Costa Mesa, CA, September 9, 2022 (GLOBE NEWSWIRE) — Bitech Technologies Corporation [OTCQB: BTTC] (“Bitech” or “Bitech Technologies”), a global technology solutions provider dedicated to providing a suite of green energy solutions focused on cryptocurrency mining, data centers and other renewable energy initiatives, announced today 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 at a modular Bitcoin mining center in the state of Oklahoma. According to the LOI, Bitech, which will provide $2.5 million in financing for planned operations, will control 51% of the Joint Venture and plans to select, in cooperation with GreenTek, an appropriate green energy technology for this planned advanced mining operation.
Bitcoin Pricee Analysis
Cryptocurrency analysts differ markedly when it comes to future price predictions for Bitcoin. Despite the recent price volatility and decline, many experts still predict that Bitcoin will reach prices above USD 100,000 within the next five years. According to CNN Business earlier this year, Goldman Sachs predicted that Bitcoin could reach $100,000 within five years.1
Some experts believe Bitcoin is superior because of its limited supply, as people scramble to own their own Bitcoin. According to Asia Pacific’s largest stock exchange in a similar August 2022 poll by Zipmex, there are several promising predictions, as noted below: 2
The experts’ prediction of the Bitcoin price in 2023: Several analysts expected the peak Bitcoin price to reach above USD 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 USD 78,000 on average.
Experts’ prediction of Bitcoin price in 2027: According to ambcrypto’s price prediction, Bitcoin seems to have a very bright future as it starts in 2027 [less than 5 years from now] to an average of USD 280,279,966 and will end the year 2027 at USD 369,103,045, with a minimum and maximum of USD 343,265,831 and USD 394,940,257. Priceprediction.net, on the other hand, predicts that the maximum price of Bitcoin in 2027 could rise to USD 306,558.57, with a minimum of USD 260,604.85.
Joint venture Operation summary and financial forecasting
According to the LOI, Bitech will receive 75% of 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. When Bitech has repaid its investment, the net production will be split equally between Bitech and GreenTek. GreenTek will be responsible for equipment procurement, operating contracts and monitoring production with their dedicated staff to ensure optimum 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 price projections from a number of Bitcoin price forecasts, the Joint Venture is expected to reach a 4-year cumulative net profit ranging from $9,080,000 (low case), to $12,350,000 (mid case) and $20,980 .000 (in capital letters).
“We are very excited and grateful to cohabitant with Bitech Ttechnologies, like ours elite JV partner, together with the biggest Bitcoin container maker in the United States, and of the industry prizes producer of Bitcoin minerpp – in performEng this new Bitcoin miningn. To support our long–term planned operations, we goes into an agreement on a data center facility in the state of Oklahomawhere ours combined costs, inclEng electricity, rent, hosting and maintenance, is intended for $0.0675 per kWhindicating 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 its lowest point this year and electricity costs are quite low at our production site, Bitech is confident that invest in Bitcoin mining operationnpp at this point could have a very affordable return on capital to our investors in a relatively short time.” stated Dr. Benjamin Tran, CEO of Bitech Technologies. “We look forward to this first Jointment Venter with GreenTek and plan to enable one appropriate green energy technologyyi our portfolio down the road to reduce expected production costpp in the near future“, Dr. Tran added.
Bitech expects to enter into the final agreement with GreenTek within the next 60 days after completing the full due diligence of relevant contracts and production capacity as well as the technical and operational analysis of prices, legality and operations.
Bitech and GreenTek also plan to expand the scope of the initial phase of the JV to identify an alternative option for crypto mining to optimize return on capital to investors.
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1 See: https://www.cnn.com/2022/01/05/investing/bitcoin-goldman-sachs/index.html
2 See:
About Bitech Technology companyn
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solutions provider dedicated to providing a variety of green energy solutions focused on cryptocurrency mining, data centers, commercial and residential, electric vehicle infrastructure and other renewable energy initiatives. Bitech plans to offer its Evirontek Integrated Platform to address the exorbitant 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 by using Battery Energy Storage System (BESS) solutions and adopting new green technologies in power plants. We seek business partnerships with renewable energy suppliers and value-added retailers to facilitate and implement innovative, scalable and modular energy system solutions. For more information, please visit www.bitech.tech.
Warning regarding forward-looking statements
This news release contains statements involving 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 differ 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 may differ materially from those anticipated in these forward-looking statements as a result of certain factors beyond the company’s control. Bitech cautions readers not to rely on such forward-looking statements, which speak only as of the date they are made. In addition, there are no assurances that the financial illustrative results will be achieved in the periods indicated. In addition, financial illustrations are subjective in many respects and thus susceptible to actual experience and business development. The financial illustrations were based on a number of assumptions that are subject to significant uncertainty and contingencies that may be beyond the company’s control, and some of these 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 unforeseen events.
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Bitech Technologies Corporation
Investor Relations
Phone: 1.855.777.0888
Email: [email protected]
