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Cryptocurrencies: 30041
Markets: 114324
Market Cap: $2,609,299,335,866     
24h Vol: $88,620,946,628
Seeking Alpha 2022-12-08 21:57:34

Soluna says fewer bitcoin mined in October, average hashrate up 3%

Soluna says fewer bitcoin mined in October, average hashrate up 3%
Soluna ( NASDAQ: SLNH ) on Thursday announced its October site level financials . Average bitcoin mined declined 1% in October compared with September, while average hashrate increased 3%. Operating efficiencies drove average hashrate to a monthly record of 919.7 PH/s during the month. Previous high of 896.62 was achieved in May. Cash contribution margins remained healthy in October but fell sequentially due to higher power prices. Power costs increased 5% in October from September. November costs are expected to decrease ~6% and December costs are projected to decrease 10%. October revenue fell 5.4% despite 9.9% decline in average hashprice from September to October. "Soluna ( SLNH ) is actively working with regulators to bring Project Dorothy online. During this period, we have taken important steps to improve our near-term liquidity and increase hashrate," said CEO Michael Toporek. Earlier this week, the company said the a 50 MW project in Texas is on track to begin energizing in Q1 .
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