BitNile Holdings’ Subsidiary BitNile, Inc. Enters into Hosting Agreement
August 16 2022 - 6:30AM
Business Wire
The Hosting Agreement can provide 20 megawatts of power,
enabling the operation of up to 6,500 S19j Pro Bitcoin
miners
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”) today
announced that its wholly owned subsidiary, BitNile, Inc.
(“BNI”), has entered into a hosting agreement (the
“Agreement”) securing 20 megawatts of power with Compute
North, LLC, a company that BNI believes to be a leader in
sustainable, large-scale computing infrastructure and hosting
services.
BNI’s entry into the Agreement, in conjunction with the ongoing
expansion of our site in Michigan, is intended to maintain our plan
to promptly install and operate the Bitcoin miners delivered to us
by Bitmain Technologies Limited (“Bitmain”) throughout the
year. The geographical distribution will also help us diversify the
risk among our portfolio of mining equipment. We believe that the
Agreement will enable us to power roughly 6,500 S19j Pro miners
during August and September. Compute North has assigned a dedicated
team in support of our new relationship and will begin receiving
Bitcoin miners from us as soon as next week.
Milton “Todd” Ault, III, the Company’s Executive Chairman,
stated, “We are excited about the new hosting relationship with one
of the largest and most established companies in this space. Its
expertise is expected to help us accelerate the pace at which we
conduct our operations and will maximize overall efficiencies and
ultimately profitability.”
As previously disclosed, BitNile has entered into purchase
agreements with Bitmain for a total of approximately 20,600 Bitcoin
miners, including 4,600 environmentally friendly S19 XP Antminers
that feature a processing power of 140 terahashes per second
(“TH/s”) and 16,000 S19j Pro Antminers that feature a
processing power of 100 TH/s.
BitNile began receiving 300 S19j Pro Antminers per month from
Bitmain in November 2021. Beginning in March 2022, this schedule
increased to approximately 2,300 miners per month. Once all 20,600
miners are fully deployed and operational, we expect to achieve
mining production capacity of approximately 2.24 exahashes per
second.
The Company notes that all estimates and other projections are
subject to the actual delivery and installation of Bitcoin miners,
the volatility in Bitcoin market price, fluctuations in the mining
difficulty level, and other factors that may impact the results of
production or operations.
For more information on BitNile and its subsidiaries, BitNile
recommends that stockholders, investors, and any other interested
parties read BitNile’s public filings and press releases available
under the Investor Relations section at www.BitNile.com or
available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile 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, BitNile owns
and operates a data center at which it mines Bitcoin. BitNile also
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
medical/biopharma, and textiles as well as operates a platform that
lends to small cap companies. In addition, BitNile extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. BitNile’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.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.BitNile.com.
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BitNile Holdings Investor Contact: IR@BitNile.com or
1-888-753-2235
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