Integrated Ventures Announces A Purchase of Bitcoin Mining Equipment And Sets An Initial Annual Revenue Target Of 1.1 million
September 28 2017 - 10:35AM
InvestorsHub NewsWire
Philadelphia, PA -- September 28,
2017 -- InvestorsHub NewsWire -- BitcoLab, Inc, a wholly owned
subsidiary of the Integrated Ventures, Inc, (OTC:
INTVD) announced today that it has finalized and completed a
purchase order consisting of five transactions with two the largest
manufacturers of Bitcoin Mining Equipment. Total number of units
purchased was 160 Mining units with an inventory value of
$307,722.00.
50 units of model L3+ Antminer with
Bitmain Technologies. Total value of this purchase order is
$96,800.00 and the delivery is scheduled for the middle of
November.
45 units ofodel L3+ Antminer with
Bitmain Technologies. Total value of this purchase order is
$105,716.00 and the delivery is scheduled for the end of
November.
10 units of model S9 Antminer with
Bitmain Technologies. Total value purchase order is $13,706.00 and
the delivery is scheduled for the the middle of
December.
50 units of model A4 Dominator with
Innosilicon Technology LTD. Total value of this purchase order is
$81,000.00 and the delivery is scheduled for the middle of
November.
5 units of BitcoLab Model (8 GPUs).
Total value of this purchase order is $10,500.00 and the delivery
is scheduled for the middle of November.
Upon a timely delivery and full
deployment, including an installation and setup, Bitcolab's Bitcoin
mining operations are expected to generate approximate $1.1 million
in annual revenue. Factoring in the general expenses including
electricity and hosting, EBITDA from the Bitcoin Mining Operations
is projected to be at $750,000 thousand per year.
The Company anticipates placing an
additional purchase order for 340 units in early January after
completing the installation and 60 days testing of incoming
units.
Steve Rubakh, CEO of Integrated
Ventures, Inc comments: “This fully paid purchase clearly indicates
our confidence and the commitment to agressively pursue
opportunities in crypto currency market. With the recent market
price of $4,250.00 per Bitcoin, the mining business is extremely
profitable. We are very exicited about our clean balance sheet,
cash on hand and a manageble convertible debt level of $46,500.00.
Our current financial position is allowing the Company to execute
the launch of mining operations at such rapid pace and we are
confident about hitting our revenue targets and building BitcoLab
into a national mining powerhouse. We look forward to updating the
investment community and shareholders with further
progress."
About Integrated Ventures, Inc: the
Company is focused on acquiring, launching and operating companies,
primarily in the technology, mobile applications and healthcare
transportation sectors.
For more details about please visit
www.integratedventuresinc.com.
About BitcoLab, Inc: This wholly
owned subsidiary is pursuing opportunities in crypto currency
sector with focus on bitcoin mining, hosting, pooling,
manufacturing and distributing of own brand of mining equipment and
the development of blockchain based applications for financial
markets.
For more details about BitcoLab,
Inc , please visit
www.bitcolab.io.