Integrated Ventures Purchases Mining Equipment, Valued at $190,000 As BTC Pricing Reaches 17,000
PHILADELPHIA, November 17, 2020 / PRNewswire / - Integrated Ventures Inc, (OTCQB: INTV) (“Company”) is pleased to confirm this purchase and provide additional details, in regards to all recent purchases of cryptocurency mining equipment from WhatsMiner.
The purchasing summary (Q4/2020 thru Q1/2021) of all mining eqipment is as follows:
Antminer S17Pro/56TH – 100 units (*)
Antminer S17Pro/73TH – 72 units (*)
Antminer Z11/138 – 5 units (*)
Antminer S19Pro/110TH – 2 units (*)
WhatsMiner M31/74TH – 110 units (**)
Total Units Purchased (Q4/2020 and Q12021): 289
In total, 395 units (including previously purchased Antminer T17 and GPU powered units) will be connected by December 15, 2020.
Steve Rubakh, CEO of Integrated Ventures, Inc, comments:
“The Company is deploying recently raised capital for purchases of the mining equipment, driven by:
decrease in power and general operating costs
improved profitability and efficience of the mining equipment
recovery and recent performance of the cryptocurrency markets
significant BTC purchases, reported by major institutions
cryptocurrency sector's maturity, positive developments and acceptance as a viable investment.
Estimated unaudited annual mining revenues, based on BTC price of $17,000 are tracking at $950,000+ vs actual revenues of $454,170 for year 2020.
Thus, subject to the equipment availability, the Company intends to execute purchases of the mining equipment, on bi-weekly basis, mainly relying on current and future cash flow. We expect to deliver revenue and profitability growth and see a great potential for the M&A driven business expansion opportunities, going forward”.
(*) connected units
(**) units to be connected by December 15.
About Integrated Ventures Inc:
The Company operates as Technology Holdings Company with focus on blockchain and cryptocurrency sector. For more information, please visit company's website at www.integratedventuresinc.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.