Press "Enter" to skip to content

Us Firm Splashes Out On 4,800 Bitcoin Miners Worth $34M

Last updated on June 10, 2021

Bitcoin is a new trend nowadays and the craze of it is touching the skies. So let us understand what is Bitcoin, Bitcoin is one of the first cryptocurrency and was created in 2009. The person who created the Bitcoin is still unknown. Bitcoin is not like any other government currencies and it’s not operated by any centralized authority. Bitcoin is not a legal tender and is not any physical coin, the balances are stored in a digital ledger that is visible to everyone. Every transaction in the public ledger is verified by the miners using their computing power and they get rewarded once they finish the verification. Mining has been popular over time and it requires a lot of investment like buying expensive GPUs, rigs, ventilating instruments etc. But if done properly and with correct calculations mining can fetch a huge profit.

A cryptocurrency can be beneficial, any person before investing must have a steep look at the development process of that particular currency that they want to invest in. As beneficial, it turns out that cryptocurrency is volatile. The best example was the crash of 2018, Bitcoin crossed approximately 20 thousand dollars in 2017, making everyone amazed at the achievement. But what happened next? The price fell to almost 7000 dollars in 2018. From then till date Bitcoin has been slowly climbing the stairs and has an All-time-high of approximately 65k$. Looking at the volatility of any currency, call it digital or physical puts every person in thought to take a step ahead and join the investment market leap of crypto.

As of today Bitcoin Evolution was not so popular and suffered a crash in 2018, but it recovered and has bought a spectacular change in the crypto market. Recently Pennsylvania software firm Integrated Ventures has officially announced that it invested in the mining rigs. The US-based firm purchased 4,800 Bitcoin Mining rigs from Chinese manufacturer Bitman. The deal cost a whopping amount of $34 million. According to the reports the firm purchased Bitman’s Antminer model S19J’s and Bitman would ship 400 rigs every month. Integrated Ventures also partnered with Wattum Management, which is a mining solution provider. Wattum will help the integrated ventures in the mining operations. Each mining rig is capable of providing up to 100 tera-hashes and after the full shipment, all the rigs can provide up to 0.5 million TH/s. As of now, the Bitcoin mining hash rate is around 170 million TH/s, this means the Integrated Ventures will have a decent amount of hash rate with the rigs. Integrated Ventures CEO Steve Rubakh said the deal effectively doubled the firm’s existing Bitcoin hashing power, adding that he was pleased to secure the purchase of mining equipment at a time when the hardware was scarce. “The Company is very pleased to secure this large scale purchase agreement, especially during a period of the scarce supply of mining hardware. Going forward, INTV is committed to deploying any raised capital for purchases of the mining equipment,” said Rubakh.