BitNile (NILE) Stock: Why The Price Increased Today

By Amit Chowdhry ● Feb 14, 2022
  • The stock price of BitNile Holdings, Inc. (NYSE American: NILE) increased by over 2% during intraday trading today. This is why it happened.

The stock price of BitNile Holdings, Inc. (NYSE American: NILE) increased by over 2% during intraday trading today. Investors are responding positively to BitNile publishing an unaudited update on its Bitcoin production activity. 

As expected, the most recent delivery of the S19j Pro Antminers was installed at their Michigan data center thereby increasing BitNile’s average daily mining production to more than one Bitcoin per day. And BitNile’s Bitcoin mining production is currently operating at an estimated annualized run rate of 367.34 Bitcoin-based on current market conditions, including a mining difficulty of 26.7 trillion.

As previously disclosed, BitNile entered into purchase agreements with Bitmain Technologies Limited 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.

The company will continue to publish monthly updates on Bitcoin production and miner installation. And the company pointed out that the Bitcoin mining results 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 operations.

KEY QUOTES:

“We are pleased that the BitNile team continues to deliver on the goal of timely installation of new Bitcoin miners as they arrive at our Michigan data center. The plan to grow our Bitcoin mining operations is clear, and it is rewarding to see the team achieve key milestones along the way.”

— Milton “Todd” Ault, III, the company’s Executive Chairman

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.