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Ault Alliance Issues March Bitcoin Production and Mining Operation Report
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Ault Alliance has announced that its subsidiary BitNile is operating 12,000 Bitcoin miners, generating an annualized revenue run rate of approximately $42 million. In March 2023, BitNile mined 102 Bitcoin based on current market conditions, with Bitcoin trading at $30,000 and mining difficulty at 47.89 trillion.
BitNile has installed 3,000 S19j Pro Antminers at a Core Scientific site and operates over 4,600 environmentally friendly S19 XP Antminers in Michigan, alongside over 4,500 S19j Pro Antminers. The company expects to expand its operations further with plans to deploy over 20,000 miners by the end of 2023. Caution is noted over the volatility of Bitcoin prices and other operational factors impacting mining production.
Positive
Operationalizing 12,000 miners generating annualized revenue run rate of $42 million.
Successful installation of 3,000 S19j Pro Antminers at Core Scientific.
Plans to expand to over 20,000 miners by the end of 2023.
Negative
Operational success is contingent on the volatile Bitcoin market and external factors.
Revenue projections depend heavily on Bitcoin price fluctuations and mining difficulty levels.
Approximately 12,000 Bitcoin miners are now energized and mining, at an annualized revenue run rate of approximately $42 million
LAS VEGAS--(BUSINESS WIRE)--
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”) announced today that its wholly owned subsidiary, BitNile, Inc. (“BitNile”) has issued an unaudited update on its Bitcoin mining operations reporting receiving 102 Bitcoin for the month of March 2023 as a result of its miners providing computing power to a mining pool operator. BitNile’s mining operations are currently operating at an estimated annualized gross revenue run rate of over $42 million, based on current market conditions, including a current trading price of Bitcoin at $30,000 as of April 10, 2023, and a mining difficulty of 47.89 trillion.
BitNile recently successfully completed the installation at a Core Scientific, Inc. (“Core Scientific”) site of approximately 3,000 S19j Pro Antminers that feature a processing power of 100 terahashes per second (“TH/s”). BitNile’s operation in Michigan encompasses over 4,600 environmentally friendly S19 XP Antminers that feature a processing power of 140 terahashes per second (“TH/s”) and over 4,500 S19j Pro Antminers.
Joseph Spaziano, the Company’s Chief Information Officer and BitNile’s Head of Mining Operations, expressed his satisfaction with BitNile’s progress, stating, “I am very pleased that the Bitcoin mining team has deployed additional miners with Core Scientific. Our mining operations are expected to further expand in the coming months with additional miners at a hosted facility in Texas and our recently purchased facility in Montana, and we have made commitments to deploy additional capacity under our control to over 20,000 miners. I look forward to the progress the BitNile team will achieve over 2023.”
Ault Alliance 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, the ability to build out and provide the necessary power for miners, and other factors that may impact the results of Bitcoin mining production or operations.
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, 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, Ault owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses 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 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.ault.com
