Ault Global Holdings Announces Update from Its Subsidiary, BitNile
October 21 2021 - 6:30AM
Business Wire
Bitcoin Mining Production Reaches $10 Million Annualized Run
Rate Based on Current Market Value of Bitcoin with Expected Growth
to $15 Million by Month End
Ault Global Holdings, Inc. (NYSE American: DPW), a diversified
holding company (the “Company”), announced that its
subsidiary, BitNile, Inc. (“BitNile”), is currently mining
approximately $10 million worth of Bitcoin on an annualized run
rate basis based on current market conditions. The Company further
stated that it anticipates that by the end of October the
production of Bitcoin will grow to about $15 million on an
annualized basis. The Company previously announced its entry into a
purchase agreement with Bitmain and the expected installation of
3,000 additional S19j Pro Antminers over the next 10 months,
thereby increasing the gross revenue to approximately $48 million
annually based on an assumed market value of Bitcoin of $45,000.
The Company notes that the current market value of Bitcoin is
approximately $66,000 and believes that gross proceeds may reach
approximately $64 million annually. The Company notes that all
estimates are subject to volatility in price, the fluctuation in
the difficulty of production and price of Bitcoin, and other
factors that may impact the results of production or
operations.
Milton “Todd” Ault, III, the Company’s Executive Chairman,
stated, “The Company owning its own data center has made a
substantial difference compared to our previous cryptocurrency
mining operations. We now control much of our own destiny,
especially with a long-term power agreement.” Ault added, “We
acknowledge that the market value of Bitcoin will remain volatile,
and it’s important for our shareholders and for investors to know
that Bitcoin’s volatility may lead to wide fluctuations in the
value of our total cryptocurrency mining production. The Company,
through BitNile, has control of the data center and the ability to
expand the facility and add cryptocurrency miners and other
equipment to enhance its production and performance.”
For more information on Ault Global Holdings and its
subsidiaries, the Company recommends that stockholders, investors
and any other interested parties read the Company’s public filings
with the SEC and press releases available under the Investor
Relations section at www.AultGlobal.com or available at
www.sec.gov.
About Ault Global Holdings, Inc.
Ault Global Holdings, Inc. is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, the Company
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma, and textiles. In addition,
the Company extends credit to select entrepreneurial businesses
through a licensed lending subsidiary. Ault Global Holdings’
headquarters are located at 11411 Southern Highlands Parkway, Suite
240, Las Vegas, NV 89141; www.AultGlobal.com.
Forward-Looking Statements
This press release contains “forward looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.AultGlobal.com.
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