Soluna Holdings, the eco-friendly Bitcoin mining firm, has decided to ramp up its natural enerygy resources to power its AI ambitions. On Thursday, the Albany, U.S.-powered company announced the acquisition of Texas-based Briscoe Wind Farm. The company has shelled out $53 million for this purchase.
Soluna is working on an AI data centre campus called Project Dorothy 3 with a 300-megawatt capacity to be located in West Texas.
“We now own the 150 MW renewable generation powering Project Dorothy, moving from co-location to full vertical integration of energy and compute at our flagship site,” Soluna said in its announcement. “The acquisition is expected to be immediately accretive — projected Year-One Adjusted EBITDA of $6 million–$11 million and annualized revenue of $20 million–$24.4 million.”
Given the acceleration in AI experimentation and adoption, Soluna is looking to establish itself as a prominent player in the sustainable AI arena.
Source: Soluna
John Belizaire, the CEO of Soluna has called the development a transformative step for the company given the estimated cashflow of $20 million to $24 million that the move could bring depending prevailing power market conditions.
Soluna is looking to continue expanding its grid interconnection in the coming months deploying the wind energy to do so.
“The Company’s development pipeline exceeds 4.3 GW across multiple sites, including the recently energized 83 MW Project Kati 1, the 300+ MW Project Kati 2 AI campus in its joint venture with Metrobloks, and additional greenfield opportunities,” the announcement added.
Soluna started becoming active in the Bitcoin mining and “green data centre” space since roughly 2018–2019. The services were launched as a sub-unit of the mother company, Soluna Computing.
It first started setting up the groundwork for AI data centre infrastructure back in February 2024. At the time, the hype around AI was gaining momentum whereas BTC mining firms were facing challenges owing to the hikes in electricity prices. After BTC’s last year’s halving event, the reduction in block rewards also pushed many validators out of the mining ecosystems.
CoinShares, in a recent report said that 20 percent of BTC mining companies are not profitable anymore. AI centres, on the other hand, show promising futures according to the report.
Source: CoinShares