LUXXFOLIO Agrees to Early Delivery of 600 S19J Pro Miners
Accelerates Revenue Generation
VANCOUVER, BC, Sept. 20, 2021 /CNW/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt: LUH) is pleased to announce it has accepted early delivery of the 600 Bitmain S19J Pro miners ("Miners") through a swap agreement with a strategic partner. These Miners were scheduled for delivery the latter part of Q3 and Q4 of this year. As of today, 300 of the 600 Miners have arrived with substantially all installed and operating, with 300 remaining enroute to our facility.
Ken MacLean, President of LUXX Mining Division, commented, "This transaction accelerates our revenues by an estimated 45 to 75 days during a time when hash rate difficulty is very attractive for the bitcoin mining industry. With the miner supply chain tightening again, stepping up install timelines is highly accretive and enhances near term cashflow and return on assets."
With this acceleration of Miner deliveries, and taking into account the recently announced Ethereum mining acquisition, the Company projects the current hash rate to increase from 50 PH/s earlier this month to 80 PH/s as of today and in excess of 116 PH/s (BTC Equivalent) by month end. Based on expected difficulty rates and near term installs, it is estimated beginning in October that production rewards of self-mined Bitcoin will be at 20-22 Bitcoin per month and self-mined Ethereum will be at 16-18 Ethereum per month, prior to operations being fully optimized.
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); |
June 2021: |
LUXXFOLIO completes acquisition of industrial scale crypto mining operation (NR June 15, 2020); |
July 2021: |
LUXXFOLIO receives and installs 590 Avalon miners (NR July 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 S19J Pro miners (NR Aug. 4, 2021); |
Sept 2021: |
LUXXFOLIO enters into agreement to acquire Ethereum mining operation (NR Sept. 7, 2021); |
Sept 2021: |
LUXXFOLIO enters into swap agreement on 600 miners and receives early delivery on 300. |
Estimated Calendar Miner Delivery Dates
- Q3 2021: 300 Miners
- Q4 2021: 300 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 powered primarily by renewable energy with a focus on Bitcoin mining and generating digital assets on the blockchain ecosystem. LUXXFOLIO provides investors with a liquid alternative for exposure to digital assets like Bitcoin via the traditional 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 "is targeting" "estimated", "anticipates", "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 expansion and growth strategies 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 subsidiaries 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]
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