The Hosting Agreement can provide 20 megawatts of power, enabling the operation of up to 6,500 S19j Pro Bitcoin miners
BitNile Holdings, Inc. (NYSE:NILE), a diversified holding company (“BitNile” or the “Company“) today announced that its wholly owned subsidiary, BitNile, Inc. (“BNI“), has entered into a hosting agreement (the “Agreement“) securing 20 megawatts of power with Compute North, LLC, a company that BNI believes to be a leader in sustainable, large-scale computing infrastructure and hosting services.
BNI’s entry into the Agreement, in conjunction with the ongoing expansion of our site in Michigan, is intended to maintain our plan to promptly install and operate the Bitcoin miners delivered to us by Bitmain Technologies Limited (“Bitmain“) throughout the year. The geographical distribution will also help us diversify the risk among our portfolio of mining equipment. We believe that the Agreement will enable us to power roughly 6,500 S19j Pro miners during August and September. Compute North has assigned a dedicated team in support of our new relationship and will begin receiving Bitcoin miners from us as soon as next week.
Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We are excited about the new hosting relationship with one of the largest and most established companies in this space. Its expertise is expected to help us accelerate the pace at which we conduct our operations and will maximize overall efficiencies and ultimately profitability.”
As previously disclosed, BitNile has entered into purchase agreements with Bitmain for a total of approximately 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.
BitNile began receiving 300 S19j Pro Antminers per month from Bitmain in November 2021. Beginning in March 2022, this schedule increased to approximately 2,300 miners per month. Once all 20,600 miners are fully deployed and operational, we expect to achieve mining production capacity of approximately 2.24 exahashes per second.
The Company notes that all estimates and other projections are subject to the actual delivery and installation of Bitcoin miners, the volatility in Bitcoin market price, fluctuations in the mining difficulty level, and other factors that may impact the results of production or 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.
