4,800 Bitcoin miners worth $34 Million , bought by US Firm

4800 Bitcoin miners worth $34 Million bought by US Firm

The Purchase of about 4,800 mining rigs from the Chinese Manufacturer, Bitman have been announced by Integrated Ventures, a Pennsylvania Software firm.

However, with Wattum expected to help anchor and manage INTV’ mining operations, Integrated ventures are also in alliance with them, to carry out the Deal. Wattum is a mining solution provider. Also giving IV close to 0.5 million TH/s by the time the full shipment rigs is delivered in 2022, the mining rigs deliver 100 terahashes each.

The recent hashrate of bitcoin being 170 million TH/s and which aids the firm to get a sizable of relatively adequate share of the coin’s hashing power. IV equipment could feasibly worth much less by next year, because Bitcoin hash rate doubled.

Perhaps with this in mind, INTV secured downside price protection for 12 months as part of the deal, as well as the right to replace the current S19J mining rigs with newer models when they are released in the coming year.

Few would expect the cryptocurrency market to remain static for any great length of time, however, INTV calculates expected revenues of between $19 million and $21 million in the next 12 months, based on the current Bitcoin price of around $60,000.

CEO of Integrated Ventures, Steve Rubakh, said the deal effectively doubled the firm’s existing Bitcoin hashing power, adding that he was pleased to secure the purchase of mining equipment at a time when the hardware was scarce.

“The Company is very pleased to secure this large scale purchase agreement, especially during a period of scarce supply of mining hardware. Going forward, INTV is committed to deploy any raised capital for purchases of the mining equipment,” said Rubakh.

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