Philadelphia, PA, May 18, 2021 /PRNewswire/ – Integrated Ventures, Inc. (OTCQB: INTV) ("INTV" or "Company"), is pleased to provide the following corporate update:
The Company had executed Letter Of Intent and 3 Year Power Supply Agreement with PetaWatt Holdings, LLC, (“PetaWatt”), an industry leader in an efficient data center infrastructure for large-scale clients in cryptocurrency mining and high-performance computing. This transaction will (1) secure up to 23 MW of power in Carthage, NY and Massena, NY, (2) reduce direct mining operational costs, (3) maximize hash rate and provide 12 month runway, in terms of power, for INTV's growth and expansion opportunities.
During first week of June, 2021, INTV expects to receive 7 mobile containers and connect 300 Avalon miners by the end of the month, which shall result in estimated monthly revenues, reaching $625,000 and estimated annual revenues, crossing $7,500.000, while delivering gross mining margins of 60%+.
In addition, INTV is finishing connecting 100 WhatsMiners at container facility, powered by Scrubgrass Plant, located in Kennerdel, PA. Additional corporate update will be issued in few days.
“INTV believes that an expansion of the relationship with PetaWatt, an experienced data center operator, will result in lower operational costs, boost INTV's power capacity and provide a clear pathway for an expansion of INTV's mining operations. As a part of this agreement, Integrated Ventures, Inc has agreed to make an sizable investment, towards costs related to PetaWatt's infrastructure upgrades and an acquisition of additional power assets. The Company will benefit from on-site technicians, who will handle the (1) equipment monitoring, (2) miner repairs, (3) firmware upgrades and much more. This agreement will solidify potential of the Company's operational platform and facilitate more revenue and growth opportunities for INTV,” says Steve Rubakh, CEO of Integrated Ventures, Inc.
Safe Harbor: The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors," copies of which may be obtained from the SEC's website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this press release.