In this study, nickel-boron (Ni-B) alloys were produced via a carbothermic reduction starting from boric acid (H3BO3) with high-purity nickel oxide (NiO), charcoal, and wood chips in a direct current arc furnace. In electric arc furnace experiments, different starting mixtures were used, and their effects on the chemical compositions of the final Ni-B alloys were investigated. After the reduction and melting stages, Ni-B alloys were obtained by tapping from the bottom of the furnace. The samples from the designated areas were also taken and analyzed. The chemical composition of the final alloys and selected samples were measured with wet chemical analysis. The Ni-B alloys had a composition of up to 14.82 mass% B. The phase contents of the final alloys and selected samples were measured using x-ray diffraction (XRD). The XRD data helped predict possible reactions and reaction mechanisms. The material and energy balance calculations were made via the XRD Rietveld and chemical compositions. Nickel boride phases started to form 600 mm below the surface. The targeted NiB phase was detected at the tapping zone of the crucible (850-900 mm depth). The energy consumption was 1.84-4.29 kWh/kg, and the electrode consumption was 10-12 g/kg of raw material charged.