BitNile Mines 31.7 BTCs in March as Miner Count Doubles

BitNile Holdings, a diversified holding company, says it mined 31.7 bitcoins last month and has self-mined a total of 132.6 bitcoins (BTC), the world's largest cryptocurrency by market capitalization.

At $46,305.11 per BTC closed on April 1, 2022, according to yahoo! finance’s data, BitNile mined $1,467,900 in BTC approximately.

Earlier in January, the company mined 27.19 bitcoins and its total self-mined BTC tally at the time stood at 74.98 bitcoins, which is a 77% increase when compared to the total self-mined in March 2022.

BitNile disclosed the new figures on Friday in an unaudited update on its Bitcoin production and miner installation. The company said that it has more than doubled its miner count and now has 4,754 S19j Pro Antminers in its possession at its facility in Michigan, United States.

Additionally, the investment holding firm pointed out that its bitcoin mining production is currently operating at an estimated annualized run rate of 398 bitcoins based on current market conditions, including a mining difficulty of 28.59 trillion.

Once all installed, BitNile miners all together will generate a combined processing power of approximately 500 petahashes per second, the computational power that is used to mine Bitcoin, the investment holding company said.

“We are excited to see our order for 12,000 S19j Pro miners starting to arrive at our facility in Michigan. The entire team is working hard to ramp up rapidly as we expect to install approximately 2,300 miners per month,” said Milton ‘Todd’ Ault III, the company’s Executive Chairman.

BitNile's Mining Targets

BitNile had previously entered purchase agreements with Bitmain Technologies Limited for a total of 20,600 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers and 16,000 S19j Pro Antminers.

While the S19 XP Antmners have a processing power of 140 terahashes per second (TH/s), the S19j Pro Antminers hold 100 TH/s in processing power.

BitNile says it began receiving 300 S19j Pro Antminers per month in November 2021 in accordance with the purchase agreement with Bitmain. However, since the start of March this year, this schedule has increased to an expected 2,300 miners per month.

“Once all 20,600 miners are fully deployed and operational, BitNile is expected to achieve mining production capacity of approximately 2.24 exahashes per second,” the company said in the statement.

BitNile noted that these numbers of stated miners and production capacity metrics represent the S19j Pro Antminers at its Michigan data center.

Moreover, the company warned that all its “estimates and other projections are subject to the actual delivery and installation of Bitcoin miners, the volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term in Bitcoin market price, the fluctuation in the mining difficulty level, and other factors that may impact the results of production or operations.”

Bitcoin’s Mining Difficulty Haze

Bitcoin mining difficulty hit an all-time high in late January, increasing by more than 9% after its hash rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term topped the level of 183 exahash, which is the highest level on record, earlier in the month.

Meanwhile, the cryptocurrency mining company, Argo Blockchain’s BTC mining revenue dropped to £5.26M in January. The company cited the increase in network difficulty behind the decline.