BitNile Holdings Projects Bitcoin Mining Production Rate of 4.7 Bitcoins per Day by the End of September 2022, Almost Double by the End of the Year to 9.33 Bitcoins per Day
The company expects to have 7,500 miners at its Michigan data center and 6,500 miners at its hosted Texas facility installed by the end of September 2022
LAS VEGAS, September 19, 2022–(BUSINESS WIRE)–BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or “Company“), today provided estimates of 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 2,004 S19j Pro Antminers that had been held by the US Customs and Border Patrol for review and audit, which miners have been released and delivered to the company’s property in Michigan.
Based on expected installations of S19j Pro and S19 XP Antminers, BitNile expects to increase its average daily mining output to approximately 4.7 Bitcoins per day by the end of September 2022, almost doubling to approximately 9.33 Bitcoins 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 gives us confidence in our long-term plans for Bitcoin mining. Our recent the purchase of additional Bitcoin mining equipment demonstrates our belief in the long-term prospects 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 our data center in Michigan and the hosted facility in Texas.”
As previously disclosed, BitNile has entered into purchase agreements with Bitmain Technologies Limited for a total of 21,925 Bitcoin miners, including 4,600 eco-friendly S19 XP Antminers that have a processing power of 140 terahashes per second (“TH/s“) and 17,325 S19j Pro Antminers that have a processing power of 100 TH/s. When all 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 of the Bitcoin market price, the fluctuations in the difficulty of mining and other factors that may affect the results of production or operations.
For more information about BitNile and its subsidiaries, BitNile recommends that shareholders, investors and other interested parties read BitNile’s public filings and press releases available under the Investor Relations section of www.BitNile.com or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, 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, BitNile owns and operates a data center where it mines Bitcoin and supplies mission-critical products that support a variety of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, karaoke audio equipment, hospitality and textiles. In addition, BitNile provides credit to selected entrepreneurial companies 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 and depend on or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “has to intent”, “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 risk and uncertainty.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to publicly update any of them 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. More information, including potential risk factors, that could affect the Company’s business and financial results is included in the Company’s filings with the US 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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Contacts
BitNile Holdings Investor Contact:
[email protected] or 1-888-753-2235
