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Ault Global Holdings Announces BitNile Achieves an Annual Run Rate of $14 Million to $15 Million in Bitcoin Mining Production
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
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Rhea-AI Summary
Ault Global Holdings (NYSE: DPW) reported significant growth from its subsidiary BitNile, Inc., anticipating annual bitcoin mining production between $14 million and $15 million. Starting November 15, 2021, BitNile will provide bimonthly updates on bitcoin production metrics. The company has a purchase agreement to receive 300 S19j Pro Antminers monthly for 10 months, with the aim to install 3,000 miners by August 2022. This transparency is expected to enhance shareholder confidence and revenue contributions.
Positive
Projected annual bitcoin mining revenue of $14 million to $15 million.
Introduction of bimonthly reporting to enhance transparency for investors.
Planned installation of 3,000 additional S19j Pro Antminers by August 2022.
Negative
Estimates are subject to volatility in bitcoin prices and production difficulties.
LAS VEGAS--(BUSINESS WIRE)--
Ault Global Holdings, Inc. (NYSE American: DPW), a diversified holding company (the “Company”), is pleased to provide an update on its subsidiary, BitNile, Inc. (“BitNile”), whose mining production of bitcoin has grown, as anticipated, to between $14 million and $15 million on an annualized basis, based on current market conditions. The Company recently announced that BitNile will begin bimonthly reporting, starting November 15, 2021, of the number of bitcoin miners installed and the amount of bitcoin mined at its Michigan data center. The bimonthly reports will be available at www.BitNile.com.
Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We are very pleased to achieve our projected growth and look forward to a steady progression in bitcoin mining production and revenue. We are excited about our future reporting and the transparency we believe that is important to our partners and shareholders. We expect increasing contributions from BitNile to our topline revenues and bottom-line results.”
Starting in November 2021, BitNile expects to receive 300 S19j Pro Antminers per month for the next 10 months in accordance with the purchase agreement with Bitmain for the expected installation of an additional 3,000 S19j Pro Antminers by the end of August 2022. The Company notes that all estimates are subject to volatility in price, the fluctuation in the difficulty of production and the price of bitcoin, and other factors that may impact the results of production or operations.
For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings with the SEC and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.
About Ault Global Holdings, Inc.
Ault Global Holdings, 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, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holdings’ headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.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.AultGlobal.com.
