Through a partnership agreement with Integrated Ventures, New York-based Bitcoin mining management and hosting company Wattum Management has secured over 4,800 Antminer S19J units from Bitmain Technologies Limited for $34,047,600.
Delivery installments on the 12-month deal are set to span from August 2021 through July 2022. Wattum and Integrated Ventures are partnered 50/50 in this purchase, with at least 2,000 mining units set to begin operating by December 2021, according to Integrated Ventures. Based on Bitcoin’s price averaging $60,000, early projections suggest a $21 million return on investment within the first 12 months after all units are connected.
As Integrated Ventures has been predominantly operating in mining colocation centers since its entry into the cryptocurrency mining industry in 2018, this partnership with Wattum is a significant step forward in the ascent of both companies to the forefront of the crypto mining market.
Wattum Management continues its emergence as a leading force in both hosting and mining management services, as well as equipment sales. The 12-month agreement has secured significant inventory for Wattum and contributes to the expansion goals of both parties to launch multiple mining farms and data centers.
Wattum will provide management services for Integrated Ventures at a mobile container site located near the INTV facility in Kennerdell, PA. Integrated Ventures has made a further purchasing commitment to obtain 150 units of WhatMiners, valued at over $1,000,000, which will be stored and hosted by Wattum at this mobile mining farm and are expected to begin shipping in May 2021.
Steve Rubakh, CEO of the Pennsylvania-based tech holdings company, expressed enthusiasm about his company’s partnership with Wattum Management:
“[Integrated Ventures] 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 hash rate and represents a major step in INTV's strategic growth plan, resulting in significant increase of [INTV’S] projected revenue growth rate.”