Ault Alliance Announces Its Subsidiary, BitNile, Inc., Has Deployed and Energized a Total of 19,000 Miners at Its Michigan Data Center and Through Its Bitcoin Mining Collaboration With Core Scientific
May 24, 2023 at 06:30 AM EDT
BitNile Has Energized 19,000 of Its 19,900 Miners; When Fully Deployed, Will Increase Hash Rate from 2.1 Exahashes to 2.2 Exahashes per Second, at an Annualized Revenue Run Rate of $56 Million
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance” or the “Company”), has announced its wholly owned subsidiary, BitNile, Inc. (“BNI”), has deployed and energized approximately 9,000 of its Bitcoin miners at its Michigan data center. The Company also announced that BNI has completed its full deployment and energization of 10,000 Bitcoin miners that are being hosted through its strategic collaboration with Core Scientific, Inc. (“Core Scientific”), a prominent provider of high-performance blockchain computing data centers and software solutions.
Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance, expressed his enthusiasm, “I’m thrilled to announce the successful deployment of nearly the entirety of our existing Bitcoin mining machines across our Michigan facility as well as those managed by Core Scientific. This achievement underscores our commitment to our stockholders and strategic partners. Our enhanced partnership with Core Scientific allows our ongoing expansion in the Bitcoin mining sector.”
Ault elaborated, “Leveraging the impressive power capacity of our Michigan data center with 28 megawatts (“MW”), along with Core Scientific’s 30 MW, we have secured an impressive 58 MW of power capacity, operating approximately 19,000 of our 19,900 miners, which, when fully deployed, will offer a substantial hash rate of 2.2 exahashes per second.”
He concluded, “Given the prevailing market conditions, which includes a Bitcoin trading price of approximately $27,200 and a mining difficulty of 49.55 trillion, our mining operations are projected to generate $56 million in annualized revenue. This substantial contribution will play a vital role in reaching our targeted consolidated revenue of $200 million for 2023.”
Ault Alliance notes that all estimates and other projections are subject to the actual 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 Bitcoin mining production or operations.
For more information on Ault Alliance and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.ault.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.ault.com.
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