Integrated Ventures Launches Chia Mining - An Environmentally Friendly Bitcoin Alternative

Rhea-AI Summary

Integrated Ventures Inc. (OTCQB: INTV) has announced a purchase order with NGD Systems for a custom Chia 2U Mining Server and acquired 8 HP ProLiant servers to enhance its plotting storage capacity. The company is expanding its cryptocurrency mining portfolio by adding Chia (symbol: XCH), known for its environmentally friendly blockchain technology. Chia's main network launched on March 19, and its coin trades between $550 and $1,800. This strategic move positions INTV to benefit from the growing interest in sustainable blockchain solutions.

Positive

• Acquisition of Chia Mining Server indicates commitment to expanding cryptocurrency mining capabilities.
• Addition of Chia (XCH) enhances INTV's portfolio, diversifying revenue sources.
• Chia's eco-friendly technology aligns with increasing demand for sustainable blockchain solutions.

Negative

• None.

PHILADELPHIA, May 26, 2021 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV), ("Company") is pleased to announce a purchase order with NGD Systems, Inc, for custom designed Chia 2U Mining Server.

In addition, the Company has acquired 8 HP ProLiant DL380/G8/2.2 GHZ servers, designed to increase plotting storage capacity.

INTV is currently mining the following cryptocurrencies: Bitcoin, Etherium, Litecoin and Zcash. The Chia network is powered by energy efficient blockchain with less damage to the environment. The Chia coin will be the fifth type of cryptocurrency to be mined by INTV.

To create or "farm" Chia (symbol: XCH), miners aka farmers must install Chia's software that creates cryptographic data known as "plots" to the hard drive. The blockchain broadcasts a problem for each new block, approximately every 18 seconds — with the likelihood of farmer winning the block being determined by the availability of unused computational storage capacity.

Specifications for the sample Chia Mining Server:

• BRAND/TYPE: 2U Server By Dell
• CPU: Duel-socket Intel Based AMD EPYC
• DRAM: 128gb (16 x 8TB/pre-plotted and pre-tested NVMe SSDs)
• $PLOTS INCLUDED: 800
• CONCURRENT PLOT CAPABILITY: 64

> About Chia Network:

Chia was created by BitTorrent inventor Bram Cohen. It was developed through a powerful, easy-to-audit and secured new intelligent transaction programming language called Chialisp. Chia uses a proof of space and time (POST) consensus algorithm. Users can use the remaining hard disk space in the storage device for transactional verification with relatively lower computing power and electricity consumption, rendering Chia a higher green and environmentally friendly blockchain technology. Chia's main network went live on March 19. As of 05/20/2021, Chia (Symbol: XCH) is listed on the Huobi and OKEx exchanges and has been trading in the range of $550.00 - $1,800.00.

Blockchain startup "Chia Network" has raised $61 million in a funding round, which included investment from top venture capital firms Andreesen Horowitz and Richmond Global Ventures. The decentralized smart contract platform was valued at around $500 million in the funding round, according to an anonymous source cited by Bloomberg. The funding round was also backed by the CEO and co-founder of Angel List Naval Ravikant, Breyer Capital, and True Ventures.

> About NGD Systems, Inc:

Founded in 2013 with headquarters in Irvine, Calif., NGD Systems has focused its breakthrough technology will fundamentally change the IT Industry by bringing compute to storage in ways never implemented before. NGD Systems enables infrastructure success and growth by delivering the industry's most innovative Computational Storage NVMe SSDs in the largest capacity and most power-efficient storage products available. NGD Systems' Computational Storage products enable compute at the edge without moving data from storage devices, overcoming challenges that current system architectures cannot solve. NGD Systems' breakthrough technology is ideal for hyperscale environments, edge computing, and AI/data analytic applications. For more information, please visit https://www.ngdsystems.com.

> About Integrated Ventures,Inc:

Corporatly structured as a Technology Portfolio Holdings Company, INTV is focused on Blockchain Technology and Cryptocurrency Mining. For more details, please visit the Company's website: 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 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.

sr@integratedventures.io, 215-613-1111

 

 

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SOURCE Integrated Ventures Inc.

FAQ

What new mining server did Integrated Ventures purchase?

Integrated Ventures purchased a custom Chia 2U Mining Server from NGD Systems.

What cryptocurrencies is INTV currently mining?

INTV is mining Bitcoin, Ethereum, Litecoin, Zcash, and now Chia (XCH).

What is the price range for Chia (XCH) as of May 2021?

As of May 20, 2021, Chia (XCH) traded between $550.00 and $1,800.00.

When did the Chia network launch?

The Chia network launched on March 19, 2021.

What is unique about Chia's blockchain technology?

Chia employs a proof of space and time consensus algorithm, making it more environmentally friendly.