US company buys 4,800 new Bitcoin (BTC) mining rigs from Bitmain

Pennsylvania-based software company Integrated Ventures has announced the purchase of 4,800 #Bitcoin# (BTC) mining rigs from Chinese manufacturer Bitmain. The deal, valued at more than $34 million, will see 400 of Bitmain’s Antminer model S19J delivered to Integrated Ventures each month over the next year.

Bitcoin Mining Machine

Integrated Ventures partnered with mining solutions provider Wattum Management for the deal, with Wattum expected to help host and manage INTV’s mining operations. The mining equipment is delivered at 100 terahash per unit, and by the time the full mining equipment is delivered in 2022, the IV will be close to 500,000 terahash/second.

Based on Bitcoin’s current hash rate of 1.7 t/s, this gives the company a sizable, if still modest, share of the coin’s hashing power. Notably, Bitcoin’s hash rate has doubled in the past year alone, meaning IV’s equipment could be worth a fortune next year.

Perhaps with this in mind, as part of the deal INTV is guaranteeing 12 months of price drop protection and the right to replace its current S19J mining rigs with new models when they are released next year.

Few would argue that the cryptocurrency market will remain static for any extended period of time, but, based on the current Bitcoin price of around $60,000, INTV calculates expected revenues of between $19 million and $21 million over the next 12 months.

Integrated Ventures CEO Steve Rubakh said the deal effectively doubles the company’s existing bitcoin hashing power, adding that he was pleased to have secured the purchase of mining equipment at a time when hardware is scarce.

“The Company is very pleased to have secured this large-scale purchase agreement, especially during this period of mining hardware supply shortage. Going forward, INTV is committed to using the raised funds to purchase mining equipment.”