BitNile to Loan Up to $100M to Small Business Supported by Bitcoin

BitNile (Bitcoin miner) has plans to fund up $100 million in commercial loans for small, publicly traded businesses. These loans will be secured with its own bitcoins through its subsidiary Digital Power Lending (DP Lending).

Ault Lending, a platform that lends to publicly traded companies under $250 million in market cap, will offer the new program. according to a statement.
BitNile will hold $100 million worth of self-mined Bitcoin in reserve to support the expansion of its lending program. The loans will be available in amounts between $1 million and $25 million.
The borrower can repay the debts using cash, bitcoin, or in the instance of convertible promissory bills, common stock.
The lending program will use “layer Three” technology in partnership with startup Earnity to offer decentralized finance (DeFi). smart contracts to the borrowers and is also expected to allow those companies to borrow against their bitcoin holdings.
BitNile will significantly increase its bitcoin mining capacity this year by increasing its number of mining rigs from 20,600 to 20,000. That would yield an expected mining production capacity of about 2.24 exahashes per second (EH/s).
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