LUXXFOLIO Procures Immersion - Cooling for Crypto Mining Operations
LUXXFOLIO Holdings Inc. announced plans to enhance its New Mexico crypto mining facility with an immersion-cooling system. This upgrade is expected to yield a 25% increase in hash rate, potentially reaching up to 50%. The company will install around 1,150 miners in 2022, sourced from a leading North American producer. The immersion system promises reduced maintenance and improved automation while benefiting from low energy costs through its partnership with the Navajo Tribal Utility Authority. These advancements position LUXXFOLIO to become a highly efficient crypto mining operator.
- Anticipated 25% increase in hash rate from new immersion-cooling system.
- Cost-effective electricity access through partnership with Navajo Tribal Utility Authority.
- Planned installation of approximately 1,150 miners enhances mining capability.
- None.
Anticipated
VANCOUVER, BC, Nov. 10, 2021 /PRNewswire/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH)) a vertically-integrated digital asset company, announces its intention to implement an immersion-cooling system ("Immersion System") at the Company's New Mexico crypto mining facility.
LUXX Mining Division has procured the Immersion System from one of the leading North American producers of immersion technology. The Company plans to install approximately 1,150 miners, that are scheduled to be delivered in 2022, using the Immersion System.
Immersion-Cooling
- Immersion-cooling is an enhanced process to optimize the performance of miners, compared to standard air-cooling systems;
- Hardware components, including mining machines, are submerged in a liquid dielectric coolant;
- Anticipated operational benefits of immersion-cooling include reduced maintenance, enhanced automation, more precise control of individual miners and prolonged machine life;
- A more stable environment with a consistent ambient temperature will allow the ASIC miners to run at higher rates 365 days a year;
- Based on industry data, an estimate of
25% increase in hash rate is expected, with some industry estimates predicting the potential for up to50% increases in performance.
"We have been analyzing the immersion market for over two years and we believe that the Immersion System we have chosen is the best product offering in this category," said Ken MacLean, President of LUXX Mining Division. Maclean added, "Immersion-cooling is well suited to LUXXFOLIO's New Mexico location", where the company operates an industrial-scale cryptocurrency mining operation powered largely by renewable energy sources.
LUXXFOLIO has secured access to electricity in the bottom decile of global power costs for its crypto mining operations through its exclusive partnership with the Navajo Tribal Utility Authority. The addition of the Immersion System to LUXXFOLIO's site expansion will help make the New Mexico facility one of the most efficient and low-cost crypto mining operations in the world.
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 |
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 |
Aug 2021: | LUXXFOLIO reinvests price rebate and installs an additional 100 Bitmain S19J |
Sep 2021: | LUXXFOLIO enters into agreement to acquire Ethereum mining operation (NR |
Sep 2021: | LUXXFOLIO enters into swap agreement on 600 miners and receives |
Sep 2021: | LUXXFOLIO DTC application approved (NR Sep. 23, 2021) |
Oct. 2021:
Oct. 2021: | LUXXFOLIO accepts early delivery of an additional 75 Miners (total of 675 LUXXFOLIO confirms order for additional 500 Bitmain S19J Pro miners |
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:
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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 "will be", "plans to", "anticipates", 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 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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