BitNile subsidiary announces hosting agreement with Agora Digital

BitNile Holdings (NILE) announced that its wholly owned subsidiary, BitNile, has entered into a hosting agreement securing up to 78 megawatts, or MW, of power with Agora Digital Holdings, a majority-owned subsidiary of Ecoark Holdings (ZEST). Agora Digital will initially provide up to 12 MW of electricity at their digital asset mining hosting facility located in Texas for BNI’s use. At BNI’s direction and Agora Digital’s expense, an additional 66 MW of power can be made available to BNI as determined by BNI, Agora Digital and the electricity provider. Agora Digital is required to raise at least $5M to fulfill obligations under the Agreement to enable the build out of the hosting facility including the initial 12 MW of power. In conjunction with the ongoing expansion of BNI’s site in Michigan, the new hosting agreement is intended to maintain BNI’s plan to promptly install and operate the Bitcoin miners delivered by Bitmain Technologies. The geographical distribution will also help BNI diversify the risk among its portfolio of mining equipment. BNI believes that the Agreement will enable it to initially power approximately 3,750 S19j Pro miners in the Q1 of 2023.