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BitNile Holdings Issues Bitcoin Production and Mining Operation Report
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
BitNile Holdings (AMEX: NILE) has released an unaudited update on its Bitcoin mining operations, emphasizing a focus on its Michigan data center and plans to sell 1,600 S9 Antminers from Indiana. The company is currently mining at an estimated annualized rate of 322 Bitcoin, valued at approximately $16.1 million. BitNile has received 1,885 S19j Pro Antminers, with 1,705 active, achieving a hash rate of 170.5 PH/s. Additionally, it has entered purchase agreements for 20,600 miners, aiming for a mining capacity of 2.24 exahashes per second. Monthly updates will now be provided on mining activities.
Positive
Current Bitcoin mining production at an estimated annualized run rate of 322 Bitcoin, valued at $16.1 million.
Received 1,885 S19j Pro Antminers, with 1,705 operational, generating approximately 170.5 PH/s.
Purchase agreements for 20,600 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers.
Negative
Mining updates will be monthly instead of bimonthly, which may reduce frequency of information for investors.
Future estimates and projections are subject to significant risks and volatility in Bitcoin prices and mining difficulty.
LAS VEGAS--(BUSINESS WIRE)--
BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today published an unaudited update on Bitcoin production and miner installation. BitNile plans to focus its mining efforts at the Michigan data center and intends to sell the 1,600 S9 Antminers at the Indiana location. The number of miners and production capacity metrics within this press release represent the S19j Pro Antminers at the Michigan data center. BitNile’s Bitcoin mining production is currently operating at an estimated annualized run rate of 322 Bitcoin or approximately $16.1 million based on a market value of Bitcoin of $50,000, and current market conditions, including a mining difficulty level of 24.3 trillion.
BitNile has received 1,885 S19j Pro Antminers with 1,705 active and energized miners generating approximately 170.5 PH/s. For the fourth quarter, in total, BitNile has self-mined 53.7 Bitcoin. BitNile will no longer provide a bimonthly Bitcoin mining update, but will publish a monthly update on the first business day of each month regarding the number of Bitcoin miners installed and the amount of bitcoin mined. The updates can be found at www.BitNile.com.
BitNile has entered into purchase agreements for a total of 20,600 Bitcoin miners. The purchase agreements include 4,600 environmentally friendly S19 XP Antminers from Bitmain Technologies Limited (“Bitmain”) 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.
As previously announced, starting in November 2021, BitNile began receiving 300 S19j Pro Antminers per month in accordance with the purchase agreement with Bitmain. Beginning in March of 2022, this schedule will increase to an expected 2,300 Miners per month. Once all 20,600 miners are fully deployed and operational, BitNile is expected to achieve mining production capacity of approximately 2.24 exahashes per second.
The Company is providing the following projected price sensitivity analysis of total Bitcoin mining revenue, presuming the installation of 20,600 Bitcoin miners and a mining difficulty level of 24.3 trillion:
Price Sensitivity Analysis for 20,600 Bitcoin Miners
Bitcoin Price
Gross Bitcoin Mining Revenue
(Estimate)
Bitcoin Mining Revenue, Net of Power Costs
(Estimate)
$
20,000
$
84,800,000
$
54,500,000
64
%
$
25,000
$
105,900,000
$
75,700,000
71
%
$
30,000
$
127,100,000
$
96,900,000
76
%
$
35,000
$
148,300,000
$
118,100,000
80
%
$
40,000
$
169,500,000
$
139,200,000
82
%
$
45,000
$
190,700,000
$
160,400,000
84
%
$
50,000
$
211,900,000
$
181,600,000
86
%
$
55,000
$
233,100,000
$
202,800,000
87
%
$
60,000
$
254,300,000
$
224,000,000
88
%
$
65,000
$
275,500,000
$
245,200,000
89
%
The Company notes that all estimates and others projection 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 production or operations.
Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We are pleased to report the number of installed Antminers purchased from Bitmain Technologies Limited (“Bitmain”) and look forward to the next tranche of 300 S19j Pro Antminers to be delivered later this month. We are also pleased with the steady progression in bitcoin mining production and revenues to date. We expect increasing contributions from BitNile to our topline revenues and bottom-line results.”
BitNile previously announced its plan to split into two public companies by distributing the equity of Ault Alliance to its stockholders. Following the spin-off of Ault Alliance, the Company, through its BitNile, Inc. subsidiary, will be a pure-play provider of Bitcoin mining and data center operations, pursuing DeFi-related initiatives. Ault Alliance will maintain its focus on the Company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces as well as, among others, defense, and power solutions, including electric vehicle charging products.
For more information on BitNile Holdings 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 Holdings’ 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.
BitNile Holdings Investor Contact:
IR@BitNile.com or 1-888-753-2235
Source: BitNile Holdings, Inc.nv
FAQ
What is BitNile Holdings' current Bitcoin mining capacity?
BitNile Holdings is operating with a current Bitcoin mining capacity of approximately 170.5 PH/s from 1,705 active S19j Pro Antminers.
What are the future plans for BitNile's Bitcoin miners?
BitNile has entered purchase agreements for a total of 20,600 Bitcoin miners, aiming for a mining production capacity of approximately 2.24 exahashes per second.
What is the estimated annual revenue from BitNile's Bitcoin mining operations?
The estimated annualized revenue from BitNile's Bitcoin mining operations is approximately $16.1 million, based on a Bitcoin price of $50,000.
How frequently will BitNile provide updates on Bitcoin mining?
BitNile will now provide monthly updates on Bitcoin mining activities on the first business day of each month.
