining has produced 883 equivalent Bitcoins. Compared to $14.3 million in 2021, the total revenue in 2022 increased by 99% to $28.5 million. The reason for the growth is the significant increase in mining business after the Project Sophie facility was fully electrified in March 2022. The adjusted EBITDA for 2022 is – $4.6 million, compared to $1.5 million in 2021. The percentage of total revenue cost excluding depreciation increased from 41% in 2021 to 62% in 2022, mainly due to the decrease in Bitcoin prices and the increase in energy costs.

Soluna’s cryptocurrency revenue for the entire year of 2022 was $24.4 million, an increase of 123%

As of December 31, 2022, Soluna Holdings, a developer of encrypted mining data centers, has released its full year financial results for the year. The company achieved 99% revenue growth in 2022, reaching a total revenue of $28.5 million compared to $14.3 million in 2021. Proprietary mining has produced 883 equivalent Bitcoins by 2022. In this article, we’ll explore the reasons behind Soluna Holdings’ remarkable growth and dig deeper into their financial results.

Understanding Soluna Holdings

Soluna Holdings is a developer of blockchain infrastructure and power solutions. Their flagship Project Sophie facility is a 36,000-acre wind farm located in Morocco. This facility powers Soluna’s proprietary mining activities while also selling excess energy to the Moroccan grid. By leveraging green energy for mining, Soluna aims to create sustainable solutions that benefit both the environment and the blockchain industry.

The Numbers Behind Soluna Holdings’ Growth

In 2022, Soluna Holdings achieved significant growth, mainly due to the full electrification of Project Sophie in March 2022. This expansion allowed the company to increase its mining activities and produce more Bitcoins. Additionally, the growth in the price of Bitcoin has positively impacted Soluna’s revenue.
Soluna Holdings’ adjusted EBITDA for 2022 was -$4.6 million, which is lower than the $1.5 million in 2021. The increase in revenue was offset by the increase in costs, which went up from 41% in 2021 to 62% in 2022. The rise in energy costs and the decrease in Bitcoin prices were the primary reasons for the increase in costs in 2022.

The Future of Soluna Holdings

Soluna Holdings is poised for growth in the future as they continue to expand their mining activities and build new facilities. The company has announced plans to build a new data center in the United States, which is designed to leverage the abundant and affordable wind energy available in Texas.

Conclusion

Soluna Holdings’ financial results for 2022 showcase the company’s remarkable growth and potential for the future. By leveraging green energy for mining, the company is leading the way for sustainable solutions in the blockchain industry. Despite the challenges posed by the decrease in Bitcoin prices, Soluna has managed to achieve substantial revenue growth in 2022.

FAQs

#What is Soluna Holdings?

Soluna Holdings is a developer of blockchain infrastructure and power solutions. Their flagship Project Sophie facility is a 36,000-acre wind farm located in Morocco.

#What is Project Sophie?

Project Sophie is a wind farm owned and operated by Soluna Holdings. It powers the company’s proprietary mining activities while also selling excess energy to the Moroccan grid.

#What are the future plans of Soluna Holdings?

Soluna Holdings plans to build a new data center in the United States, which is designed to leverage the abundant and affordable wind energy available in Texas.
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