Pennsylvania tech company Integrated Ventures has entered a purchasing agreement to buy $35 million worth of bitcoin mining equipment.
In a partnership with Wattum Management, a New York mining management firm, Integrated Ventures has purchased 4,800 Antminer model S19Js for $34 million from ASIC manufacturer Bitmain. Additionally, the company also purchased 150 WhatMiner PO-2s for $1 million dollars.
The deal includes “downside protection and the right to replace the [Bitmain] miners with new models, scheduled to be released in early 2022,” according to a company release.
Integrated Ventures anticipates that, “at minimum,” 2,000 of these bitcoin miners will be operational by December 2021.
“The company is very pleased to secure this large scale purchase agreement, especially during a period of scarce supply of mining hardware. Going forward, INTV is committed to deploy any raised capital for purchases of the mining equipment. This purchase effectively doubles INTV's hashrate and represents a major step in INTV's strategic growth plan, resulting in significant increase of the Company's projected revenue growth rate,” CEO Steve Rubakh said in the release.
Integrated Ventures broke into the crypto mining industry in 2018 and, per releases on its website, it has been buying up ASICs this year from any and all manufacturers in a frenzy that matches the investment appetite we've seen from other bitcoin mining ventures. The venture operates its machines, in part, in mining colocation data centers operated by Compute North.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.