Newport Beach, CA, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation [OTCQB: BTTC] (the “Company”), a green energy technology provider, today announces it has completed the FPGA (Field Programable Gate Array) design for its Intellisys-8 chip and is now proceeding with field testing. In parallel, the Company has initiated ASIC production initiatives for its Intellisys-8, a 5 nanometer ASIC chip for bitcoin mining and data centers, through partnerships in Vietnam.
The Bitech Intellisys-8 development achievements include the ASIC chip code and FPGA components that will be used to complete the next phase of ASIC production after the completion of testing and tape-out. With this ASIC, the Company’s goal is to develop an energy efficient immersion-cooled bitcoin mining system that utilizes less than 50% of energy consumed by conventional air-cooled systems. These bitcoin mining systems currently make up over 90% of the global bitcoin mining fleet.
“This latest achievement of a 5 nanometer ASIC chip prototype from our Intellisys-8 project is a significant technological milestone that enhances our intellectual property portfolio,” stated Roy Bao, Chief Technology Officer of the Company.
“We plan to hire qualified and talented ASIC engineers in Vietnam, one of the fastest growing countries in the burgeoning Southeast Asian region where the cost of intellectual labor will be our greatest advantage for the development of an emersion-cooled mining solution for larger mining operations,” commented Dr. Benjamin Tran, CEO of the Company.
As a technology company, the Company constantly strives to expand its renewable energy technology portfolio via in-house R&D, licensing and acquisitions of innovative technologies around battery storage, flywheel energy, heat-to-energy, hydrogen power, and other renewable energy technologies to resolve the high cost of power in cryptocurrency mining, with a plan to expand to other industries outside of cryptocurrency mining in the future.
About Bitech Technologies Corporation
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solution provider dedicated to providing a suite of green energy solutions with a focus on cryptocurrency mining, data centers, commercial and residential utility, electric vehicle infrastructure, and other renewable energy initiatives. Bitech offers its Evirontek™Integrated Platform to resolve the exorbitantly high cost of electricity in cryptocurrency mining and related industries. Bitech innovates energy technologies through research and development, planned acquisitions of other green energy technologies and plans to become a grid-balancing operator using Battery Energy Storage System (BESS) solutions and applying new green technologies in power plants. We seek business partnerships with renewable energy providers and value-added resellers to facilitate and implement innovative, scalable and modular energy system solutions. For more information, please visit www.bitech.tech.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Bitech Technologies Corporation