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Integrated Ventures to acquire 80-MW gas-fired plant

Integrated Ventures Inc. signed a letter of intent to acquire a fully permitted and currently-idled 80-MW natural gas-fired combined heat and power plant in Pennsylvania, according to a March 18 company news release.

The company, which mines digital currency, is issuing $39 million of its common stock for the power plant and about 16 acres of land where electric generation and mining facilities can be located.

Integrated Ventures said it plans to restart the power facility and launch its cryptocurrency operations within four to five months, focusing on mining using its own rigs, hosting third-party mining rigs and operating a mining pool. It will install up to 52,000 mining rigs.