BitNile, Inc. Launches New Division to Provide Blockchain and Cryptocurrency Mining Solutions

Rhea-AI Summary

BitNile Holdings, Inc. has announced the formation of a new division, BitNile Mining Solutions (BMS), aimed at providing comprehensive blockchain hosting and cryptocurrency mining services. This initiative builds on BitNile's existing Bitcoin mining operations and leverages its partnerships, notably with Bitmain Technologies. The new division will enhance service offerings, including equipment sourcing, power management, and infrastructure solutions. Additionally, BitNile is expanding its Michigan data center's capacity to 300 megawatts, enabling it to support approximately 90,000 Bitcoin miners and a production capacity of around 12 EH/s.

Positive

• Launch of BitNile Mining Solutions enhances service offerings in cryptocurrency mining.
• Expansion of Michigan data center capacity to 300 megawatts allows for significant scaling of Bitcoin mining operations.
• Partnership with Bitmain Technologies strengthens BitNile's market position in the mining sector.

Negative

• None.

New Division Dedicated to Providing Full-Service Blockchain Hosting Including Mining Equipment, Power Solutions, and Infrastructure for Digital Asset Mining

LAS VEGAS--(BUSINESS WIRE)-- BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”), announced today that its subsidiary, BitNile, Inc. has formed a new division, BitNile Mining Solutions (“BMS”). BitNile’s cryptocurrency mining focus to date has been on self-mining Bitcoin. BMS will leverage BitNile’s deep industry partnerships, including its partnership with Bitmain Technologies Limited. BMS will focus on the sourcing and sales of cryptocurrency miners and related equipment and offering additional blockchain infrastructure services such as hosting, managing electrical power, repair and other crypto-focused infrastructure solutions. BMS will offer products and services to companies ranging from start-ups to providing fully integrated industrial operations and solutions including self-mining. Interested parties can contact the new division at Solutions@BitNile.com.

As previously announced, BitNile plans to expand the power capacity at its Michigan data center to 300 megawatts, which would enable Bitcoin mining operations at the facility to operate approximately 90,000 Bitcoin miners with a mining production capacity that is anticipated to be approximately 12 exahash per second (EH/s), which allows for BitNile to expand its self-mining operations and provides significant additional capacity for BMS to offer hosted crypto-focused infrastructure solutions.

Milton “Todd” Ault, III, the Executive Chairman of BitNile Holdings, Inc., said, “We are excited to launch this new division, which is built upon our more than four years of experience as bitcoin-mining and data center operators and investors. The digital mining space is dynamic and can be difficult to navigate with continuous changes in product offerings and technology. We believe it is important to partner with a team dedicated to managing these changes and providing real-world solutions.” Ault noted, “We look forward to leveraging our relationships and industry knowledge to develop a robust single-stop source for all things crypto. We are proud to strengthen the cryptocurrency mining market in North America and believe we can provide our customers with reliable expertise to secure miners, power and all the elements necessary to create a thriving operation.”

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/20220314005318/en/

BitNile Holdings Investor Contact:

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

Source: BitNile Holdings, Inc.

FAQ

What is BitNile Holdings' latest announcement regarding BMS?

BitNile Holdings announced the formation of BitNile Mining Solutions (BMS), a division focused on blockchain hosting and cryptocurrency mining.

How will the expansion of the Michigan data center impact BitNile's operations?

The expansion will increase the data center's capacity to 300 megawatts, enabling the operation of about 90,000 Bitcoin miners and enhancing mining production capacity.

What services will BitNile Mining Solutions provide?

BMS will offer cryptocurrency miner sourcing, power management, repair services, and other infrastructure solutions for digital asset mining.

What is the significance of BitNile's partnership with Bitmain Technologies?

The partnership with Bitmain Technologies strengthens BitNile's position in the cryptocurrency mining market and enhances its service offerings.