BitNile Aims to Become a Top 10 North American Miner With 300MW Deal

The expansion of the company’s Michigan data center would bring BitNile’s annual mining capacity to about 19,600 bitcoin.

AccessTimeIconMar 7, 2022 at 3:58 p.m. UTC
Updated Mar 7, 2022 at 5:25 p.m. UTC

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Las Vegas-based bitcoin miner BitNile (NILE) plans to boost the power capacity of its Michigan plant to 300 megawatts, and has signed purchase agreements with BitMain Technologies for more than 18,000 mining rigs.

  • The process is expected to take about 18-24 months, and would expand the company’s mining capacity to 12 exahash per second (EH/s), or an annualized bitcoin (BTC) production capacity of about 19,600. This would make BitNile one of the top 10 publicly traded North American miners, said the company.
  • BitNile already has about 2,160 Bitmain S19j Pro Antminers at work at the data center, has 300 more in transit and has purchase agreements for another 18,140, with monthly deliveries to begin in December.
  • The accompanying power expansion is part of the company’s multi-year agreement with a nuclear energy plant. BitNile expects about 85% of power will come via emission-free sources.
  • “The planned expansion of the power capacity at the Facility to 300MW over the next 18 to 24 months would, if achieved, enable BitNile to grow its existing partnership with Bitmain while potentially attracting other strategic joint-venture partners,” said the company’s founder and executive chairman, Milton Ault, III.
  • Shares of BitNile are up 2% on Monday morning, but remain lower by more than 30% year to date. The market cap stands just shy of $70 million.

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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets