Home Latest News Bitech Technologies Signs Letter of Intent to Enter Bitcoin Mining with Advances...

Bitech Technologies Signs Letter of Intent to Enter Bitcoin Mining with Advances in Technologies – Yahoo Finance

Costa Mesa, CA, Sept. 09, 2022 (GLOBE NEWSWIRE) — Bitech Technologies Corporation [OTCQB: BTTC] (“Bitech” or “Bitech Technologies”), a global technology solution provider dedicated to providing a suite of green energy solutions with a focus in cryptocurrency mining, data centers and other renewable energy initiatives, announced today it has signed a non-binding Letter of Intent (LOI) to enter into a Joint Venture with GreenTek Mining LLC (“GreenTek”) to acquire and manage Bitcoin mining equipment for mining operations at a modular Bitcoin mining center in the state of Oklahoma. According to the LOI, Bitech, which will provide financing of $2.5 million for planned operations, will control 51% of the Joint Venture and plans to select, in collaboration with GreenTek, a suitable green energy technology for this planned advanced mining operation.

Bitcoin Price Analysis
Cryptocurrency analysts differ markedly on future price predictions of Bitcoin. Despite the recent price volatility and decline, many experts still predict Bitcoin attaining prices beyond US$ 100,000 within the next five years. According to CNN Business earlier this year, Goldman Sachs predicted Bitcoin could hit $100,000 within five years.1
Some experts believe Bitcoin is superior due to its limited supply, as people race to own their own Bitcoin. According to Asia Pacific’s largest exchange in a similar poll in August 2022 by Zipmex, there are several promising predictions, as indicated below: 2
Experts’ Prediction of Bitcoin Price in 2023: Several analysts expected that the highest Bitcoin price would reach beyond US$ 72,000 in 2023.
Experts’ Prediction of Bitcoin Price in 2024: Crypto News predicted that Bitcoin would begin its journey in 2024 by staying at US$ 78,000 on average.
Experts’ Prediction of Bitcoin Price in 2027: According ambcrypto’s price prediction, Bitcoin seems to have a very bright future as it will start 2027 [less than 5 years from now] at an average of US$ 280,279.966 and will end the year of 2027 at US$ 369,103.045, with a minimum and maximum of US$ 343,265.831 and US$ 394,940.257. Priceprediction.net on the other hand predicts that the maximum price of Bitcoin in 2027 can rise to US$ 306,558.57, with a minimum of US$ 260,604.85.
Joint Venture Operation Summary and Financial Forecast
According to the LOI, Bitech will receive 75% of the net Bitcoin production on a monthly basis from the total production of 560 Antminer S1 Pro mining units in the air-cooled container during Phase One of the venture. Once Bitech is repaid its investment, net production will be split evenly between Bitech and GreenTek. GreenTek will be responsible for equipment procurement, operational contracts and overseeing the production with their dedicated staff to ensure optimal productivity. Bitech, which will own 51% of the Joint Venture, has agreed to invest $2.5 million for the proposed Joint Venture’s planned operations.
According to the financial model and future pricing forecasts from a range of Bitcoin price forecasts, the Joint Venture is expected to reach a 4-year cumulative net profit ranging from $9,080,000 (in low case), to $12,350,000 (in mid case) and $20,980,000 (in high case).
We are very excited and grateful to partner with Bitech Technologies, as our elite JV partner, along with the largest Bitcoin container manufacturer in the US, and the industry’s premier manufacturer of Bitcoin minersin executing this new Bitcoin mining operation. To support our longterm planned operations, we are entering into an agreement for a data center facility in the state of Oklahoma, where our combined costs, including electricity, rent, hosting and maintenance, are estimated at $0.0675 per kWh, which indicates reasonable profitability even at today’s depressed Bitcoin prices,” commented Sonia Coopwood, Co-Founder of GreenTek.
As the cost of Bitcoin mining equipment is at the lowest point this year and the electricity cost is fairly low in our production location, Bitech is confident that investing in Bitcoin mining operations at this time could have a very reasonable return on capital to our investors in a relatively short period of time.” stated Dr. Benjamin Tran, CEO of Bitech Technologies. “We look forward to this initial Joint Venture with GreenTek and plan to enable a suitable green energy technology in our portfolio down the road to reduce expected production costs in the near future,” added Dr. Tran.
Bitech expects to enter into the definitive agreement with GreenTek within the next 60 days upon completing the full due diligence of pertinent contracts and manufacturing capacity as well as the technical and operational analysis on pricings, legality, and operations.
Bitech and GreenTek also plan to expand the scope of the initial phase of the JV to identify an alternative crypto mining option to optimize return on capital to investors.
1 See: https://www.cnn.com/2022/01/05/investing/bitcoin-goldman-sachs/index.html
2 See: https://zipmex.com/learn/bitcoin-price-prediction/
About Bitech Technologies Corporation
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solution provider dedicated to providing a suite of green energy solutions with a focus on cryptocurrency mining, data centers, commercial and residential utility, electric vehicle infrastructure, and other renewable energy initiatives. Bitech plans to offer its Evirontek Integrated Platform to resolve the exorbitantly high cost of electricity in cryptocurrency mining and related industries. Bitech innovates energy technologies through research and development, planned acquisitions of other green energy technologies and plans to become a grid-balancing operator using Battery Energy Storage System (BESS) solutions and applying new green technologies in power plants. We seek business partnerships with renewable energy providers and value-added resellers to facilitate and implement innovative, scalable and modular energy system solutions. For more information, please visit www.bitech.tech.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results and financial illustrations) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements and financial illustrations are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. Bitech cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. In addition, there are no assurances that the financial illustrative results will be achieved during the periods indicated. In addition, financial illustrations are subjective in many respects and thus susceptible to actual experience and business developments. The financial illustrations were based on a number of assumptions which are subject to significant uncertainties and contingencies that may be beyond the control of the Company, and some of those assumptions may not be realized. Bitech disclaims any obligation subsequently to revise any forward-looking statements or financial illustrations to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: info@bitech.tech

