BitNile to raise $140 million to buy 16,000 ASIC miners

The board of directors of the parent holding company Ault Global Holdings approved a $140 million capital raise for its BitNile subsidiary to buy 16,000 ASIC devices, boosting its current hash rate from 0.4 EH/s to 2 EH/s.

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The current equipment fleet consists of 4,000 S19j Pro units from Antminer. The data center is located in Michigan.

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The initiative will be implemented over the next 12 months. At present, neither BitNile nor its parent company has contracts or commitments for this amount.

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Following the expected expansion of capacity, the company expects to grow annual revenue after electricity costs to $246 million. The figure is based on a difficulty of 20 trillion hashes and a Bitcoin price of $60,000.

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Investments in BitNile and the planned expansion of the partnership with Bitmain are aimed at achieving our goal — to enter the top ten largest public mining companies in the United States., said Milton \”Todd\” Olt III, Chairman of the Board of Ault Global Holdings.

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From November through August 2022, Bitmain will deliver 3,000 S19j Pro units under the terms reached earlier.

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In October, the American mining company Greenidge Generation ordered 22,500 Antminer S19j Pro units from Bitmain. The firm plans to increase its hash rate to 4.1 EH/s over the next 12 months.

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