Why it’s up more than 4% today

  • BitNile Holdings Inc (NYSEAMERICAN:NILE) stock price rose more than 4% ahead of market today. That is why.

BitNile Holdings Inc (NYSEAMERICAN:NILE) stock price rose more than 4% ahead of market today. Investors are reacting positively to the release by BitNile Holdings of an unaudited update on Bitcoin production and the installation of miners.

Miner count and throughput metrics represent Michigan data center S19j Pro Antminers. And BitNile’s Bitcoin mining production is currently operating at an estimated annualized run rate of 475.18 Bitcoin based on current market conditions, including a mining difficulty of 29.9 trillion.

BitNile has increased its miner count to 7,605 S19j Pro Antminers in possession and once installed will generate a combined processing power of around 760 petahashes per second, the computing power used to mine Bitcoin. Last month, BitNile self-mined 39.0 Bitcoin. To date, BitNile has mined a total of 210.1 Bitcoin.

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

BitNile began receiving 300 S19j Pro Antminers per month in November 2021 under the purchase agreement with Bitmain. And as of March 2022, that schedule has increased to 2,300 expected miners per month. Once all 20,600 miners are fully deployed and operational, BitNile is expected to reach a mining throughput of around 2.24 exahashes per second.

The company also stated that all estimates and other projections are subject to actual delivery and installation of Bitcoin miners, volatility in the Bitcoin market price, fluctuation in mining difficulty level, and other factors that may have an impact on the results of production or operations.

KEY QUOTE:

“Our mine production continues to grow as planned. Not only are we increasing the availability of electricity at our Michigan facility, but we are also considering other mine sites across the country. I will continue to state that our goal remains to become one of the largest publicly traded Bitcoin miners in the country.

— Milton “Todd” Ault, III, Company Executive Chairman

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

Eleanor C. William