Ault Global Holdings Resumes Bitcoin Mining
Ault Global Holdings (NYSE American: DPW) has resumed bitcoin mining through its subsidiary, Ault Alliance, at a 617,000 square foot facility in Michigan. The company is also initiating a 30,000 square foot data center buildout, aiming to enhance its bitcoin mining operations by the end of the second quarter of 2021. The Michigan site features a significant 300MW power capacity secured under a favorable energy pricing agreement. CEO Milton Ault highlighted the strengthened balance sheet and controlled energy costs as key factors for future success.
- Resumption of bitcoin mining operations, signaling an aggressive return to the cryptocurrency market.
- Initiation of a 30,000 square foot data center buildout to enhance operational capabilities.
- Secure 300MW power capacity under a favorable energy agreement, ensuring low operational costs for mining.
- Uncertainty regarding the timely realization of mining operations despite optimism from management.
- Inherent risks associated with the volatility of cryptocurrency markets could impact profits.
Ault Global Holdings, Inc. (NYSE American: DPW) a diversified holding company (the “Company”), announced today that it has resumed bitcoin mining through its wholly-owned subsidiary, Ault Alliance, Inc., at its 617,000 square foot energy-efficient facility in Michigan. The Company also announced that it has begun the initial 30,000 square foot data center buildout at the Michigan facility. The Company plans to ramp up its bitcoin mining operations after the initial buildout is completed during the quarter ending June 30, 2021.
The Michigan facility provides up to 300MWs of critical power capacity under a perennial energy abatement agreement with guaranteed pricing at relatively low energy rates for the next five years. Securing a low-cost source of energy is a critical component of profitable cryptocurrency mining operations. While the Company believes the Michigan facility and its anticipated future operations will be successful, the Company cannot assure you that its expectations will materialize in a timely manner, if at all.
“Since we abandoned our bitcoin mining activities approximately a year ago, much has changed for the Company,” said Milton “Todd” Ault, III, the Company’s Executive Chairman. “We have significantly strengthened our balance sheet, which allows us to invest in growing our cryptocurrency mining operations. We believe that we are now in a position to better withstand the volatility associated with cryptocurrency mining, as we have secured a low-cost energy source that we control. We believe our improved capital structure combined with low energy costs at a facility we own positions the Company for success.”
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 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 Holding’s 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.
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