Wattum is pleased to announce that we have secured a 12-month supply of 2,400 WhatsMiner rigs through a joint venture agreement with Integrated Ventures Inc. This expansion of our mining equipment inventory gives our clients around the world access to powerful mining rigs at competitive prices, even amidst a global shortage. 

Both companies have committed to purchasing a minimum of 1,200 units each of the model M31S/M30S WhatsMiner rigs manufactured by MicroBit. They offer a power efficiency of up to 42W/T and boast a hashrate of 80T – 110T based on the model selected. MicroBit will manufacture and ship miners starting in July 2021 on a monthly, on-demand basis. 

Wattum CEO Arseniy Grusha stated: “We are pleased to partner with INTV and to be an integral part of a 12-month Purchase Agreement with MicroBit, securing a supply of 2,400 units of WhatsMiners, models M31S/M30S – the most profitable and energy-efficient miners available. Both companies plan to collaborate on the expansion of distribution, mining, and hosting operations and plan to jointly launch data centers and mobile mining farms. We are looking forward to the next phase of mutually beneficial and profitable cooperation, with a focus on establishing Integrated Ventures and Wattum as leaders in the rapidly growing cryptocurrency market.”

“[Integrated Ventures] is very pleased to partner with Wattum and secure this valuable 12-month purchase agreement, especially during a period of a limited supply of mining equipment,” commented Steve Rubakh, CEO of Integrated Ventures, Inc., “This agreement expands the existing relationship with Wattum and represents another step in INTV’s strategic growth plan, designed to rapidly increase the Company’s projected revenue growth rate.”

This transaction is the latest in a set of actions taken by Wattum in order to fuel international expansion plans. Most notably, we recently announced a multi-year partnership with Integrated Ventures to execute colocation and hosting for their cryptocurrency mining operations in Kennerdell, Pennsylvania. This agreement will maximize and optimize hash rate, reduce direct mining operational costs, and provide further international reach of both companies. 

Wattum has additionally begun expansion into Kazakhstan, adding to its existing operations in the U.S., Canada, and Russia. This is not our only recent geographical expansion as we have also opened a sales office in Argentina, kindling our growth into the South American market with a dedicated team to contribute to the up-and-coming Bitcoin mining hotspot.

With this large acquisition of Bitcoin miners, Wattum is once again taking steps to ensure our customers have access to high quality mining equipment at competitive prices. To get started on your Bitcoin mining adventure, browse our available mining rigs today.

Mining, Opinion

Why Mine Bitcoin in Kazakhstan?

June 10, 2021

Contrary to popular belief stemming from its portrayal as a “third-world peasant country” in Borat, Kazakhstan is in fact a relatively safe and affluent country, hosting more than 6% of global Bitcoin mining hash power. The Kazakhstani government has shown support for domestic Bitcoin mining, recently announcing a planned cryptocurrency and blockchain technology roadmap aimed at stimulating those industries through a reduction in current regulations. The nation’s growing enthusiasm toward cryptocurrency is yet another example of crypto mining gaining an international presence.

One of the World’s Top Four Crypto Mining Destinations

As a crypto mining hub that currently ranks 4th in the world in terms of hashrate power, coming in after China, Russia, and the United States, Kazakhstan boasts many benefits including energy prices which are among the world’s lowest. Equipment imports such as fans and transformers are sourced either locally or nearby from Russia, resulting in a 30-50% cost savings in comparison to having them built in the U.S. Additional savings are seen in low costs for labour, management, and repairs. In an industry that requires enormous amounts of power consumption, these cost savings can make a monumental impact on miners’ bottom line.

The country’s central location within the CIS also allows for cheaper import duties and shipping costs, with some import options as low as 0%. Furthermore, Kazakhstan is one of the least densely populated nations on earth, ranking just below Canada and resulting in a large amount of well-priced land being available for mining farms. International interest has been sparked by this opportunity, with reports of a nearly $10 million USD investment for the construction of a mining data center that is expected to reach a power capacity of 100MW, further speaking to the lucrative nature of crypto mining in Kazakhstan that continues to be recognized and acted upon. By the end of 2020, Kazakhstan was already accounting for nearly 6% of the world’s cryptocurrency mining, which has since been amplified by knowledgeable investors.

