TIDMBTC
RNS Number : 9022T
Vinanz Limited
20 November 2023
20 November 2023
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended). Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
Vinanz Limited
("Vinanz" or "the Company")
Vinanz and Luxor Technology Partner to Increase Bitcoin Miner
Speeds and Margins
Highlights:
-- Vinanz to supercharge performance of its Bitcoin mining fleet in North America
-- Vinanz partners with US-based Luxor Technology to install
Luxor's Firmware into Vinanz's Bitcoin mining fleet
-- Luxor's Firmware also increases operating margins by
increasing efficiencies and reducing power draw
-- The partnership is expected to see significant savings in
mining pool and firmware operating costs up to 49%
-- All Vinanz's ASIC miners to have firmware installed and operating within days
-- Vinanz has no debt
London, 20 November, 2023 - Vinanz Limited (London AQSE: BTC and
US OTCQB: VINZF), the London-listed Bitcoin mining company focusing
on decentralised Bitcoin mining facilities throughout the US and
Canada, is pleased to announce its strategic partnership with
US-based Luxor Technology Corporation ("Luxor Technology") to
increase Vinanz Limited's Bitcoin miner's operational efficiencies,
mining hashrate, and operating margins on its North American mining
fleet.
Vinanz and Luxor Technology have agreed to deploy Luxor's
Firmware ("Luxor Firmware") on Vinanz's Bitcoin mining fleet within
the US and Canada. The deployment of Luxor's Firmware will provide
the ability for Vinanz to improve operational uptime, and increase
ASIC miner efficiency in anticipation of the 2024 Bitcoin Halving.
This saving in power usage by reducing the joules consumed per
terahash will enable Vinanz to produce more Bitcoins from the same
mining fleet without additional CAPEX.
Luxor Firmware is a type of software that unlocks the
capabilities of Bitcoin mining hardware, allowing Bitcoin miners to
access advanced settings, monitoring, and management tools that
enable Bitcoin mining companies to optimise their ASIC miner fleet.
When Bitcoin mining profitability is low, Luxor's Firmware improves
mining hardware efficiency to increase margins. When profitability
is high, miners can use firmware to increase a machine's hashrate
and accelerate return on investment.
The Vinanz / Luxor Firmware partnership will see Vinanz utilise
Luxor's full stack software services and solutions. The overall
effect is expected to reduce Vinanz's current Mining Pool and
Firmware OPEX by an estimated 49% and this will assist the Vinanz
team to be operationally and financially well-positioned leading
into the next Bitcoin halving as it continues to become one of the
lowest cost Bitcoin miners.
David Lenigas, Vinanz's Chairman, commented.
"Now that Vinanz is starting to get more miners into its Bitcoin
mining fleet, it is time to start looking to the performance of our
miners. There are a number of leaders in this field of boosting
ASIC miner performance and our preferred supplier of hardware,
Luxor, have developed a brilliant way of optimising the processing
power of ASIC miners to produce more Bitcoin from existing
installed hardware and making them run at lower operating
costs."
"The Luxor Firmware, in simple terms, supercharges the
performance of ASIC miners to run more efficiently for the same
Bitcoin output (giving us a lower operating cost) or can enable
them to run at significantly higher hashrates than factory ratings
by effectively putting them into overdrive and operating at their
extreme performance limits. We anticipate that Luxor can have their
Firmware installed and operating in all of our Canadian units
within a few weeks and I look forward to providing an update to
shareholders shortly of the performance boosts we can achieve."
Luxor Technology's Director of Business Development, Aaron
Foster, said.
"We've received consistent feedback from our Bitcoin mining
partners that the market lacked a US-designed-and-engineered custom
Bitcoin mining firmware to help them improve their mining margins.
Luxor has achieved excellent results with its bespoke Firmware and
the Luxor Technology's team was uniquely positioned to build this
product and we're excited to partner with Vinanz and use Luxor
Firmware to achieve their milestones as they deploy their
decentralised expansion model for Bitcoin mining throughout North
America."
About Luxor Technology
Luxor Technology operates in the Bitcoin mining software and
services sector. Their suite of offerings includes a global Bitcoin
mining pool, the first open auction Bitcoin ASIC miner marketplace:
Luxor RFQ, Luxor's Hashrate Forward Marketplace, a Bitcoin mining
research and data platform: Hashrate Index, and other tools for the
mining and compute power industry. For more information or
inquiries please visit luxor.tech .
The Company's admission document is available to view on its
website www.vinanz.co.uk
The directors of Vinanz Limited accept responsibility for this
announcement.
For further information please contact:
Vinanz Limited
David Lenigas david@vinanz.co.uk
Jeremy Edelman jeremy@vinanz.co.uk
First Sentinel (Corporate Adviser and Broker)
Brian Stockbridge brian@first-sentinel.com
+44 (0) 20 3989 2222
Clear Capital Markets (Broker)
Bob Roberts bobroberts@clear-cm.co.uk
+44 (0) 20 3869 6080
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