LUXXFOLIO Continues Mining Growth and Increases BTC Reserves by 16%
LUXXFOLIO Holdings Inc. reports significant operational updates as of January 2022, highlighting a 6% increase in Bitcoin mining capacity to ~139 PH/s. The company mined 22.01 Bitcoin during the month, up from 20.45 in December. Bitcoin equivalent reserves rose to ~82.6 BTC and 64 ETH. The New Mexico mining expansion is on track for Q2 2022, increasing capacity from 8MW to 15MW. A second Canadian operation is now active, mining Filecoin. Future deliveries of miners are set for Q1 through Q3 2022, enhancing overall hash rate.
- 6% increase in Bitcoin mining capacity to ~139 PH/s.
- 22.01 Bitcoin mined in January, up from 20.45 in December.
- Bitcoin equivalent reserves increased to ~82.6 BTC and 64 ETH.
- New Mexico mining expansion expected to increase capacity from 8MW to 15MW by Q2 2022.
- Opening of a second operation in Canada for mining Filecoin.
- None.
VANCOUVER, BC, Feb. 3, 2022 /PRNewswire/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH) a vertically-integrated digital asset company announces the following operational update:
Mining Overview (as at or for the month of January 2022):
- Bitcoin Mine site operating at ~139 PH/s –
6% Increase MoM (Dec. 31, 2021: 131 PH/s); - Total monthly Bitcoin mined of 22.01 (Dec 2021 = 20.45 Bitcoin);
- Bitcoin equivalent reserves at end of month of ~82.6 (78 BTC and 64 ETH) (Dec. 31, 2021= 71.5);
- Expansion of the New Mexico mining operation continues as scheduled. Groundwork has been completed and all electrical equipment has been delivered to the site. Electrical connections are being finalized with the first phase expansion scheduled to be completed over the next month, coinciding with the next batch of miner deliveries.
- Final completion of expansion is scheduled for calendar Q2 of this year, which will increase capacity from approximately 8MW to 15MW.
- The company has opened a second mining operation in Canada where it is mining Filecoin as part of its diversification strategy.
Ken MacLean, President of LUXX commented "Our mining site expansion is nearing completion including the addition of 2100 miners by mid-2022. With immersion technology, we anticipate this will increase our capacity to 370-395 PH/s. In addition, we are beginning to see miner purchasing opportunities as supply chain improvements continue and inventory levels begin to rise."
Recent Company Highlights
Date | Milestones |
Nov 2021: | LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with |
Nov 2021 | LUXXFOLIO accepts early delivery of an additional 100 Miners (total of 735 |
Nov 2021: | LUXXFOLIO closes acquisition of Ethereum mining operation (NR Nov. 27, 2021); |
Dec 2021 | LUXXFOLIO closes ~ |
Dec 2021 | LUXXFOLIO finalizes order for additional 500 Bitmain S19J Pro miners thereby |
Jan 2022 | LUXXFOLIO rolls out Decentralized Storage Vertical (NR Jan. 31, 2022) |
Estimated Calendar Miner Delivery and Installation Dates
- 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 running off mostly 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.
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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 "anticipate", "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.
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SOURCE Luxxfolio Holdings Inc.
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