LUXXFOLIO Finalizes Order for 500 New Generation Miners
Anticipated Increase in Hash Rate of 20% on Delivery
VANCOUVER, BC, Dec. 16, 2021 /CNW/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH) a vertically-integrated digital asset company, has finalized an order for 500 Bitmain S19j Pro (100 TH/s) Bitcoin miners ("New Miners") for USD$3.02 Million ($60/TH) as originally announced on October 21st. The order will be financed through a combination of balance sheet working capital and an asset backed lending structure with NYDIG, our finance partner. NYDIG is a leading bitcoin company, which provides a comprehensive suite of services for institutional bitcoin miners.
The delivery is scheduled for May 2022, which is anticipated to increase our mining rate by approximately 20% at that date. This will bring the total projected hash rate to 360 PH/s by calendar Q3 of 2022, excluding any impact of the immersion cooling system to be installed in calendar Q1 of 2022.
Ken MacLean, President of LUXX Mining Division commented, "We will have the option to install these 500 miners into our immersion cooling system on arrival. Based on the specs of the immersion, the projected hash rate on this order could increase from 50 PH/s to a range of 62 to 75 PH/s."
Recent Company Highlights
Date |
Milestones |
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 S19J Pro miners (NR Aug. 4, 2021); |
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 delivery on 300 (NR Sep. 20, 2021). |
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 deliveries) resulting in a Hash Rate increase of 144% since Sept. 1 2021 (NR Oct. 14, 2021). |
Oct. 2021: |
LUXXFOLIO confirms order for additional 500 Bitmain S19J Pro miners thereby increasing anticipated future hash rate to 360 PH/s (NR Oct. 21, 2021) |
Nov 2021: |
LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with anticipated 25% Increase in Hash Rate (NR Nov. 10, 2021) |
Nov 2021 |
LUXXFOLIO accepts early delivery of an additional 100 Miners (total of 735 early deliveries) resulting in a Hash Rate increase of 162% since Sept. 1 2021 (NR Nov. 16, 2021) |
Nov 2021: |
LUXXFOLIO closes acquisition of Ethereum mining operation (NR Nov. 27, 2021); |
Dec. 2021 |
LUXXFOLIO closes ~$10 Million Institutional led Bought Deal Financing led by investment banking firm PI Financial (NR Dec. 2) |
Estimated Calendar Miner Delivery Dates
- Q4 2021: 190 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 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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