BitNile Holdings Achieves Bitcoin Mining Production Milestone of More Than One Bitcoin per Day

Rhea-AI Summary

BitNile Holdings, Inc. (NILE) has updated its Bitcoin production activities following the installation of new S19j Pro Antminers at its Michigan data center. The company now produces over one Bitcoin daily, with an estimated annual run rate of 367.34 Bitcoin. It has agreements for 20,600 miners, including 4,600 environmentally friendly S19 XP Antminers and 16,000 S19j Pro Antminers. Monthly updates on production and installations will continue. However, Bitcoin mining results depend on miner delivery, market volatility, and difficulty fluctuations.

Positive

• Increased average daily Bitcoin production to over one Bitcoin.
• Estimated annualized run rate of 367.34 Bitcoin.
• Expansion of Bitcoin mining operations with new miner installations.

Negative

• Bitcoin mining results depend on miner delivery, price volatility, and difficulty fluctuations.

LAS VEGAS--(BUSINESS WIRE)-- BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today published an unaudited update on its Bitcoin production activity. As expected, the most recent delivery of the S19j Pro Antminers have been installed at our Michigan data center thereby increasing BitNile’s average daily mining production to more than one Bitcoin per day. BitNile's Bitcoin mining production is currently operating at an estimated annualized run rate of 367.34 Bitcoin based on current market conditions, including a mining difficulty of 26.7 trillion.

Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We are pleased that the BitNile team continues to deliver on the goal of timely installation of new Bitcoin miners as they arrive at our Michigan data center. The plan to grow our Bitcoin mining operations is clear, and it is rewarding to see the team achieve key milestones along the way.”

As previously disclosed, BitNile has entered into purchase agreements with Bitmain Technologies Limited for a total of 20,600 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers that feature a processing power of 140 terahashes per second (“TH/s”) and 16,000 S19j Pro Antminers that feature a processing power of 100 TH/s.

The Company will continue to publish monthly updates on Bitcoin production and miner installation.

The Company notes Bitcoin mining results are subject to the actual delivery and 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 operations.

For more information on BitNile and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.

About BitNile Holdings, Inc.

BitNile 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, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.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.BitNile.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005354/en/

BitNile Holdings Investor Contact:

IR@BitNile.com or 1-888-753-2235

Source: BitNile Holdings, Inc.

FAQ

What is BitNile Holdings' current Bitcoin production rate?

BitNile Holdings is currently producing over one Bitcoin per day.

How many Bitcoin miners has BitNile purchased?

BitNile has entered into purchase agreements for a total of 20,600 Bitcoin miners.

What is the estimated annualized Bitcoin production for BitNile Holdings?

The estimated annualized Bitcoin production for BitNile is 367.34 Bitcoin.

Where is BitNile's data center located?

BitNile's data center is located in Michigan.

What challenges does BitNile face in its Bitcoin mining operations?

BitNile's Bitcoin mining results are subject to miner delivery, market price volatility, and varying mining difficulty levels.