Good morning. I'm Michael Toporek, Chief Executive Officer of Soluna Holdings. Thank you for joining me for this May 2022 flash report. The following discussion is completely qualified by the legal disclosures on the several pages that follow this one. Our goal is to share with you some of our strategic thinking and financial analysis that we're using to guide the growth of our business. This discussion's in line with our principles of being accountable and transparent with shareholders. We operate in a hyper-dynamic economic environment. That's really a fancy way of saying things change quickly. What we're telling you here is based on our estimates and assumptions, which are our best guess. We reserve the right to revise our point of view based on new information and changes in the business environment. Despite an uncertain dynamic environment, we have to plan and make operating and investment decisions.
This presentation lays some of that out for your review. The following several pages are legal disclaimers that you should review. As I usually begin most of our flash reports, I like to reiterate certain of our key operating principles. Most importantly, that's alignment of interests, accountability, and transparency. We're very careful to transmit to you, our investors, information on our performance every month. Transparency and communicating with you is vital. Our interests are completely aligned with yours in that we own over 30% of the common equity of this business. Furthermore, I personally got myself involved here to assure that we have high velocity execution and that we build the best team in the business.
The decision rules around how we raise and deploy capital take into account cost of capital and at the same time are very focused on generating returns on invested capital that merit investment and that we communicate to you and are held accountable for on a location-by-location and on a by-investment basis. I think you'll learn that we have a long-term business strategy that revolves around much more than just crypto. We buy curtailed energy from renewable power plants and convert it to clean, low-cost global computing. What that means is we're taking energy that would be otherwise curtailed and result in no cash flow for renewable energy power plants and using it to drive batch-oriented computing like cryptocurrency mining, for example. This means that we're also looking at opportunities beyond digital currencies, which include graphics, video processing, scientific research, pharma research.
These are very significant opportunities for batchable dense computing. In this section, I'm gonna give a general business and business environment update and then get into our May 2022 results in the following section. The business environment for our company has radically changed in the past several weeks. As we look at that environment and our company, we are further convinced that we are the right company with the right plan for a volatile environment. Since the beginning when we began setting up the facilities for this company, we've engineered our cost structure to thrive in a Bitcoin downturn. I'd like to share with you some of that Soluna DNA of how we've architected ourselves to succeed in this environment. First, low cost power.
Every site in our portfolio must have the ability to operate at between $0.025-$0.027 per kWh. That assures us with operational profitability in nearly every cryptocurrency operating environment. We also have positioned ourselves to be a solutions provider to renewable energy generators and grid operators. Essentially, we're creating our own low cost power opportunities. We are not going to utilities and power generators simply trying to locate low cost PPAs. That puts us in line with everyone else. Furthermore, as we've articulated to you, we are building a plan to add significant high-performance computing to our portfolio of assets. That's a clear target to both grow our business organically and by acquisition. Our company is building itself to sit at the intersection of power and computing businesses. Soluna is also an enterprise with a strong operating culture.
This volatile environment creates opportunities for us to consolidate the mining and high-performance computing verticals. As we look at any potential acquisition of assets or businesses or other combinations, our orientation is to apply our strong value orientation and our return on invested capital lens to assess every potential opportunity. In today's operating environment, I thought it was important to illustrate for you how critical it is to have low-cost power and give you a quantitative example of what exactly that means. On this slide, I'm highlighting Project Sophie's low-cost power, where on the first column you'll see our May 2022 results, approximately $1.3 million in revenue, and our cash contribution margin is about $830 thousand.
If you take those results and simply say the average Bitcoin price that we realized in May of 2022 was about $31,700. Take that with our 84% uptime and our 2.5-ish cent costs and say, "What if we were only able to realize $22,000 per Bitcoin?" That would give us approximately $429,000 in cash contribution margin. To give you some context around that, we put together an illustration of 5-cent power, but 99% uptime relative to our 84% uptime. You would obtain $294,000 in cash contribution dollars. At six cents, that moves to $157,000 in cash contribution dollars.
Even moving from Sophie's results at $0.022 - $0.05 power, that's a 45% reduction in cash generated at a particular location. That gives you some sense for how critical cost that is and how moving from $0.025 to $0.035 and then to $0.05 can make a radically different financial result for a company. We're continuing to move forward to hit our targets. At Dorothy, we expect to energize at least 20 MW by September. That's about 600 petahash. We're working with the Texas regulator to assure security of the grid as we ramp to 100 MW. With Marie, we expect to reformulate our hosting deal in September of 2022 as it expires, or convert those slots to proprietary capacity of about 300 petahash.
