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 miners – in executing this new Bitcoin mining operation. To support our long–term 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.
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.