In the first cutscene of H2, two (damaged) fragments of Alpha Halo can be seen, even still rotating as if the rest of the installation were there, either because the Covenant corrected it's spin after they arrived (it is a relic and what not), or it corrected itself, etc.
Assuming the control room is still intact (and the main firing mechanisms), it should still be able to fire. After all, the Forerunner wouldn't want such an expensive structure to be destroyed by anyone/any Flood with a hydrogen bomb. Seeing how it could sustain it's orbit and rotation very well for upwards of 100,000 years, I'm sure any ring is capable of recovering from an explosion even of that magnitude.
Now, I'm going to go make sure those fragments are orbiting Threshold in the cutscene.
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