Connect with us:

September 9, 2022


Costa Mesa, CA, September 9 , 2022 – 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 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.

(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 global technology enabler serving as an independent power provider with a core business in Battery Energy Storage Systems (BESS) to enhance grid stability and produce sustainable revenues. We also offer technological innovations with smart energy solutions including microgrids, advanced Energy Management System (EMS) for homes, buildings, campuses, cities, and renewable infrastructure. For more information, please visit www.bitech.tech.

Cautionary Note Regarding Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: info@bitech.tech