Integrated Ventures Receives Mining Equipment Valued at $4,110,000 and Acquires 32 Acre Property With 130mw Power Capacity

Rhea-AI Summary

Integrated Ventures, Inc. (OTCQB: INTV) provided a corporate update on October 1, 2021, highlighting significant operational advancements. The company reported the acquisition of 400 Antminer S19 and 250 Avalon 1166/1246 models, valued at $4,550,000. INTV's current hashing capacity is 82 PH, enabling the production of approximately 14-16 BTC monthly, with a digital currency balance of $1,467,000. The company has over 1,200 miners online, generating daily revenues exceeding $28,000 and projected annual revenues over $10 million. A property acquisition in Tioga, PA, aims to expand power capacity up to 130mw.

Positive

• Acquisition of 400 Antminer S19 and 250 Avalon miners valued at $4,550,000.
• Mining operations projected to generate annual revenues over $10 million.
• Acquisition of a new property in Tioga, PA, for power capacity expansion.
• Current digital currency balance of $1,467,000 enhances liquidity.

Negative

• None.

PHILADELPHIA, Oct. 5, 2021 /PRNewswire/ -- Integrated Ventures, Inc, (OTCQB: INTV) ("Company") is pleased to provide this corporate update with details on the latest operational developments, dated October 1, 2021.

ASIC Mining Equipment Delivery Summary: the Company have shipped and received: (1) 400 Antminer S19 models, with 40,000 TH hashing capacity and (2) 250 Avalon 1166/1246 models, with 21,750 TH hashing capacity, combined valued at $4,550,000.

Digital Currency Production Estimation: INTV's hashing rate has reached 82 PH and INTV's mining operations are expected to produce about 14-16 BTCs per month. Most of the self-mined BTC, usually is deposited into custody, consistent with INTV's current business strategy. Please note, that on monthly basis, some of the BTC generated is being sold and with proceeds being used to service monthly payments, due to Bitmain. INTV's digital currency's balance was at $1,467,000.

Mining Revenues Estimation: the Company have installed 490 miners in Kearney, NE, resulting in a daily income exceeding $11,500. Including miners, operating in Carthage, NY 2021, INTV currently has over 1200 miners online, with total daily revenues exceeding $28,000 and projected annual revenues over $10 million.

Power Capacity Expansion Summary: INTV has formed a subsidiary and executed Letter of Intent to acquire 32 acre property with 5 buildings and located in Tioga, PA, with potential power capacity up to 130mw and cost of 4.5 cents per kwh. Property is valued at $850,000.

Steve Rubakh, CEO of Integrated Ventures, Inc, comments: "We are thrilled with our current expansion progress and expect to scale it even faster, based on availability of the additional power capacity. During 2022, our forward looking projection of deployed miners and power will continue to increase, thus resulting in substantial growth of our mining revenues".

About: Integrated Ventures, Inc is Technology Portfolio Holdings Company with focus on Blockchain Technology and Cryptocurrency Mining. For more details, please visit the Company's website: www.integratedventuresinc.com.  

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.

Contact Details: 215-613-1111 sr@integratedventures.io  

View original content:https://www.prnewswire.com/news-releases/integrated-ventures-receives-mining-equipment-valued-at-4-110-000-and-acquires-32-acre-property-with-130mw-power-capacity-301393132.html

SOURCE Integrated Ventures, Inc

FAQ

What is the significance of the new mining equipment received by Integrated Ventures (INTV)?

The new mining equipment, valued at $4,550,000, enhances INTV's mining capacity and operational efficiency.

How much is Integrated Ventures (INTV) expected to earn from its mining operations?

INTV projects annual revenues exceeding $10 million from its mining operations.

What is the purpose of the property acquisition in Tioga, PA by Integrated Ventures (INTV)?

The property acquisition aims to expand power capacity, crucial for increased mining operations.

How many Bitcoins is Integrated Ventures (INTV) estimated to produce monthly?

INTV estimates its mining operations will produce approximately 14-16 Bitcoins per month.

What is the current digital currency balance of Integrated Ventures (INTV)?

INTV reports a digital currency balance of $1,467,000.