BitNile Holdings’ subsidiary BitNile, Inc. Enters into Hosting Agreement with Agora Digital Holdings
December 07 2022 - 6:30AM
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 up to 78 megawatts (“
MW”) of power with
Agora Digital Holdings Inc. (“
Agora Digital”), a
majority-owned subsidiary of Ecoark Holdings Inc. (NASDAQ: ZEST).
Agora Digital will initially provide up to 12 MW
of electricity at their digital asset mining hosting facility
located in Texas for BNI’s use. At BNI’s direction and Agora
Digital’s expense, an additional 66 MW of power can be made
available to BNI as determined by BNI, Agora Digital and the
electricity provider. Agora Digital is required to raise at least
$5 million to fulfill obligations under the Agreement to enable the
build out of the hosting facility including the initial 12 MW of
power.
In conjunction with the ongoing expansion of
BNI’s site in Michigan, the new hosting agreement is intended to
maintain BNI’s plan to promptly install and operate the Bitcoin
miners delivered by Bitmain Technologies Limited
(“Bitmain”). The geographical distribution will
also help BNI diversify the risk among its portfolio of mining
equipment. BNI believes that the Agreement will enable it to
initially power approximately 3,750 S19j Pro miners in the first
quarter of 2023.
Milton “Todd” Ault, III, the Company’s Executive
Chairman, stated, “We are excited about the new hosting
relationship with Agora Digital. We believe this arrangement will
lower our operational production cost, while increasing our total
enterprise mining output.”
As previously disclosed, BitNile has entered
into purchase agreements with Bitmain for a total of 23,065 Bitcoin
miners, including 4,600 environmentally friendly S19 XP Antminers
that feature a processing power of 140 terahashes per second
(“TH/s”), 17,325 S19j Pro Antminers that feature a
processing power of 100 TH/s and 1,140 S19 XP Hydro Antminers that
feature a processing power of 255 TH/s. Once all of the miners are
fully deployed and operational, BitNile expects to achieve a mining
production capacity of approximately 2.66 exahashes per second.
The Company notes that all estimates and other
projections are subject to the actual delivery and installation of
Bitcoin miners, the ability of Agora Digital to raise the required
capital within the time frames required, the ability of Agora
Digital to build out and provide the necessary power, 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, consumer electronics,
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.
BitNile Holdings Investor
Contact:IR@BitNile.com or 1-888-753-2235