LUXXFOLIO Benefits from Low Power Costs

Rhea-AI Summary

On June 6, 2022, LUXXFOLIO Holdings Inc. announced it mined 25.22 Bitcoin in May 2022, maintaining a total hash rate of 180 PH/s. The company's power costs are approximately $7,900 to produce one Bitcoin, highlighting its competitive advantage in a rising inflationary environment. However, Bitcoin equivalent reserves decreased to 52.4 from 62.6 Bitcoin in April. The company anticipates further growth as it plans to install 1,400 new miners by Q3 2022, enhancing its operational capacity.

Positive

• Mined 25.22 Bitcoin in May 2022.
• Maintained a stable hash rate of 180 PH/s.
• Competitive power cost of $7,900 per Bitcoin enhances sustainability.

Negative

• Bitcoin equivalent reserves dropped from 62.6 to 52.4.
• -

VANCOUVER, BC, June 6, 2022 /PRNewswire/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH) a vertically-integrated digital asset company is pleased to announce it has mined 25.22 Bitcoin in the month of May 2022. The Company's total hash rate is currently 180 PH/s.

Mining Overview (as at or for the month of May 2022):

• Bitcoin Mine site operating at ~180PH/s (April 30, 2022 - 180 PH/s);
• Total monthly Bitcoin mined of 25.22 (April 2022 – 25.39 Bitcoin);
• Bitcoin equivalent reserves at end of month of 52.4 (Apr 30, 2022 – 62.6); and
• 100% of our Bitcoin reserves remain in our custody accounts.

Ken Maclean, President of LUXXFOLIO commented, "Currently our power costs equate to approximately $7,900 to produce one Bitcoin. Having stable power pricing in a rising inflationary environment is a key sustainable differentiating factor for LUXXFOLIO as we continue to see other players in the industry exposed to this risk. This coupled with our completed power expansion and delivery of new miners over the next quarter provides a solid foundation for the future".

Recent Company Highlights:

Date	Milestones
Nov 2021	LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with anticipated 25% Increase in Hash Rate (NR Nov. 10, 2021);
Nov 2021	LUXXFOLIO accepts early delivery of an additional 100 Miners (total of 735 early deliveries) resulting in a Hash Rate increase of 162% since Sept. 1 2021 (NR Nov. 16, 2021);
Nov 2021	LUXXFOLIO closes acquisition of Ethereum mining operation (NR Nov. 27, 2021);
Dec 2021	LUXXFOLIO closes ~$10 million Institutional Bought Deal Financing led by investment banking firm PI Financial (NR Dec. 2, 2021);
Dec 2021	LUXXFOLIO finalizes order for additional 500 Bitmain S19J Pro miners thereby increasing anticipated future hash rate to 360 PH/s (NR Dec. 16, 2021);
Jan 2022	LUXXFOLIO rolls out Decentralized Storage Vertical (NR Jan. 31, 2022)

Estimated Calendar Miner Installation Dates

• Q3 2022: 1,400 Miners

About LUXXFOLIO

LUXXFOLIO Holdings Inc. is a publicly traded, vertically integrated digital asset company based in Canada. We operate an industrial scale cryptocurrency mining facility in the United States powered predominately by renewable energy with a focus on the blockchain ecosystem and generation of digital assets. LUXXFOLIO provides a liquid alternative for exposure to digital assets for the broader capital markets.

 Follow us on:

• Twitter at LuxxfolioH
• The Company diligently posts updates through videos from the official company YouTube channel at: YouTube Channel
• Please join the conversation on our LUXXFOLIO Holdings supporter's Telegram group at: https://t.me/Luxxfolio

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipated", "will be", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements regarding the Company, its hosting operations, miners, and the Company's development of its growth strategy are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

View original content to download multimedia:https://www.prnewswire.com/news-releases/luxxfolio-benefits-from-low-power-costs-301562287.html

SOURCE Luxxfolio Holdings Inc.

FAQ

What was the total Bitcoin mined by LUXXFOLIO in May 2022?

LUXXFOLIO mined 25.22 Bitcoin in May 2022.

What is LUXXFOLIO's current hash rate as of June 2022?

LUXXFOLIO's current hash rate is 180 PH/s.

What are LUXXFOLIO's power costs for Bitcoin production?

LUXXFOLIO's power costs are approximately $7,900 to produce one Bitcoin.

How many Bitcoin equivalent reserves does LUXXFOLIO have?

LUXXFOLIO has 52.4 Bitcoin equivalent reserves as of the end of May 2022.

When does LUXXFOLIO plan to install new miners?

LUXXFOLIO plans to install 1,400 new miners by Q3 2022.