Local Resources that Amplify your Investment

The climate in Kazakhstan provides ideal circumstances for optimal mining efficiency at these farms as cool temperatures year-round averaging at 50-60 degrees fahrenheit, and rarely exceed 80 degrees fahrenheit during the summer months. The maximum temperature that is tolerated by mining equipment sits at 90 degrees fahrenheit, after which point equipment must be turned off and allowed a cool-down period, while power supplies generally start to burn out at the 85 degree fahrenheit mark. This is avoided at mining farms in Kazakhstan; a significant benefit leading to support of the mining industry on behalf of the local ministry which has committed to helping grow these operations with an investment of over ₸80 billion Kazakhstani tenge ($180 million USD).

Low real estate cost ($5,000/acre of land), low energy prices ($0.032 kwh), low labor costs ($3/hr – $5/hr Engineer) within this region will only amplify this growth, with plans for further investment that will benefit both the government and miners as a steady surplus of electric power (4000 MW) in Kazakhstan enables the government to sell excess electricity for a profit that can be invested back into the expansion of Bitcoin mining. Interest in the region is being cemented as the international mining community continues to uncover the multitude of attractions offered, including metropolitan hubs and diverse wildlife which come together to challenge Kazakhstan’s famous depiction in the entertainment industry. As our own industry has faced its fair share of backlash in the eyes of entertainment, overcoming those boundaries and creating innovative solutions for success are the common practices that make crypto mining and Kazakhstan a compatible force that has yet to demonstrate its full potential.

Wattum has developed strong ties within the country and has fostered a mutually beneficial relationship with the government as we work closely with Enegix to realize the goal of building a new venture that will see Wattum as a 50% equity holder. Enegix’s mining farm is one of the largest in Kazakhstan and utilizes land leased from the government, fueling Wattum’s ongoing interest and investments in this region and confidence in its suitability for Bitcoin mining. Wattum’s trusted partners at the Enegix facility ensure that customers have access to highly affordable repairs whenever their equipment needs it.

How Government Support is Fuelling International Interest

With the Kazakhstani government’s outspoken support for Bitcoin mining in the region come a number of plans for reducing regulations and implementing digital currency in ways that will establish Kazakhstan within the global crypto market. While there are currently no goals for entirely replacing cash and other forms of payment with Bitcoin, Kazakhstan’s central bank has issued an official report on a potential central bank digital currency (CBDC), as well as made suggestions for the ways that crypto exchanges can begin to interact with local banks. A prototype of a digital tenge is currently in its first stages within the private sector of the financial industry, with the potential for an official launch enthusiastically backed by the National Bank’s eagerness to conduct further research into its benefits and implications for financial stability.

Support for cryptocurrency from the Kazakhstani government is no recent development. Plans for doubling the country’s investment in crypto mining commenced during the summer of 2020, with May 2020 seeing commentary from the Kazakh president’s advisor Mu Xin, proposing the introduction of blockchain technology and the digital Tenge; such developments would pose significant advantages for Kazakhstan, with efforts to mitigate corruption and increase transparency of state fund allocation supported, further fuelling the country’s interest and support in expanding their Bitcoin mining operations and reducing regulations that will continue to enable international interest.

Partnering with a Trusted Host

When you choose Wattum to host your mining operations, you can be confident that you are investing in facilities optimized for efficient Bitcoin mining through a trusted management firm. Wattum customers hosting more than 1 MW with us are welcome to visit our facility at any time to see their investment firsthand and learn about the mining process.

Building upon the inherent security of mining cryptocurrency in Kazakhstan, we at Wattum offer each of our customers the opportunity to add advanced protection to their investment by subscribing to Wattum Care, Wattum Care Plus or Wattum Care Ultimate, an innovative program that will be launching soon. Additional protection measures include theft coverage, machine repair, power supply replacement, and water and fire damage coverage based on the level of Care program that you select.

When you purchase mining equipment today, you lock in the cost of equipment at today’s mining prices which are significantly lower than the direct market value of Bitcoin, helping you to save money as Bitcoin prices continue to rise. Reap the benefits of investing in Bitcoin mining today by partnering with Wattum, your dependable crypto mining custodian, and make the most of the opportunity to maximize profits as mining equipment is depreciable on tax returns and ensures not only a safe investment, but further opens doors to new opportunities presented by this growing industry, such as mining pools and colocation expansion.