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Cryptocurrencies: 25799
Markets: 103857
Market Cap: $2,671,173,322,305     
24h Vol: $42,155,958,097
Seeking Alpha 2022-12-07 11:55:45

BitNile stock jumps after signing new hosting agreement

BitNile stock jumps after signing new hosting agreement
BitNile ( NYSE: NILE ) shares gained 6% Wednesday morning after the firm signed a hosting agreement with Agora Digital to add up to 78MW of power. Agora Digital, a majority-owned subsidiary of Ecoark Holdings ( NASDAQ: ZEST ), will initially provide up to 12MW of electricity at their digital asset mining hosting facility located in Texas for BitNile's use. An additional 66MW of power can be made available to BitNile's as determined by the firm, Agora Digital and the electricity provider. To meet obligations under the agreement, Agora Digital is required to raise at least $5M to enable the build out of the hosting facility, including the initial 12MW of power. The hosting agreement will enable BitNile ( NILE ) to install and operate the Bitcoin miners delivered by Bitmain Technologies, helping to initially power ~3,750 S19j Pro miners in the first quarter of 2023.
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