BitNile (NILE) Issues June 2022 Mining Update

BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today published an unaudited update on Bitcoin production and miner deliveries. The number of miners and production capacity metrics set forth within this press release represent the S19j Pro Antminers at the Michigan Data Center. BitNile’s Bitcoin mining production is currently operating at an estimated annualized run rate of 698 Bitcoin based on current market conditions, including a mining difficulty of 29.57 trillion.

BitNile has 9,645 S19j Pro Antminers in its possession and once installed will generate a combined processing power of approximately 965.5 petahashes per second, the computational power that is being used to mine Bitcoin. During the month of June 2022, BitNile self-mined 46.4 Bitcoin. To date, BitNile has mined a total of 256.5 Bitcoin. As of June 30, 2022, BitNile held 140.8 Bitcoin and currently has no plans to sell.

Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “As we ramp up the number of miners, we are both upgrading our Michigan Data Center’s power capacity and continuing to evaluate the best opportunities beyond the Michigan Data Center for additional capacity. We will provide a detailed update on mining operations and expansion plans in our quarterly earnings update call in August.”

As previously disclosed, BitNile has entered into purchase agreements with Bitmain Technologies Limited (“Bitmain”) for a total of 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 in November 2021 in accordance with the purchase agreements it has executed with Bitmain. Beginning in March 2022, this schedule increased to 2,300 miners per month. Once all 20,600 miners are fully deployed and operational, BitNile is expected 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, the fluctuation 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.

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