Bitech Technologies Signs Letter of Intent to Enter Bitcoin

Costa Mesa, CA, Sept. 09, 2022 (GLOBE NEWSWIRE) — Bitech Technologies Corporation [OTCQB: BTTC] (“Bitech” or “Bitech Technologies”), a world expertise resolution supplier devoted to offering a set of inexperienced power options with a spotlight in cryptocurrency mining, knowledge facilities and different renewable power initiatives, introduced immediately it has signed a non-binding Letter of Intent (LOI) to enter right into a Joint Venture with GreenTek Mining LLC (“GreenTek”) to purchase and handle Bitcoin mining gear for mining operations at a modular Bitcoin mining middle within the state of Oklahoma. According to the LOI, Bitech, which can present financing of $2.5 million for deliberate operations, will management 51% of the Joint Venture and plans to choose, in collaboration with GreenTek, an appropriate inexperienced power expertise for this deliberate superior mining operation.

Bitcoin Price Analysis

Cryptocurrency analysts differ markedly on future worth predictions of Bitcoin. Despite the latest worth volatility and decline, many specialists nonetheless predict Bitcoin attaining costs past US$ 100,000 throughout the subsequent 5 years. According to CNN Business earlier this 12 months, Goldman Sachs predicted Bitcoin might hit $100,000 inside 5 years.¹

Some specialists consider Bitcoin is superior due to its restricted provide, as folks race to personal their very own Bitcoin. According to Asia Pacific’s largest alternate in an identical ballot in August 2022 by Zipmex, there are a number of promising predictions, as indicated beneath: ²

Experts’ Prediction of Bitcoin Price in 2023: Several analysts anticipated that the best Bitcoin worth would attain past US$ 72,000 in 2023.

Experts’ Prediction of Bitcoin Price in 2024: Crypto News predicted that Bitcoin would start its journey in 2024 by staying at US$ 78,000 on common. 

Experts’ Prediction of Bitcoin Price in 2027: According ambcrypto’s worth prediction, Bitcoin appears to have a really shiny future as it can begin 2027 [less than 5 years from now] at a median of US$ 280,279.966 and can finish the 12 months of 2027 at US$ 369,103.045, with a minimal and most of US$ 343,265.831 and US$ 394,940.257. Priceprediction.web alternatively predicts that the utmost worth of Bitcoin in 2027 can rise to US$ 306,558.57, with a minimal of US$ 260,604.85.

Joint Venture Operation Summary and Financial Forecast

According to the LOI, Bitech will obtain 75% of the web Bitcoin manufacturing on a month-to-month foundation from the full manufacturing of 560 Antminer S1 Pro mining items within the air-cooled container throughout Phase One of the enterprise. Once Bitech is repaid its funding, web manufacturing shall be cut up evenly between Bitech and GreenTek. GreenTek shall be chargeable for gear procurement, operational contracts and overseeing the manufacturing with their devoted employees to guarantee optimum productiveness. Bitech, which can personal 51% of the Joint Venture, has agreed to make investments $2.5 million for the proposed Joint Venture’s deliberate operations.

According to the monetary mannequin and future pricing forecasts from a variety of Bitcoin worth forecasts, the Joint Venture is predicted to attain a 4-year cumulative web revenue starting from $9,080,000 (in low case), to $12,350,000 (in mid case) and $20,980,000 (in excessive 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.” acknowledged 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 settlement with GreenTek throughout the subsequent 60 days upon finishing the complete due diligence of pertinent contracts and manufacturing capability in addition to the technical and operational evaluation on pricings, legality, and operations.

Bitech and GreenTek additionally plan to broaden the scope of the preliminary section of the JV to determine an alternate crypto mining possibility to optimize return on capital to traders.
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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 expertise resolution supplier devoted to offering a set of inexperienced power options with a concentrate on cryptocurrency mining, knowledge facilities, industrial and residential utility, electrical car infrastructure, and different renewable power initiatives. Bitech plans to supply its Evirontek Integrated Platform to resolve the exorbitantly excessive value of electrical energy in cryptocurrency mining and associated industries. Bitech innovates power applied sciences via analysis and improvement, deliberate acquisitions of different inexperienced power applied sciences and plans to change into a grid-balancing operator utilizing Battery Energy Storage System (BESS) options and making use of new inexperienced applied sciences in energy crops. We search business partnerships with renewable power suppliers and value-added resellers to facilitate and implement progressive, scalable and modular power system options. For extra data, please go to www.bitech.tech.

Cautionary Note Regarding Forward-Looking Statements

This information launch accommodates statements that contain expectations, plans or intentions (reminiscent of these relating to future business or monetary outcomes and monetary illustrations) and different elements mentioned from time to time within the Company’s Securities and Exchange Commission filings. These statements and monetary illustrations are forward-looking and are topic to dangers and uncertainties, so precise outcomes might range materially. You can determine these forward-looking statements by phrases reminiscent of “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and different related expressions. Our precise outcomes might differ materially from these anticipated in these forward-looking statements in consequence of sure elements not throughout the management of the Company. Bitech cautions readers not to place undue reliance on any such forward-looking statements, which converse solely as of the date made. In addition, there aren’t any assurances that the monetary illustrative outcomes shall be achieved throughout the durations indicated. In addition, monetary illustrations are subjective in lots of respects and thus inclined to precise expertise and business developments. The monetary illustrations had been based mostly on a quantity of assumptions that are topic to vital uncertainties and contingencies which may be past the management of the Company, and a few of these assumptions will not be realized. Bitech disclaims any obligation subsequently to revise any forward-looking statements or monetary illustrations to replicate occasions or circumstances after the date of such statements or to replicate the incidence of anticipated or unanticipated occasions.

Contact:
Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: [email protected]