- BitNile mined a total of 31.7 BTC in March, bringing the to-date total to 132.6 BTC
- The company is expecting an annualized run rate of 398 BTC
- When all 20,600 miners are deployed, production is expected at around 2.24 exahashes per second
For an ulterior way of dabbling in crypto, more and more investors are buying into mining companies as a way of tipping the toes without the dangerous exposure or unnecessary risk of buying digital assets themselves. With the price of bitcoin expected to continue its gains as digital currency weaves its way into the psyche of modern finance, mining companies like BitNile (AMEX: NILE) are becoming popular choices with investors. That being said, NILE shares are currently nearing all-time lows, trading at a mere $0.79.
Today, the company announced its unaudited update on Bitcoin production and miner installation; specifically the S19j Pro Antminers at the Michigan data center. On the basis of current market conditions, BitNile’s BTC mining production is operating at an apparent ‘annualized run rate’ of 398 Bitcoin.
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Since the purchase of its original gear, the company has doubled its miner count, now boasting 4,754 S19j Pro Antiminers, generating a processing power of around 500 petahashes per second. Over March, the company mined a total of 31.7 BTC, bringing the to-date total to 132.6 BTC.
This is only just the start for BitNile. Following a deal with Bitmain Technologies, the company is due a total of 20,600 miners, of which only a portion has been delivered and are currently in use. Once the full 20,600 miners are fully operational, BitNile is expected to achieve a production capacity of 2.24 exahashes per second; an immense jump from the current production rate.
There can be a lot of uncertainty when it comes to Bitcoin mining, BitNile’s projections are subject to the on-time delivery of expected mining equipment and volatile fluctuations in the price of Bitcoin can easily spark similar movements in the NILE share price. NILE stock is arguably appealing at its current ‘penny stock’ levels, bearing in mind the company has only received part of its total order from Bitmain, meaning production levels are set to rise dramatically.