19:06:28 EST Fri 23 Feb 2024
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or Name

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Luxxfolio Holdings Inc
Symbol LUXX
Shares Issued 49,355,475
Close 2021-09-20 C$ 0.61
Market Cap C$ 30,106,840
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Luxxfolio Holdings to receive Bitmain miners early

2021-09-20 12:52 ET - News Release

Mr. Dean Linden reports


Luxxfolio Holdings Inc. has accepted early delivery of the 600 Bitmain S19J Pro 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 en route to its facility.

Ken MacLean, president of the Luxx mining division, commented: "This transaction accelerates our revenues by an estimated 45 to 75 days during a time when hashrate 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 cash flow 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 hashrate to increase from 50 petahashes per second (PH/s) earlier this month to 80 PH/s as of today and in excess of 116 PH/s 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 to 22 bitcoin per month and self-mined ethereum will be at 16 to 18 ethereum per month, prior to operations being fully optimized.

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 Holdings Inc.

Luxxfolio Holdings is a publicly traded vertically integrated digital asset company based in Canada. It operates 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 through the traditional capital markets.

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