Related Quotes
(Bloomberg) — CleanSpark Inc., a publicly traded Bitcoin miner, has agreed to acquire a mining facility and machines from Mawson Infrastructure Group Inc. — a likely sign that more industry consolidation is ahead. Most Read from BloombergCharles Becomes King as the Face of a Nation ChangesDouble Rainbow Appears Over Buckingham Palace as Crowd Gathers to Mourn QueenUkraine Army’s Breakthrough in North Threatens Russian GripQueen Elizabeth’s Doctors Are Concerned for Her HealthQueen Elizabeth II
A DAO is a new type of organisation that utilises blockchain technology and promises to radically change the way we work.
The White House Office of Science and Technology Policy called for the U.S. to conduct further research on the energy impact of crypto mining in order to set standards for the industry. CoinDesk's Global Policy & Regulation Managing Editor Nikhilesh De breaks down the report and what this means for the upcoming Ethereum Merge. Plus, the latest on Celsius' bankruptcy proceedings.
As we close in on the final quarter of 2022, investors are looking for an answer to one question: was June’s low the bottom for stocks, or do they have more room to fall? It’s a serious question, and there may be no easy answer. Markets are facing a series of headwinds, from the high inflation and rising interest rates that we’ve grown familiar with to an increasingly strong dollar that will put pressure on the upcoming Q3 earnings. Weighing in on current conditions from Charles Schwab, the $8 t
Berkshire Hathaway is on pace to collect $6.07 billion in dividend income over the next 12 months. Just five holdings will account for 71% of total payouts.
The S&P 500 is on again, off again all year. But investors clearly have a "buy list" of stocks they want to own when the rally looks real.
Nio (NYSE: NIO) reported increasing losses in its second-quarter earnings report this week, but investors are shrugging that off, sending shares soaring Friday morning. Although its profit margins have been on a downward trend, new models being launched could turn that around in the coming years. Consumer prices in China increased at a slower pace than many expected in August, and producer inflation sank to the lowest level since February 2021, reports Reuters.
It's time to be extra picky.
Gary Gensler had strong words for the crypto industry in a Thursday speech, telling an audience of lawyers that the "vast majority" of the nearly 10,000 existing crypto tokens are securities.
A strong bearish trend defined the markets in the first half of the year; since then, the key point has been volatility. Stocks hit a bottom back in June, when the S&P 500 dropped into the 3,600s. That has proven to be a support level in the last two months, and at least one strategist believes that the market won’t be testing those lows again this year. JPMorgan's Jason Hunter believes that inflation may have peaked, and that the upcoming CPI report will provide additional evidence of that. “We
In this article, we will look at 10 stocks that Jim Cramer is talking about in September. If you want to explore more stocks that journalist investor, Jim Cramer, is talking about in September, you can also take a look at Jim Cramer is Talking About These 5 Stocks in September. Jim Cramer has acquired […]
The Dow Jones jumped as the rally gained strength. Tesla stock surged as Elon Musk eyed a new move. A Warren Buffett stock impressed.
Peloton Interactive (NASDAQ: PTON) shares beat the market on Friday as the stock gained 11% by 1 p.m. ET compared to a 1.2% increase in the S&P 500. Shares have been reeling in recent months as Peloton struggled to boost sales of its exercise platforms or membership subscriptions to its services.
Investors are seeing higher growth potential for QuantumScape's battery cell technology after an interesting EV industry development.
See how to gauge demand and strength in Apple, Nasdaq and other stocks on the latest list of new buys by the best mutual funds.
Vale and Zim Integrated Shipping Services sport ultra-high dividend yields and compelling long-term valuations.
The automaker's resilience in this economic downturn is something to be admired
Wall Street firm BofA Securities on Friday identified seven semiconductor stocks that it believes can withstand the current market downturn.
Amazon.com Inc founder Jeff Bezos made an early bet on the short-term rental platform Airbnb Inc during the company’s Series B round in 2011, nearly a decade before its initial public offering (IPO). His investment came long before the now popular accommodations marketplace was a household name and a common term used to describe virtually any short-term rental. It’s unclear exactly how much Bezos profited off his pre-IPO investment in Airbnb, but it’s clear that the billionaire investor had incr
The stock market rally is reviving, but is even stronger than the major indexes suggest. Tesla is among stocks in buy areas.


Previous article5 HBO Max shows that Warner Bros. Discovery better not cancel – Tom's Guide
Next articleDogecoin (DOGE), Shiba Inu (SHIB) And Pugglit Inu (PUGT) – Three Very Viable Options In The Meme Coin Sector – Analytics Insight
She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.