The shares of crypto mining knowledge middle Soluna Holdings (SLNH) rose about 12% on Monday, after the agency stated it’s going to get $14 million in funding to complete the event of Undertaking Dorothy 1B in Texas, underneath a brand new take care of Navitas World.
The deal features a $2 million mortgage to finish building of the 25 megawatt (MW) web site and a $12 million fairness funding, the corporate stated in a press launch on Monday. Soluna will present operations and upkeep experience and can stay 51% proprietor of the venture.
“This partnership along with latest offers at Undertaking Dorothy 1A and Undertaking Sophie put the corporate on a trajectory to succeed in money circulation optimistic through the second half of 2023,” the assertion stated.
After an extended crypto winter that noticed capital dry up for miners, the trade appears to be getting again on its toes as the worth of bitcoin has virtually doubled this yr. The shares of the information middle agency has fallen about 22% this yr, underperforming pure-play mining corporations and bitcoin worth.
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