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The current annual operating rate of Bitcoin mining business is approximately $83 million
Las Vegas, January 10, 2024–(BUSINESS WIRE)–Ault Alliance, Inc. (NYSE American: AULT) is a diversified holding company (“Oort Alliance,” or “company“), today we announced that we have decided to begin holding up to 20 percent and a minimum of 5 percent of the Bitcoins we mine on our balance sheet. This strategic move will allow us to adjust our asset management. It’s part of our broader plan to ultimately create a more valuable company and increase shareholder value.
Milton “Todd” Ault III, founder and executive chairman of the Ault Alliance, commented on this development, saying, “Our confidence in Bitcoin as a sustainable asset class is demonstrated in our white paper. “We are adjusting our approach to take full advantage of the short- and long-term potential of this digital asset, consistent with the insights of Michael Saylor, Executive Chairman of MicroStrategy.” . ”
Ault Alliance, through its wholly owned subsidiary Sentinum, Inc. (“centinum) has made significant progress in Bitcoin mining, and in December 2023, the single-month operation rate for Bitcoin miners reached the company’s highest ever, as Sentinum mined approximately 151 Bitcoins in the same month. Michigan. About 77 Bitcoins were mined at Centinum’s data center in the state, while about 74 Bitcoins came from mining machines hosted by Core Scientific, Inc., which had a monthly run rate of about $6.9 million. Based on a Bitcoin price of approximately $46,000, the current annual run rate for Bitcoin mining operations is set at approximately $83.3 million.
Kenneth S. Cragan, Chief Financial Officer of Ortho Alliance “We will need to measure Bitcoin at the end of 2020, and our treasury team is well-equipped to do just that.” Manage new accounting and disclosure requirements related to holding Bitcoin on your balance sheet to ensure compliance and optimal asset utilization. ”
This decision underscores Ortho Alliance’s commitment to keep pace with the evolution of the digital economy by strategically aligning its overall asset management strategy.
For more information about Ault Alliance and its subsidiaries, Ault Alliance’s public disclosures are available to shareholders, investors, and other interested parties in the Investor Relations section of www.Ault.com or www.sec.gov. We encourage you to read the documentation and press releases. .
About Ortho Alliance Co., Ltd.
Aault Alliance, Inc. is a diversified holding company that seeks growth by acquiring undervalued businesses and disruptive technologies that impact the world. Through wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates data centers that mine Bitcoin and provide colocation and hosting services for the emerging artificial intelligence ecosystem and other industries. I am. Targeting a variety of industries including Metaverse Platform, Oil Exploration, Crane Services, Defense/Aerospace, Industrial, Automotive, Medical/Biopharmaceuticals, Consumer Electronics, Hotel Operations, and Textiles. Additionally, Ault Alliance extends credit to select entrepreneurial businesses through its licensed lending subsidiaries. Aault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141. www.Ault.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 are typically predictive in nature and include statements that depend on or refer to future events or conditions and include statements that include “we believe,” “we plan to ”, “expects”, “plans”, “estimates”, and “”. “expect”, “intend”, “strategy”, “future”, “opportunity”, “may”, “will”, “should”, “could”, “could” ” 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 on which they are made, and we undertake no obligation to publicly update them in light of new information or future events. Actual results may differ materially from those contained in the forward-looking statements as a result of various factors. Further information, including potential risk factors that could affect our business and financial results, is contained in our filings with the Securities and Exchange Commission. This includes, but is not limited to, our Forms 10-K, 10-Q, and 8. – K. All filings are available at www.sec.gov and our website www.Ault.com.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240110118091/ja/
contact address
Ortho Alliance Investor Contact:
IR@Ault.com or 1-888-753-2235
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