Integrated Ventures Provides Update On Latest Revenue Growth And Completes Deal With Petawatt To Secure Up To 23 MW Of Power
May 18 2021 - 9:15AM
InvestorsHub NewsWire
Integrated Ventures Provides Update On Latest
Revenue Growth And
Completes Deal With Petawatt To Secure Up To 23 MW Of Power
Capacity
Philadelphia, PA -- May 18, 2021 -- InvestorsHub
NewsWire -- Integrated Ventures,
Inc.
(OTCQB:
INTV) ("INTV" or "Company"), is pleased to provide the
following corporate update:
-
The
Company had executed Letter Of Intent and 3 Year Power Supply
Agreement with PetaWatt Holdings, LLC, (“PetaWatt”), an industry
leader in an efficient data center infrastructure for large-scale
clients in cryptocurrency mining and high-performance computing.
This transaction will (1) secure up to 23 MW of power in Carthage,
NY and Massena, NY, (2) reduce direct mining operational costs, (3)
maximize hash rate and provide 12 month runway, in terms of power,
for INTV's growth and expansion
opportunities.
-
During first week of June, 2021, INTV expects to
receive 7 mobile containers and connect 300 Avalon miners by the
end of the month, which shall result in estimated monthly revenues,
reaching $625,000 and estimated annual revenues, crossing
$7,500.000, while delivering gross mining margins of
60%+.
-
In
addition, INTV is finishing connecting 100 WhatsMiners at container
facility, powered by Scrubgrass Power Plant and located in
Kennerdel, PA. Additional corporate update will be issued in
few days.
“INTV
believes that an expansion of the relationship with PetaWatt, an
experienced data center operator, will result in lower operational
costs, boost INTV's power capacity and provide a clear pathway for
an expansion of INTV's mining operations. As a part of this
agreement, Integrated Ventures, Inc has agreed to make an sizable
investment, towards costs related to PetaWatt's infrastructure
upgrades and an acquisition of additional power assets. The Company
will benefit from on-site technicians, who will handle the (1)
equipment monitoring, (2) miner repairs, (3) firmware upgrades and
much more. This agreement will solidify potential of the Company's
operational platform and facilitate more revenue and growth
opportunities for INTV,” says Steve Rubakh, CEO of Integrated
Ventures, Inc.
About Integrated Ventures
Inc:
The
Company operates as Technology Holdings Company with focus on
cryptocurrency sector. For more information, please
visit www.integratedventuresinc.com.
Safe
Harbor:
The
information provided in this press release may include
forward-looking statements relating to future events or the future
financial performance of the Company. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as "anticipates," "plans," "expects,"
"intends," "will," "potential," "hope" and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon current expectations of
the Company and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties. Detailed information regarding factors that may
cause actual results to differ materially from the results
expressed or implied by statements in this press release relating
to the Company may be found in the Company's periodic filings with
the Securities and Exchange Commission, including the factors
described in the sections entitled "Risk Factors," copies of which
may be obtained from the SEC's website at
www.sec.gov.
The Company does not undertake any obligation to update
forward-looking statements contained in this press
release.
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