With its January 2022 acquisition of Universal Voltage, a clean energy firm that offers a range of commercial and residential solar, power backup, and EV2G/Bi-directional charging technologies, International Endeavors Corp. ("IEC") entered the over $1 trillion worldwide renewable energy industry. IEC then announced that it will release a crypto mining product that it had built by incorporating crypto mining capabilities into the Universal Voltage technology it had acquired. The two announcements solidified IEC's commitment to expanding its green energy footprint, and the news positions IEC to supply both solar-powered energy and a clean crypto mining solution for both residential and business users.
In the acquisition, IEC gained Universal Voltage’s distributorships and partnerships for a host of products and included sales of existing products and installs in Q1 2022. In total, the acquisition has the potential to dramatically change IEC’s future by setting the company up to deliver shareholder value. After all, IEC now has a legitimate avenue to start producing significant annual revenue in an industry that is expected to reach almost $2 trillion by the end of the decade, according to numerous analysts.
And as we fast forward to today, the network of distributorships and partnerships that IEC gained in the acquisition will be invaluable. Five months into the ownership of Universal Voltage, IEC has already introduced a solar powered clean energy crypto mining container (UV-OG). The company’s UV-OG series uses the latest in solar, battery and crypto mining technology to provide its users with a residential or commercial power source that can also mine cryptocurrency like Bitcoin more responsibly.
The introduction of the new UV-OG series has already garnered real interest. IEC announced late last week that it has started the initial phase of its more than $1-million solar powered clean energy crypto project in Baja, Mexico. The agreement calls for the development and sale of 10 UV-OG units. According to the company, the units primary use will be to provide an off-grid power solution for a housing project under development in the Baja California, Mexico region. Each UV-OG unit will also have solar powered energy and crypto mining to maximize the use of the power generated.
Additionally, IEC announced that it sees plenty of development opportunities in both the residential and commercial side, and the company intends to expand further into Latin America. Currently, IEC has stated it is in negotiations to develop out another project in Costa Rica.
IEC’s interest in advancing its clean crypto solution is clear. Cryptocurrency mining is notorious for wasting electricity. It is believed that current mining practices add as much as 40 million tons of carbon dioxide to the atmosphere every year. Bitcoin mining, for instance, which is the process of creating new bitcoins and updating the digital ledger that tracks transactions, consumes vast amounts of computing power and electricity. To earn bitcoins, miners solve increasingly difficult puzzles. The faster and more efficiently they solve these puzzles, the more bitcoins they get and the harder it becomes to mine new ones.
The company stated that its mining rigs will be compatible with its suite of commercial and residential solar, power backup, and EV2G/Bi-directional chargers, which will allow users to mine clean energy crypto. IEC says its vision is to provide new and existing customers that own solar/battery backup setups the option of selling electricity back to the grid, or mining crypto currencies, whichever is more beneficial for the customer.
The company’s off-grid power solution will allow for any surplus of energy generated from its solar technology to be used for mining crypto, creating an opportunity for people using off-grid power to be able to generate revenues similar or better than selling back to the grid, which improves their return on investment.