Ault Alliance, Inc. Subsidiary BitNile, Inc. Moves 6,572 Bitcoin Miners Out of Texas Hosted Facility
As a result of the Compute North bankruptcy filing, BitNile, Inc. has decided that it is in the company’s best interest to move all miners out of the Wolf Hollow facility
Shipping began last month, and all miners are expected to be moved to the company’s data center in Michigan by the end of February 2023
LAS VEGAS, February 10, 2023–(BUSINESS WIRE)–Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance” or “Company“) announced today that its subsidiary, BitNile, Inc. is currently moving Bitcoin mining equipment out of its Wolf Hollow host facility in Texas as a result of Compute North filing for bankruptcy in September 2022.
BitNile, Inc. entered into a hosting agreement securing 20 megawatts of power announced on August 16, 2022 with Compute North, LLC. As a result of this agreement, BitNile, Inc. moved 6,572 Bitcoin miners to Compute North’s Wolf Hollow hosting facility in Texas. Compute North’s Chapter 11 bankruptcy filing set in motion a series of events, including the transfer of ownership of the Wolf Hollow hosting facility in Texas. BitNile, Inc. determined that the site is no longer financially viable and therefore began making weekly shipments to move the equipment to a safe and secure location for future distribution.
Milton “Todd” Ault, III, the company’s executive chairman, stated: “While this situation is very frustrating, we are going through the legal process with Compute North and are in control of our equipment. We believe the decision to move our mining equipment gives us the opportunity to best execute our future distribution plans.”
As previously disclosed, the company has entered into purchase agreements with Bitmain Technologies Limited for a total of 23,065 Bitcoin miners, including 4,600 eco-friendly S19 XP Antminers that have a processing power of 140 terahashes per second (“TH/s“), 17,325 S19j Pro Antminers that have a processing power of 100 TH/s and 1,140 S19 XP Hydro Antminers that have a processing power of 255 TH/s. When all miners are fully deployed and operational, the company expects to achieve a mining production capacity of about 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 volatility of the Bitcoin market price, the fluctuations in the difficulty of mining, the ability of Agora Digital Holdings Inc. to raise the necessary capital and to expand and provide required electricity for the facility in Texas, with which the company has entered into a contract, and other factors that may affect the results of production or operations.
For more information about Ault and its subsidiaries, Ault recommends that shareholders, investors and other interested parties read Ault’s public filings and press releases available under the Investor Relations section of www.ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company that seeks growth by acquiring undervalued businesses and disruptive technologies with global impact. Through its wholly-owned and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center where it mines Bitcoin and delivers mission-critical products that support a variety of industries, including oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics , hotel management and textiles. In addition, Ault Alliance provides credit to selected start-up companies through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.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 are dependent on or refer to future events or conditions, and include words such as “believes”, “plans”, “anticipates”, “projects”, “estimates”, “expects”, “intends”, “strategy » “future”, “possibility”, “can”, “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 neither Ault Alliance nor Ecoark undertakes any obligation to publicly update any of these statements in light of new information or future events. Actual results may differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks related to the continuation of high oil prices and government regulation of bitcoin mining, investors should review risk factors that could affect one or both of Ault Alliance’s and Ecoark’s respective businesses and financial results included in Ault Alliance’s and Ecoark’s respective filings with the U.S. Securities and Exchange Commission, including but not limited to their respective Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies’ websites at www.Ault.com and www.ecoarkusa.com, respectively.
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