Bitcoin miner BitNile (NILE) plans to fund up to $100 million in commercial loans to small, publicly traded companies, secured by its own bitcoin through its subsidiary, Digital Power Lending (DP Lending).
- The new lending program will be offered via a platform called Ault Lending that is designed to lend to publicly traded companies that are under $250 million in market capitalization, according to a statement.
- BitNile plans to hold up to $100 million of self-mined bitcoin in reserve to back the expansion of the lending program. The loans will range from $1 million to $25 million.
- The lending program will allow the borrower to repay the debts with cash, bitcoin or in the case of convertible promissory notes, common stock of the borrower.
- BitNile plans to significantly expand its bitcoin mining production capacity this year, increasing the number of its mining rigs to 20,600. That would yield expected mining production capacity of about 2.24 exahashes per second (EH/s).
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