BitNile (NILE) Updates Status of Bitcoin Mining Operations

BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today published an update on its Bitcoin miner installations and delivery schedule at its Michigan data center. To date, BitNile has invested approximately $111 million in building and mining infrastructure at its Michigan data center and Bitcoin miners from Bitmain Technologies, Ltd. (“Bitmain”). BitNile stated that installations and deliveries are on track with approximately 2,200 installed S19j Pro Antminers and 300 additional S19j Pro Antminers scheduled to be delivered tomorrow for immediate installation. At the end of March 2022, the Company expects to take receipt of approximately 2,300 S19j Pro Antminers, which would bring the Company’s installed and active S19j Pro Antminers miners to approximately 4,800, that, once installed, are expected to produce more than two Bitcoin per day based on current market conditions, including a mining level of 27.55 trillion.

Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We expect to significantly ramp up our production capacity beginning in March 2022, as we expect to receive and begin installing 2,300 miners per month from our previously announced purchase agreements. Our team is focused and working diligently to make BitNile one of the largest Bitcoin miners in the United States.”

As previously disclosed, BitNile has entered into purchase agreements with 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 agreement with Bitmain. Beginning in March 2022, this schedule will increase to an expected 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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