By Dean Seal
BitNile Holdings Inc. is expecting its Bitcoin mining production run rate to nearly double by the end of the year.
The investment holding company said Monday that its run rate is projected to hit 4.7 bitcoin a day by month's end and 9.3 bitcoin a day by year's end with the help of new miners being installed this month.
By the end of September, BitNile expects to have 7,500 miners at its Michigan data center and 6,500 miners at a Texas facility hosted by Computer North LLC.
Among those miners are 2,004 S19j Pro Antminers that had previously been held by the U.S. Customs and Border Patrol for review and audit.
"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," said Chairman Milton Ault III.
BitNile recently reached deals with Bitmain Technologies Ltd. to purchase 21,925 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers.
Shares were down 3.6% to 24 cents in premarket trading. Bitcoin was trading at 18,727 to the U.S. dollar and is down about 60% this year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
09-19-22 0713ET