In this environment, I thought it was important to share with you a financing update. As many of you know, we've been talking about project financing as a way to help us monetize our intellectual property. We've ramped up the resources on our team to help us drive a result here. Interestingly, despite recent market conditions, we've had a strong reception in the marketplace and have an active process in place. As many of you have followed our presentations, may have seen, we've talked about the cost of computing equipment declining and how that's changed the size and scale of our capital expenditure budget. Since the publication of our January 2022 earnings power illustration, the cost of computing equipment has scaled down by about 60%-70%.
I wanted to close this business update section by really reiterating to you what makes Soluna different. First, we target solutions to two key constituencies. The first is power producers, where we help them sell every megawatt. As we transition to batchable computing, the second constituency that we expect to provide a solution for is data scientists, where we will provide them with low-cost batchable computing significantly below their current cost, allowing them to stretch their budgets way beyond where they are right now. What does this mean for our business plan? We create low cost power opportunities. We create them. We don't simply run around trying to sign PPAs provided by local utilities. We're also diversifying to batchable computing, and we're sitting at the intersection of computing and power. You'll see how the project financing allows us to monetize our intellectual property.
As always, we continue to be focused on return on invested capital and investor transparency. Now let's dive into some of the details on our May 2022 results. Some high points from our business summary. Despite the average Bitcoin prices decreasing by 23%, our Bitcoin equivalent mined was about the same. That was because our average hash rate deployed grew by 22% month-over-month. Our margins continued to meet expectations, specifically at Sophie and Marie. As we move forward, we're continuing to focus on hitting our Q2 exahash target. Just to take a moment to review with you our exahash history and our targets for June. The gold bar is our proprietary hash rate, and the blue bar is our hosted hash rate.
You'll see as we make our way through June, we'll have about 280 petahash hosted with the remainder, proprietary to take us to a bit over 1.2 exahash. Let's now take a look at each facility, and then we'll look at the consolidated results. Let's take a look at Edith. It's our most mature facility. We continue to optimize the equipment mix there. Cash contribution was down purely as a consequence of Bitcoin prices. The facility is operating well and according to our plan and expectations. On this slide, you'll see our non-GAAP historical financials, and I'll just highlight our cash contribution for the month moved to $65,000. Here are some statistics on Sophie's operating results.
The hash rate increased by about 40% from last month, and we expect to continue to ramp up the hash rate at this facility as more machines are received. Cash contribution margin in May was $830,000. The site is performing exceptionally well in this environment. We're very satisfied with the results here. Here are Sophie's historical non-GAAP financials. Just want to point out the cash contribution dollars of $830,000, which is still a 63% margin and is in line with our expectations for this location. The major developments at the Marie location were our mining hash rate increasing by 33%.
If you'll recall, this location has about, depending on the time of year, anywhere from 3.7-4.3 or 4.4 cents at 100% uptime cost or at 83% uptime, a significant discount down to the $0.025-$0.027 range. Based on Bitcoin prices as of today, we continue to run at 100% uptime. We have the cutoffs calculated and should Bitcoin, I think the cutoffs are below $20,000. I think they're in the $18,000 zone. Should Bitcoin cut off to in that zone, we expect to flip to 83% uptime. We monitor the situation carefully and are mindful of all the variables around those decisions. Here we're presenting Marie's non-GAAP historical financials. I'd like to highlight a couple of numbers here.
First, the cash contribution margin at the site was just under $700,000. I do wanna highlight that the hosting profitability has been reduced because the portion of our revenue that depends on Bitcoin generated obviously had declined with the price of Bitcoin. Here we have certain key operating metrics for the Marie site broken down by hosting as well as proprietary. The major takeaway about our site for this past month is that our sites are performing consistently, despite this lower Bitcoin pricing environment, and they're performing as we expect, and our hash rate continues to scale. Here's the roll-up of Soluna Computing sites on a non-GAAP historical basis. Just the number I'll highlight for you is in May 2022, our cash contribution from the sites rolled up together is just under $1.6 million.
Here we present for your information the Soluna Computing operating metrics on a consolidated basis. I want to thank you for joining me, and I really look forward to talking to you next month.