BitNile (NILE) Stock Jumped Nearly 5% Pre-Hours, Why?

During pre-market trading, BitNile Holdings Inc. (NYSE: NILE) shares rose 4.80% to $0.1940 in absence of any significant news to help regain the stock’s losses in the previous session. NILE stock closed last session at $0.19, down -3.54% or -0.0068.

NILE’s latest updates

According to BitNile (NILE), bitcoin mining production is expected to increase by 7500 miners by September 2022 at its Michigan data center and 6,500 miners at Computer North, LLC’s Texas facility.

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  • As part of this release and delivery, US Customs and Border Patrol has released and delivered 2,004 S19j Pro Antminers to the Company’s Michigan property for review and audit.
  • According to NILE’s projections, by the end of September 2022, it will produce approximately 4.7 Bitcoin per day based on the installation of S19j Pro and S19 XP Antminers.
  • In December 2022, the mining difficulty will nearly double to approximately 9.33 Bitcoin per day, based on current market conditions.
  • Because BitNile has invested in the Michigan data center and has a positive relationship with Bitmain, NILE has been able to maintain its confidence in Bitcoin mining over the course of the crypto winter.
  • In light of our belief that Bitcoin has a bright future, BitNile recently purchased additional Bitcoin mining equipment.
  • As new Bitcoin miners arrive at NILE’s Michigan data center and its Texas-hosted facility, the team continues to deliver on the goal of installing them promptly.
  • The estimates and projections of BitNile are based on factors such as the actual delivery and installation of Bitcoin miners, volatility in Bitcoin market price, fluctuations in mining difficulty levels, and other factors that may influence the results of operations or production.

NILE’s most recent purchase agreement

In a previously announced transaction, BitNile (NILE) has acquired 21,925 Bitcoin miners from Bitmain Technologies Limited for a total of 14,600 S19 XP Antminers, featuring 140 terahashes per second (“TH/s”) processing power and 17,325 S19j Pro Antminers, which have 100 TH/s processing power. NILE anticipates achieving a mining production capacity of approximately 2.3725 exahashes per second when all of the miners are fully deployed and operational.