Tuesday, October 4, 2022
HomeBTCBitNile intends to increase the capacity of its Michigan Data Center

BitNile intends to increase the capacity of its Michigan Data Center

BitNile (NILE), a Las Vegas-based bitcoin miner, announced plans to increase the power capacity of its Michigan operation to 300 megawatts. Also, it made an announcement about its purchase agreements with BitMain Technologies for more than 18,000 mining rigs.

The process is projected to take 18-24 months and would increase the company’s mining capacity to 12 exahashes per second (EH/s), or a total yearly bitcoin production capacity of around 19,600. According to the firm, this would place BitNile among the top 10 publicly listed North American miners.

BitNile already has around 2,160 Bitmain S19j Pro Antminers in use at the data centre, with 300 more on the way, and purchase agreements for a further 18,140, with monthly delivery beginning in December.

The associated power increase is part of a multi-year deal with a nuclear energy facility. BitNile anticipates that around 85 percent of electricity will come from emission-free sources.

BitNile shares were up 2% on Monday morning, but still down by more than 30% year to date. The market capitalization is slightly short of $70 million.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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