BitNile Holdings Updates Status of Bitcoin Mining Operations

$111 Million Invested to Date in New Miners and Upgrades to the Michigan Data Center

BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today published an update on its Bitcoin miner installations and delivery schedule at its Michigan data center. To date, BitNile has invested approximately $111 million in building and mining infrastructure at its Michigan data center and Bitcoin miners from Bitmain Technologies, Ltd. (“Bitmain”). BitNile stated that installations and deliveries are on track with approximately 2,200 installed S19j Pro Antminers and 300 additional S19j Pro Antminers scheduled to be delivered tomorrow for immediate installation. At the end of March 2022, the Company expects to take receipt of approximately 2,300 S19j Pro Antminers, which would bring the Company’s installed and active S19j Pro Antminers miners to approximately 4,800, that, once installed, are expected to produce more than two Bitcoin per day based on current market conditions, including a mining level of 27.55 trillion.

Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We expect to significantly ramp up our production capacity beginning in March 2022, as we expect to receive and begin installing 2,300 miners per month from our previously announced purchase agreements. Our team is focused and working diligently to make BitNile one of the largest Bitcoin miners in the United States.”

As previously disclosed, BitNile has entered into purchase agreements with Bitmain for a total of 20,600 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers that feature a processing power of 140 terahashes per second (“TH/s”) and 16,000 S19j Pro Antminers that feature a processing power of 100 TH/s.

BitNile began receiving 300 S19j Pro Antminers per month in November 2021 in accordance with the purchase agreement with Bitmain. Beginning in March 2022, this schedule will increase 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 notes that all estimates and other projections are subject to the actual delivery and installation of Bitcoin miners, the volatility in Bitcoin market price, the fluctuation in the mining difficulty level, and other factors that may impact the results of production or operations.

For more information on BitNile and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.

About BitNile Holdings, Inc.

BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.BitNile.com.

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