Bitech Technologies Corporation announced 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 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. 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 USD 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. Some experts believe Bitcoin is superior due to its limited supply, as people race to own their own Bitcoin.

According to Asia Pacific's large 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 high Bitcoin price would reach beyond 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 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 USD 280,279.966 and will end the year of 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 can rise to USD 306,558.57, with a minimum of USD 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).