Integrated Ventures Set to Buy $35M Worth of Bitcoin Mining Equipment

Pennsylvania tech firm Integrated Ventures has entered a buying settlement to purchase $35 million price of bitcoin mining tools.

In a partnership with Wattum Management, a New York mining administration agency, Integrated Ventures has bought 4,800 Antminer mannequin S19Js for $34 million from ASIC producer Bitmain. Additionally, the corporate additionally bought 150 WhatMiner PO-2s for $1 million {dollars}.

The agency’s shares are up 22% on the time of publication.

Related: Asset Managers, Owning Bitcoin Is Now Your Fiduciary Duty

The deal consists of “draw back safety and the precise to change the [Bitmain] miners with new fashions, scheduled to be launched in early 2022,” a release reads.

Integrated Ventures anticipates that, “at minimal,” 2,000 of these bitcoin miners shall be operational by December 2021.

“The Company may be very happy to safe this massive scale buy settlement, particularly throughout a interval of scarce provide of mining {hardware}. Going ahead, INTV is dedicated to deploy any raised capital for purchases of the mining tools. This buy successfully doubles INTV’s hash price and represents a significant step in INTV’s strategic progress plan, leading to important enhance of the Company’s projected income progress price,” CEO Steve Rubakh stated within the launch.

Integrated Ventures broke into the crypto mining trade in 2018, and per releases on its website, it has been shopping for up ASICs this yr from any and all producers in a frenzy that matches the investment appetite we’ve seen from different bitcoin mining ventures. The enterprise operates its machines, partly, in mining colocation knowledge facilities operated by Compute North.

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