BitNile Holdings, Inc., a diversified holding company published an unaudited update on Bitcoin production and miner installation. BitNile plans to focus its mining efforts at the Michigan data center and intends to sell the 1,600 S9 Antminers at the Indiana location. The number of miners and production capacity metrics within this press release represent the S19j Pro Antminers at the Michigan data center. BitNile’s Bitcoin mining production is currently operating at an estimated annualized run rate of 322 Bitcoin or approximately $16.1 million based on a market value of Bitcoin of $50,000, and current market conditions, including a mining difficulty level of 24.3 trillion.
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“We are pleased to report the number of installed Antminers purchased from Bitmain Technologies Limited (“Bitmain”
BitNile has received 1,885 S19j Pro Antminers with 1,705 active and energized miners generating approximately 170.5 PH/s. For the fourth quarter, in total, BitNile has self-mined 53.7 Bitcoin. BitNile will no longer provide a bimonthly Bitcoin mining update, but will publish a monthly update on the first business day of each month regarding the number of Bitcoin miners installed and the amount of bitcoin mined.
BitNile has entered into purchase agreements for a total of 20,600 Bitcoin miners. The purchase agreements include 4,600 environmentally friendly S19 XP Antminers from Bitmain Technologies Limited (“Bitmain”) 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.
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As previously announced, starting in November 2021, BitNile began receiving 300 S19j Pro Antminers per month in accordance with the purchase agreement with Bitmain. Beginning in March of 2022, this schedule will increase to an expected 2,300 Miners per month. Once all 20,600 miners are fully deployed and operational, BitNile is expected to achieve mining production capacity of approximately 2.24 exahashes per second.
The Company notes that all estimates and others projection 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.
Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We are pleased to report the number of installed Antminers purchased from Bitmain Technologies Limited (“Bitmain”) and look forward to the next tranche of 300 S19j Pro Antminers to be delivered later this month. We are also pleased with the steady progression in bitcoin mining production and revenues to date. We expect increasing contributions from BitNile to our topline revenues and bottom-line results.”
BitNile previously announced its plan to split into two public companies by distributing the equity of Ault Alliance to its stockholders. Following the spin-off of Ault Alliance, the Company, through its BitNile, Inc. subsidiary, will be a pure-play provider of Bitcoin mining and data center operations, pursuing DeFi-related initiatives. Ault Alliance will maintain its focus on the Company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces as well as, among others, defense, and power solutions, including electric vehicle charging products.
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