Bitcoin

BitNile Holdings Bitcoin Mining Rate in Michigan to Nearly Double by Year’s End

BitNile Holdings expects to almost double its average daily mining production by the end of December. // File Photo
BitNile Holdings expects to almost double its average daily mining production by the end of December. // File Photo

Las Vegas-based BitNile Holdings Inc., which has a data center in Dowagiac (southeast of Benton Harbor), says it expects to increase its average daily mining production to approximately 4.7 Bitcoin per day by the end of September.

At that pace, mining production will nearly double to approximately 9.33 Bitcoin per day by the end of December, based on current market conditions, including a mining difficulty of 32.05 trillion.

The company says it expects to have 7,500 miners at its Michigan data center and 6,500 miners at the Texas facility hosted by Computer North, installed by the end of this month. This includes the 2,004 S19j Pro Antminers that had been held by U.S. Customs and Border Patrol for review and audit, which have been released and delivered to BitNile’s Michigan facility.

“As the market has experienced a crypto winter, our investment in the Michigan data center and our positive relationship with Bitmain allow us to have confidence in our long-term plans regarding Bitcoin mining,” says Milton “Todd” Ault III, executive chairman of BitNile.

“Our recent purchase of additional Bitcoin mining equipment demonstrates our belief in the long-term outlook for Bitcoin. The plan to grow our Bitcoin mining operations is clear, and it is rewarding to see the team continue to deliver on the goal of timely installation of new Bitcoin miners as they arrive at our Michigan data center and the Texas hosted facility.”

As previously disclosed, BitNile has entered into purchase agreements with Bitmain Technologies Limited for a total of 21,925 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers that feature a processing power of 140 terahashes per second (“TH/s”) and 17,325 S19j Pro Antminers that feature a processing power of 100 TH/s. Once all of the miners are fully deployed and operational, BitNile says it expects to achieve a mining production capacity of approximately 2.3725 exahashes per second.

BitNile 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.

Click here to read DBusiness’ in-depth cover story report on cryptocurrency from the March/April 2022 issue.

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