INTEGRATED VENTURES COMMENCES 5MW MINING OPERATIONS IN TEXAS

Rhea-AI Summary

Integrated Ventures, Inc. (OTCQB: INTV) has initiated mining operations at its Charlie Site in Wolf Hollow, Texas, as of January 4, 2023. The company operates over 2,600 miners across three facilities, achieving a total hashrate of 260 PH. With a deployed capacity exceeding 7.5 MW and current Bitcoin prices at $16,800, INTV projects annual mining revenues of over $5.6 million. Furthermore, the firm aims to diversify its business strategy in 2023 through joint ventures and acquisitions to enhance revenue growth in technology sectors.

Positive

• Commencement of mining operations in Texas is expected to boost revenue.
• Projected annual mining revenues exceeding $5.6 million based on current Bitcoin pricing and mining efficiency.
• Expansion of mining operations to over 2,600 miners enhances operational capacity and potential profitability.

Negative

• None.

INTEGRATED VENTURES COMMENCES 5MW MINING OPERATIONS IN TEXAS

PHILADELPHIA, Jan. 9, 2023 /PRNewswire/ -- Integrated Ventures, Inc, (OTCQB: INTV) (Integrated Ventures, Inc) is pleased to confirm the commencement of mining operations in Wolf Hollow, TX, effective 01/04/2023.

Previously (2021-2022), Integrated Ventures has signed two hosting agreements (locations: Kearney, NE and Wolf Hollow, TX) with Compute North. Due to the financial difficulties, on 09/22/2022, Compute North was forced to file Chapter 11. Thru Chapter 11 proceedings, Generate Capital, ("GC") had acquired both mining facilities and re-named them as Delta Site, (NE)  and Charlie Site, (TX). On 12/30/2022, INTV had executed an Amendment Agreement with GC, required to launch mining operations at Charlie Site (managed by US Bitcoin company). Effective 01/04/2023, all S19JPro miners, located at Charlie Site got energized.

Steve Rubakh, CEO of Integrated Ventures comments: "We are thrilled with our latest expansion progress. As of 01/04/2023, INTV's mining operations (Delta Site, Charlie Site and Tioga Site) consist of over 2600 miners, with hashrate reaching 260 PH. Based on (1) total deployed capacity over 7.5 MW , (2) BTC pricing of $16,800, (3) spot hashrate of $63.10 and (4) network difficulty of 34.09T, the Company projects to generate, annually, over $5.6 million in mining revenues. During 2023, INTV plans to diversify its current business strategy, via strategic JV's and M&A transactions, designed to (1) acquire additional, technology focused assets and (2) facilitate revenue growth."

About Generate Capital: The Company is a leading sustainable infrastructure company driving the infrastructure revolution. Generate Capital builds, owns, operates and finances solutions for clean energy, transportation, water, waste and digital infrastructure. Founded in 2014, Generate Capital partners with over 50 technology and project developers and owns and operates more than 2,000 assets globally. The Company is the one-stop shop offering pioneers of the infrastructure revolution, the money and help they need to get projects built. 

About Integrated Ventures: Structured as holdings company, INTV is focused on technology sector and  intends on developing, acquiring, operating and investing in high growth industries, such as e-commerce, information technology, data center management and cryptocurrency mining. Company's current, revenue generating operations consist of (1) digital currency mining and hosting and (2) sales of the mining equipment

Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995. 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.

CONTACT: sr@integratedventures.io (215) 613-9898

View original content:https://www.prnewswire.com/news-releases/integrated-ventures-commences-5mw-mining-operations-in-texas-301716520.html

SOURCE Integrated Ventures, Inc

FAQ

What recent operations has Integrated Ventures (INTV) begun?

Integrated Ventures has commenced 5MW mining operations in Wolf Hollow, Texas, effective January 4, 2023.

What is the projected annual revenue from mining for INTV?

Integrated Ventures projects annual mining revenues of over $5.6 million.

How many miners does Integrated Ventures have currently?

Integrated Ventures currently operates over 2,600 miners across its facilities.

What is the significance of the new mining operations for INTV's growth?

The new mining operations are expected to enhance revenue generation and contribute to the company’s strategic growth plans.