Costa Mesa, Calif., Sept. 09, 2022 (GLOBE NEWSWIRE) — Bitech Technologies Corporation [OTCQB: BTTC] (“Bitech” or “Bitech Technologies”), a global technology solutions provider dedicated to delivering a suite of green energy solutions focused on cryptocurrency mining, data centers and other energy initiatives renewable, today announced that 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 in the state of Oklahoma. According to the letter of intent, Bitech, which will provide financing of $2.5 million for the planned operations, will control 51% of the joint venture and plans to select, in collaboration with GreenTek, an appropriate green energy technology for this planned advanced mining operation.
Bitcoin Pricee Analysis
Cryptocurrency analysts differ markedly on Bitcoin’s future price predictions. Despite the recent price volatility and decline, many experts still predict that Bitcoin will reach prices above US$100,000 within the next five years. According to CNN Business earlier this year, Goldman Sachs predicted that Bitcoin could hit $100,000 within five years.1
Some experts believe Bitcoin is superior due to its limited supply as people rush to own their own Bitcoin. According to Asia-Pacific’s largest exchange in a similar August 2022 poll by Zipmex, there are several promising predictions as listed below: 2
Expert prediction of Bitcoin price in 2023: Several analysts expected Bitcoin’s highest price to reach over US$72,000 in 2023.
Expert prediction of Bitcoin price in 2024: Crypto News predicted that Bitcoin would start its journey in 2024 staying at US$78,000 on average.
Expert prediction of Bitcoin price in 2027: According to ambcrypto’s price prediction, Bitcoin seems to have a very bright future as it will start in 2027 [less than 5 years from now] at an average of 280,279.966 US$ and will end the year 2027 at 369,103.045 US$, with a minimum and a maximum of 343,265.831 US$ and 394,940.257 US$. Priceprediction.net predicts that the maximum Bitcoin price in 2027 may rise to $306,558.57, with a minimum of $260,604.85.
joint venture Operation Summary and financial forecasts
According to the LOI, Bitech will receive 75% of the net production of Bitcoin on a monthly basis from the total production of 560 Antminer S1 Pro mining units in the air-cooled container during the first phase of the business. Once Bitech has repaid its investment, the net production will be split equally between Bitech and GreenTek. GreenTek will be responsible for equipment procurement, operational contracts and production supervision with its dedicated staff to ensure optimum productivity. Bitech, which will own 51% of the joint venture, has agreed to invest $2.5 million for the planned operations of the proposed joint venture.
Based on the financial model and future price predictions from a range of Bitcoin price predictions, the joint venture is expected to achieve a 4-year cumulative net profit ranging from $9,080,000 (low case) to $12,350,000 ( in middle case) and $20,980,000 (in high case).
“We are very excited and grateful at partner with Bitech Jtechnology, like our elite JV Partner, in the same way the largest Bitcoin container maker in the USA, and industry first manufacturer of bitcoin miners – in executeing this new Bitcoin mining operationnot. To support our long–term planned operations we enter an agreement for a data center installation in the state of Oklahomawhere our combined costs, includinging electricity, rent, accommodationg and maintenance, are estimated at $0.0675 per kWhindicating reasonable profitability even at today’s depressed bitcoin pricescommented Sonia Coopwood, co-founder of GreenTek.
“As The cost of Bitcoin mining equipment is at its lowest this year and the cost of electricity is quite low at our production site, Bitech is confident this invest in Bitcoin mining operationnots at this time could have a very reasonable price return on capital to our investors in a relatively short period of time.said Dr. Benjamin Tran, CEO of Bitech Technologies. “We are looking forward to this initial Jpoint Vengage with GreenTek and plan to enable a auspicious green energy technologyy in our portfolio on the road to reduce expected Production costs in the near futureadded Dr. Tran.
Bitech expects to enter into the definitive agreement with GreenTek within the next 60 days after completing full due diligence of relevant contracts and manufacturing capacity as well as technical and operational analysis of pricing, legality and operations.
Bitech and GreenTek also plan to expand the scope of the initial phase of the joint venture to identify an alternative crypto mining option to maximize return on capital for 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 Corporation Technologiesnot
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solutions provider dedicated to providing a suite of green energy solutions focused on cryptocurrency mining, data centers, commercial and residential utilities, electric vehicle infrastructure and other renewable energy initiatives. Bitech plans to offer its integrated Evirontek platform to solve the exorbitant cost of electricity in cryptocurrency mining and related industries. Bitech is innovating in 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 solutions (BESS ) 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, visit www.bitech.tech.
Caution Regarding Forward-Looking Statements
This press 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 documents filed by the company with the Securities and Exchange Commission. These financial statements and illustrations are forward-looking and subject to risks and uncertainties, so that 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 due to certain factors beyond the control of the Company. Bitech cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date made. Further, there can be no assurance that the illustrative financial results will be achieved during the periods indicated. Additionally, financial illustrations are subjective in many respects and therefore sensitive to actual experience and business developments. The financial illustrations were based on a number of assumptions which are subject to significant uncertainties and contingencies which may be beyond the Company’s control, and some of these assumptions may not occur. Bitech disclaims any obligation to subsequently 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
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