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Ault Alliance’s Subsidiary, BitNile, Inc., Expands Bitcoin Mining Collaboration with Core Scientific to 10,000 Miners
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Ault Alliance, Inc. has expanded its collaboration with Core Scientific, increasing its Bitcoin mining capacity. The amended agreement allows the company’s subsidiary, BitNile, Inc., to operate 10,000 S19j Pro miners at Core Scientific’s facilities starting May 1, 2023. This expansion will enable Ault Alliance to operate a total of approximately 19,100 miners, generating a hash rate of 2.1 Exahash per second.
With current Bitcoin prices around $28,400 and mining difficulty at 48.71 trillion, Ault Alliance estimates that annualized revenue could approach $60 million. The company emphasizes that this estimate is contingent on various market factors, including Bitcoin prices and mining difficulty fluctuations.
Positive
Expansion to operate 10,000 additional miners at Core Scientific's facilities.
Projected annualized revenue from mining operations nearing $60 million.
Negative
Revenue estimates depend on volatile Bitcoin prices and mining difficulty.
Expansion subject to installation risks.
With the Announced Expansion, BitNile Will Have a Total of 19,100 Miners Energized, Increasing Hash Rate to 2.1 Exahash per Second
LAS VEGAS--(BUSINESS WIRE)--
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance” or the “Company”), has announced the expansion of the strategic collaboration between its wholly owned subsidiary, BitNile, Inc. (“BNI”), and Core Scientific, Inc. (OTC: CORZQ) (“Core Scientific”), a prominent provider of high-performance blockchain computing data centers and software solutions. The Company announced last month that BNI would operate 3,000 of its S19j Pro miners in Core Scientific’s existing facilities starting in April 2023. BNI and Core Scientific amended their agreement, and BNI will now operate 10,000 of its S19j Pro miners with Core Scientific, starting as of May l, 2023. This will result in BNI expanding its footprint to operate approximately 30 MW of power capacity at Core Scientific’s facilities.
Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance shared his excitement, “Our expanded collaboration with Core Scientific allows us to continue growing our presence in the Bitcoin mining industry. With our Michigan data center providing 28 MW of power capacity and with the announced 30 MW of power capacity to be provided by Core Scientific, we will have access to 58 MW of power capacity to energize approximately 19,100 miners providing 2.1 exahashes per second of hash rate. Through Core Scientific, we are unleashing the full potential of our operations to generate long-term value for our stockholders. When all 19,100 miners are energized, based on current market conditions, including a current trading price of Bitcoin at approximately $28,400, and a mining difficulty of 48.71 trillion we expect our mining operations will generate nearly $60 million of revenue on an annualized basis.”
Ault Alliance notes that all estimates and other projections are subject to the actual 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 Bitcoin mining production or operations.
For more information on Ault Alliance and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’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 Alliance 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.
