A lot has transpired for bitcoin miner and hardware purveyor, Integrated Ventures Inc (OTCMKTS: INTV), in the past few weeks since we last mentioned it here on Street Register, including a doubling of capabilities, and a very solid run on the chart.
The company had just put its fiftieth bitcoin rig into action, and that number recently surpassed the one hundred mark. Another aspect of INTV that is interesting, as well as fairly uncommon, is the fact that it both runs and sells bitcoin mining machines.
Integrated Ventures Inc (OTCMKTS: INTV) recently provided updates on both facets of its crypto operations, including its current count of bitcoin rigs it has in operation currently standing at 104. It also revealed that its mining revenues since the last week in November had reached $34,000, while sales of bitcoin rigs over the same period stood at $21,700. The company expects to further increase its mining output capacity presently.
Steve Rubakh, CEO of Integrated Ventures, Inc., commented: “In less than three weeks, since the launch of our cryptocurrency operations on 11/22/2017, the Company has generated revenues in excess of $55,700 which equates to the annual revenues of $668,400. We have been following and executing our diversified mining strategy which has been validated by the market activity with BTC, ETH and LTC reaching all time high prices. We believe the Company is in a great position and on target to deliver significant returns to its shareholders and investors.”
Mr. Rubakh has also stated: “We have been receiving an unprecedented number of multi-million dollar funding offers, enough to purchase up to 1500 additional mining rigs. However, in order to accept any funding, the Company must increase its our mining capacity. Thus, the focus is on upgrading and expanding our electric grid capacity so that we will be able to install an additional mining equipment. Our current initiatives, such a successful launch of mining operations, blockchain applications development and sales of our own brand of the mining equipment, shall deliver a steady stock price growth in the next 12 months.” (Source: PR Newswire)
That’s one of the reasons we find INTV so attractive, is that its leadership understands that success in bitcoin mining is all about staying a step ahead of the game, and on the cutting edge of available technology. The primary reason for this is the rising costs and difficulty associated with harvesting the virtual currency in the first place.
It is done so with hardware known as an ASIC (Application-Specific Integrated Circuit) which were designed specifically for mining Bitcoin, beginning in 2013, with more and more efficient designs coming to market since. Mining is very competitive, it can only be done profitably with the latest ASICs. When using CPUs, GPUs, or even the older ASICs, the cost of energy consumption can be greater than the revenue generated. As ASICs continue to be advanced and more participants enter the mining space, mining ‘difficulty’ has, and will continue to grow rapidly.
We’ll be very interested to see if INTV can stay ahead of the curve, and become a bitcoin mining success. It has had a promising few weeks, especially on the chart itself, so it makes for an all around intriguing story that we’ll continue to follow. Keep it locked to Street Register for updates, and we’ll deliver those important developments on INTV to you as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in INTV stock, short or long.