- 80 per cent of the first batch of miners received earlier this month are installed and running on-site
- The new miners are running at approximately 41 PH/s (approximately 2 BTC mined to date)
- The company has received confirmation of a price reduction of the Bitmain S19j Pro bitcoin miners ordered in May
- The price reduction totals US$705,000, representing a 28 per cent decrease
- Luxxfolio is targeting bitcoin production of approximately 300 PH/s by Q3 2022
- Luxxfolio Holdings Inc. (LUXX) opened trading at C$0.33 per share
Luxxfolio Holdings (LUXX) is pleased to announce 80 per cent of the first batch of miners received earlier this month are installed and running on-site.
The new miners are running at approximately 41 PH/s (approximately 2 BTC mined to date) with the installation of the remaining miners expected in the coming days.
In addition, the company has received confirmation of a price reduction on the near-dated portion of the Q4 2021 deliveries related to the Bitmain S19j Pro bitcoin miners order that was announced in May 2021.
As part of the original purchase of the New Miners, Luxxfolio was granted price protection in the event of any material spot price declines. The price reduction totals US$705,000, which represents a 28 per cent decrease in the acquisition cost of the mining equipment slated for near-term delivery. Future price reductions will be calculated closer to forthcoming delivery dates.
Dean Linden, CEO of Luxxfolio commented,
“Not only are we operating in an extremely favourable environment with network difficulty at or near a 52-week low, but the recent curtailment of mining in China has also created a decline in mining equipment prices, which we have been perfectly positioned to capture.”
Recent company highlights:
- The recently acquired WestBlock operates a 15 MW mining operation in the Navajo Nation, New Mexico, USA
- With the addition of the 2400 Bitmain S19j Pro bitcoin miners previously announced, Luxxfolio is targeting bitcoin production to be approximately 300 PH/s by Q3 2022.
- The company was recently up-listed in the US to the OTCQB under the symbol LUXFF.
Luxxfolio Holdings Inc. is a digital asset company. The company operates an industrial-scale cryptocurrency mining operation in the United States with a focus on the blockchain ecosystem and the generation of digital assets. Luxxfolio provides a liquid alternative for exposure to digital assets for the broader capital markets.
Luxxfolio Holdings Inc. (LUXX) opened trading at C$0.33 per share.