BitNile is relocating more than 6,500 Bitcoin miners as a result of Compute North’s bankruptcy.
Ault Alliance, a diversified holding company, Announced that its subsidiary, BitNile, is moving 6,572 Bitcoin miners from a hosting facility in Texas to its Michigan data center.
The decision to move the miners was made as a result of Chapter 11 bankruptcy from Compute North, with whom BitNile had signed a hosting deal for 20 megawatts of power.
The deal was done in August 2022 and the miners relocated to Compute North’s Wolf Hollow hosting facility in Texas. However, after filing for bankruptcy, BitNile determined that the facility was no longer financially viable and began moving the equipment to its Michigan data center, which is expected to be completed by the end of February 2023.
“While this situation is very frustrating, we are advancing the legal process with Compute North and have control over our team. We believe the decision to relocate our mining team gives us the ability to better execute our future deployment plans,” Milton said. . Todd” Ault, III, CEO of the company.
Alongside this news, BitNile reiterated its previous report that it has entered into purchase agreements with Bitmain Technologies Limited for a total of 23,065 Bitcoin miners. The company expects to achieve a mining throughput capacity of approximately 2.66 exhashes per second once all miners are fully deployed and operational.
However, the company notes that all projections are subject to various factors, including the delivery and installation of Bitcoin miners, volatility in the Bitcoin market price, fluctuation in the level of mining difficulty, and the ability to Agora Digital Holdings Inc. to raise the necessary capital and build its power plant in Texas.
