LUXXFOLIO Confirms Order for Additional 500 Miners Increasing Future Hash Rate to 360 PH/s
LUXXFOLIO Holdings Inc. (CSE: LUXX) (OTCQB: LUXFF) has confirmed an order for 500 Bitmain S19j Pro Bitcoin miners at a cost of USD$3.02 million. This order, financed through working capital and asset-backed loans with NYDIG, will boost the miner count to 3,590, enhancing the total hash rate to 360 PH/s by July 2022. The new miners are priced below current market rates, which the CEO states will positively affect future profit margins as growth accelerates.
- Confirmed order for 500 Bitmain S19j Pro miners for USD$3.02 million.
- Total miners projected to reach 3,590 by July 2022, increasing future hash rate to 360 PH/s (up 16%).
- Acquisition cost significantly lower than current spot prices, enhancing future margins.
- CEO expresses optimism about accelerated growth plans.
- None.
VANCOUVER, BC, Oct. 21, 2021 /PRNewswire/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt: LUH) (Berlin: LUH) is pleased to announce it has confirmed an order for 500 Bitmain S19j Pro (100 TH/s) Bitcoin miners ("New Miners") for USD
This increases our confirmed number of miners projected to be operating by the end of July 2022 to 3,590, with a total projected future hash rate of 360 PH/s (
Dean Linden, CEO of LUXXFOLIO commented, "We were able to lock in this additional expansion of these New Miners at pricing materially lower than current spot prices, which will have a positive impact on our future margins as we accelerate our growth plans at a faster than anticipated rate."
Recent Company Highlights
Date | Milestones |
Dec 2020: | LUXXFOLIO orders 590 Avalon miners (NR Dec. 24, 2020); |
May 2021: | LUXXFOLIO orders 2400 Bitmain S19J Pro miners (NR May 3, 2021); |
Jun 2021: | LUXXFOLIO completes acquisition of industrial scale crypto mining operation (NR Jun. 15, 2021); |
Jul 2021: | LUXXFOLIO receives and installs 590 Avalon miners (NR Jul. 19, 2021); |
Aug 2021: | LUXXFOLIO announces expansion to increase capacity from 8MW to 15 MW (NR Aug. 12, 2021); |
Aug 2021: | LUXXFOLIO reinvests price rebate and installs an additional 100 Bitmain |
Sep 2021: | LUXXFOLIO enters into agreement to acquire Ethereum mining operation (NR Sep. 7, 2021); |
Sep 2021: | LUXXFOLIO enters into swap agreement on 600 miners and receives early |
Sep 2021: | LUXXFOLIO DTC application approved (NR Sep. 23, 2021) |
Oct. 2021: | LUXXFOLIO accepts early deliver of an additional 75 Miners (total of 675 early |
Estimated Calendar Miner Delivery Dates
- Q4 2021: 225 Miners
- Q1 2022: 600 Miners
- Q2 2022: 1100 Miners
- Q3 2022: 300 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 primarily 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 "will be", "projected", 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, hash rate, 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-confirms-order-for-additional-500-miners-increasing-future-hash-rate-to-360-phs-301405585.html
SOURCE Luxxfolio Holdings Inc.
FAQ
What is the significance of LUXXFOLIO's recent order for 500 miners?
How much is LUXXFOLIO spending on the new miners?
When will the new miners be delivered?
How does the new order affect LUXXFOLIO's future profitability?
What is the current operational hash rate for LUXXFOLIO?
