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Ault Global Holdings Announces Update from Its Subsidiary, BitNile
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Ault Global Holdings (AMEX: DPW) reported that its subsidiary, BitNile, Inc., has achieved an annualized Bitcoin mining production run rate of approximately $10 million, with expectations to grow to $15 million by the end of October. The company plans to install 3,000 additional S19j Pro Antminers over the next 10 months, potentially increasing gross revenue to about $64 million annually based on Bitcoin prices. The current market value of Bitcoin is around $66,000. Volatility in Bitcoin prices could affect these estimates.
Positive
Bitcoin mining production run rate reached $10 million annually.
Expected growth to $15 million by month-end.
Plans to install 3,000 additional Antminers may boost revenue to $64 million annually.
Negative
Revenue estimates are highly dependent on Bitcoin price volatility.
Potential risks associated with fluctuating mining production difficulty.
Bitcoin Mining Production Reaches $10 Million Annualized Run Rate Based on Current Market Value of Bitcoin with Expected Growth to $15 Million by Month End
LAS VEGAS--(BUSINESS WIRE)--
Ault Global Holdings, Inc. (NYSE American: DPW), a diversified holding company (the “Company”), announced that its subsidiary, BitNile, Inc. (“BitNile”), is currently mining approximately $10 million worth of Bitcoin on an annualized run rate basis based on current market conditions. The Company further stated that it anticipates that by the end of October the production of Bitcoin will grow to about $15 million on an annualized basis. The Company previously announced its entry into a purchase agreement with Bitmain and the expected installation of 3,000 additional S19j Pro Antminers over the next 10 months, thereby increasing the gross revenue to approximately $48 million annually based on an assumed market value of Bitcoin of $45,000. The Company notes that the current market value of Bitcoin is approximately $66,000 and believes that gross proceeds may reach approximately $64 million annually. The Company notes that all estimates are subject to volatility in price, the fluctuation in the difficulty of production and price of Bitcoin, and other factors that may impact the results of production or operations.
Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “The Company owning its own data center has made a substantial difference compared to our previous cryptocurrency mining operations. We now control much of our own destiny, especially with a long-term power agreement.” Ault added, “We acknowledge that the market value of Bitcoin will remain volatile, and it’s important for our shareholders and for investors to know that Bitcoin’s volatility may lead to wide fluctuations in the value of our total cryptocurrency mining production. The Company, through BitNile, has control of the data center and the ability to expand the facility and add cryptocurrency miners and other equipment to enhance its production and performance.”
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.
