Home Cryptocurrency US firm splashes out on 4,800 Bitcoin miners worth $34M

US firm splashes out on 4,800 Bitcoin miners worth $34M

by Gordon James

Pennsylvania-based software company Integrated Ventures has announced the purchase of 4,800 bitcoin (BTC) miners from Chinese manufacturer Bitmain. The agreement, worth just over $34 million, provides for the delivery of 400 units of Bitmain’s Antminer S19J per month to integrated companies over the next year.

Integrated Ventures has entered into an agreement with Wattum Management, a provider of mining solutions. Wattum is to assist in the placement and management of INTV’s mining operations. The mining units will each deliver 100 terahash, bringing the IV to nearly 0.5 million tonnes per second when the mining units are fully completed in 2022.

Based on bitcoin’s current hash rate of 170 million tpc, this gives the company a significant, albeit relatively small, share of the coin’s hash. It should be noted that the hashrate of bitcoin has doubled in the past year alone, meaning that IV hardware could cost much less next year.

Perhaps with this in mind, INTV has negotiated a 12-month price guarantee as part of the deal, as well as the right to replace existing S19J mining rigs with newer models when they hit the market next year.

Few expect the cryptocurrency market to remain static for long, but INTV estimates expected revenue for the next 12 months to be between $19 million and $21 million, based on the current bitcoin price of around $60,000.

Steve Rubach, CEO of Integrated Ventures, said the deal effectively doubles Bitcoin’s existing hashing capabilities, adding that he was happy to secure mining hardware at a time when hardware is scarce.

The company is very pleased with the signing of this ambitious purchase agreement, especially at a time when the supply of mining equipment is scarce. In the future, INTV plans to use all funds raised to purchase mining equipment, Rubach said.

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