On March 18, BitNile Holdings Inc. (NILE) announced updates regarding its subsidiary TurnOnGreen’s Tim Hortons EV charger installations. Consequently, NILE stock skyrocketed in the premarket on Monday, March 21, 2022. At the time of writing, the stock had increased by a huge 89.73% in the premarket.
In the previous trading session on Friday, the stock remained bullish with a mild gain of 2.36%. The volume of the share exchanged during the session was 1,039% of the average at 25.06 million. Following a decent to a near low of $0.53 per share, NILE closed the session at a value of $0.56. Consequent to the news, the stock saw an upsurge in the premarket. At the last check, the stock was trading at $1.05 per share while the volume of shares exchanged was 3.5 million.
The diversified holding company, BitNile Holdings Inc. is engaged in various businesses through its subsidiaries including flexible power systems solutions and crypto mining. Currently, the company has a market capitalization of $47.13 million with 84.36 million outstanding shares.
NILE’s TurnOnGreen Update
Previously, in December 2020, NILE’s subsidiary TurnOnGreen had entered into an agreement for the installation of Level 3 EV chargers at certain Tim Hortons locations. The agreement was undergone with select franchisees as part of a revenue-sharing program. However, due to pandemic-related supply chain constraints and restrictions on access to Canada, the pilot program suffered a delay. With pandemic and supply-chain issues calming down, TurnOnGreen resumed work on the project in February 2022.
Since resuming the work, TurnOnGreen along with its Canadian partner has achieved various milestones including sire planning, permitting, and previsioning the required power infrastructure at the first pilot location. The company expects the installation to be completed in Q2 2022.
Mining Status Update
On March 17, the company provided its Bitcoin miner installation and delivery update at its Michigan data center. Until now, NILE has invested about $111 million in building and mining infrastructure at the data center along with miners from Bitmain Technologies Ltd.
The company expected to receive around 2.300 S19j Pro Antminers by the end of March 2022 with a total of installed miners reaching 4,800.
The company had entered into a purchase agreement with Bitamain for 20,600 miners, receiving 300 per month in November 2021. Thus, the schedule is expected to reach 2,300 per month this month.
With the complete deployment of all 20,600 miners, NILE expects to achieve a mining production capacity of 2.24 exahashes per second.