Ault subsidiary announces purchase agreement with TypeX

Ault Alliance announced that its subsidiary, BNI Montana, a newly formed subsidiary of BitNile, has entered into an asset purchase agreement with TypeX, to acquire two land lease agreements and two corresponding power purchase agreements in Montana. The lease and power agreements run for a period of 10 years, with a 10-year renewal option. In addition, BNI has entered into a master services agreement for TypeX to build out and develop fully operational data centers dedicated to Bitcoin mining operations on the properties, and to manage the Facilities for a period of two years. With the acquisition, BitNile anticipates that upon initial completion, the Facilities will provide up to a combined 20 megawatts of power, enabling up to 6,500 S19j Pro Antminers to operate, which BitNile expects to be completed in June 2023. TypeX believes that the substations providing power to the Facilities may have the ability to handle capacity up to 250 megawatts of power, which could be sufficient to operate up to 80,000 S19j Pro Antminers. BitNile has the right to conduct a load study to determine future capacity and if economically viable, acquire such additional power capacity. No assurances can be given that BitNile will conduct such a load study, that the load study results will support the ability to expand to 250 megawatts of power or that BitNile will have the financial resources to acquire such additional capacity, if available. The completion of the Facilities is expected to allow BitNile to deploy Bitcoin miners it purchased from Bitmain Technologies.