Integrated Ventures Inc. (OTCQB: INTV) disclosed its yearly mining revenues amounting to $3,862,849 with a production of 162.71 bitcoins for the financial period ending on July 30, 2023, according to a press release on September 29, 2023. Despite the increased bitcoin production compared to 108.29 bitcoins in 2022, the company witnessed a revenue dip from $4,871,473. The decreased revenue against a higher bitcoin yield is primarily attributed to the faltering cryptocurrency market conditions during 2023, where the average dollar value of mined bitcoin plummeted to $23,740.44 from $44,986.17 in the preceding year.
Integrated Ventures’ financial highlight unveiled a net income loss of $25,459,967 for 2023, significantly up from the $688,003 net loss in 2022. The stark increase in net income loss was largely driven by expenses including a depreciation expense of $3,597,346, loss on disposition of mining equipment amounting to…
