Pennsylvania Integrated Software Corporation has announced the acquisition of 4800 Bitcoin (BTC) mining platforms from Chinese manufacturer Bitmain. The deal is valued at just over $ 34 million, and 400 Antminer S19Js from Bitmain will be shipped monthly to Integrated Ventures companies next year.
Integrated Ventures partnered with Wattum Management, a provider of mining solutions, to implement the agreement, and Wattum is expected to assist the host and manage INTV mining. The mining platforms each provide 100 terrachesh, which gives IV almost 0.5 million terracheshes when a whole group of mines is sent in 2022.
Based on Bitcoin’s current hash rate of 170 million baht / s, this gives the company a significant, albeit relatively modest, share of the currency’s hash power. It is worth noting that Bitcoin’s hashrate has doubled in the last year alone, which means that IV hardware may be of much less value next year.
Perhaps with that in mind, INTV provided 12 months of negative price protection as part of the agreement, as well as the right to replace existing S19J mining rigs with newer models when they were released next year.
Few expect the cryptocurrency market to remain stable in any given period, but INTV estimates estimates of between $ 19 million and $ 21 million over the next 12 months, based on the current bitcoin price of around $ 60,000.
Integrated Ventures CEO Steve Rubach said the deal effectively doubled the company’s current bitcoin capacity, adding that he was happy to secure the purchase of mining at a time when hardware was scarce.
“The company is pleased to be able to enter into this major purchase agreement, especially in a time of shortage of mining equipment. In the future, INTV is obliged to publish all capital raised for the purchase of mining equipment. ”