LUXXFOLIO Accepts Delivery of Additional Miners - Hash Rate Up 144% since September 1
VANCOUVER, BC, Oct. 14, 2021 /CNW/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH) announces it has accepted delivery of an additional 75 Bitmain S19J Pro Miners ("Miners") through a swap agreement with our strategic partner.
LUXXFOLIO now has a total of 1,296 Miners currently operating at 122 PH/s, an increase in hash rate of 144% since the beginning of September. At current mining rates, excluding its Ethereum (ETH) production, LUXXFOLIO is earning approximately 22-24 Bitcoin per month from its mining operations
Dean Linden, CEO of LUXXFOLIO commented, "This acceleration of our near-term revenues reflects the nimbleness required to execute in the cryptocurrency industry. Our team continues to look for cashflow improvements, monetize our power infrastructure and find a supply of current generation miners."
In addition, we are pleased to report that 2,172,840 of the 2,500,000 warrants that were set to expire on Sept. 30, 2021, were exercised at a price of $0.40 per warrant into common shares of the Company. This exercise injected a total of $869,136 of cash into the treasury, providing the Company with additional flexibility to maximize our Bitcoin reserves while we continue to invest in additional mining resources.
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 Pro miners |
Sep 2021: |
LUXXFOLIO enters into agreement to acquire Ethereum mining operation |
Sep 2021: |
LUXXFOLIO enters into swap agreement on 600 miners and receives |
Sep 2021: |
LUXXFOLIO DTC application approved (NR Sep. 23, 2021) |
Estimated Calendar Miner Delivery Dates
- Q4 2021: 225 Miners
- Q1 2022: 600 Miners
- Q2 2022: 600 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 "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.
SOURCE Luxxfolio Holdings Inc.
Dean Linden, Chief Executive Officer, Tel: (604) 398-3837, Email: [email protected], www.luxxfolio.com
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