BitNile Holdings Projects Bitcoin Mining Production Run Rate of 4.7 Bitcoin per Day by the End of September 2022, Nearly Doubling by End of the Year to 9.33 Bitcoin per Day
September 19 2022 - 6:30AM
Business Wire
The Company Expects to Have 7,500 Miners at Its Michigan Data
Center and 6,500 Miners at the Hosted Texas Facility Installed by
the End of September 2022
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”), today
provided projections on expected Bitcoin mining production levels.
The Company expects to have 7,500 miners at its Michigan data
center and 6,500 miners at the Texas facility hosted by Computer
North, LLC installed by the end of September 2022. This includes
the 2,004 S19j Pro Antminers that had been held by U.S. Customs and
Border Patrol for review and audit, which miners have been released
and delivered to the Company’s Michigan property.
Based on expected installations of S19j Pro and S19 XP
Antminers, BitNile expects to increase its average daily mining
production to approximately 4.7 Bitcoin per day by the end of
September 2022, nearly doubling to approximately 9.33 Bitcoin per
day by the end of December 2022, based on current market
conditions, including a mining difficulty of 32.05 trillion.
Milton “Todd” Ault, III, the Company’s Executive Chairman,
stated, “As the market has experienced a crypto winter, our
investment in the Michigan data center and our positive
relationship with Bitmain allow us to have confidence in our
long-term plans regarding Bitcoin mining. Our recent purchase of
additional Bitcoin mining equipment demonstrates our belief in the
long-term outlook for Bitcoin. The plan to grow our Bitcoin mining
operations is clear, and it is rewarding to see the team continue
to deliver on the goal of timely installation of new Bitcoin miners
as they arrive at our Michigan data center and the Texas hosted
facility.”
As previously disclosed, BitNile has entered into purchase
agreements with Bitmain Technologies Limited for a total of 21,925
Bitcoin miners, including 4,600 environmentally friendly S19 XP
Antminers that feature a processing power of 140 terahashes per
second (“TH/s”) and 17,325 S19j Pro Antminers that feature a
processing power of 100 TH/s. Once all of the miners are fully
deployed and operational, BitNile expects to achieve a mining
production capacity of approximately 2.3725 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, the fluctuation 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 and provides
mission-critical products that support a diverse range of
industries, including oil exploration, defense/aerospace,
industrial, automotive, medical/biopharma, karaoke audio equipment,
hotel operations and textiles. 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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