Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 55

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 55
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 receiving rewards. The rewards are then divided among the pool participants, proportional to the amount of hashing power each contributed.

20. Petahash (“PH/s”): A unit of computational power equal to one quadrillion (10^15) hashes per second. It is used to measure the hashrate of extremely powerful cryptocurrency mining equipment.

21. Power Usage Effectiveness (“PUE”): A ratio that describes how efficiently a computer data center uses energy; specifically, how much energy is used by the computing equipment (in contrast to cooling and other overhead that supports the equipment).

22. Terahash (“TH/s”): A unit of computational power equal to one trillion (10^12) hashes per second. It’s a common measure of the performance of cryptocurrency mining hardware, with higher terahash rates indicating more powerful equipment.

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<div align='center'>BUSINESS</div>

Overview and Recent Developments

We are a digital infrastructure company specializing in transforming surplus renewable energy into computing resources. Our modular data centers can co-locate with wind, solar, or hydroelectric power plants and support compute intensive applications including Bitcoin Mining, Generative AI, and Scientific Computing. This pioneering approach to data centers helps energize a greener grid while delivering cost-effective and sustainable computing solutions.

Our mission is to make renewable energy a global superpower using computing as a catalyst.

SHI through its subsidiaries operates across several business divisions:

| ● | Bitcoin Hosting - we host Bitcoin Mining customers                                                                                 
 at our data centers.                                                                                                               |
| ● | Proprietary Bitcoin Mining - we mine Bitcoin                                                                                       
 through joint ventures at our data centers.                                                                                        |
| ● | AI Cloud and Hosting Services - we provide GPU-as-a-Service                                                                        
 and provide colocation services at our data centers for companies seeking to train large language models, tune existing AI models, 
 and deploy advanced AI-powered applications or other HPC workloads.                                                                |
| ● | Demand Responses Services - we utilize our data                                                                                    
 centers to deliver demand response services to grid operators.                                                                     |

Operations and Project Pipeline

We currently operate 75 MW of facilities at two locations. We have another 405 MW of facilities in development or near shovel ready in the United States. In addition, we have a 2 GW+ pipeline of renewable-energy powered projects. A summary of our pipeline, current and anticipated operating locations are as follows (as of December 31, 2024):

| Project 
 Name    |     | Location    |     |  MW |     |