LUXXFOLIO
Announces Expansion Plans
VANCOUVER,
BC, Canada -- August 12, 2021 -- InvestorsHub NewsWire
-- LUXXFOLIO Holdings Inc. (the
"Company" or "LUXXFOLIO") (CSE:
LUXX) (OTCQB:
LUXFF) is pleased to announce a
significant expansion of the crypto mining facility maintained and
managed by LUXXFOLIO's wholly owned subsidiary Westblock Capital
Inc. ("Luxx Mining Division"). The Luxx Mining Division operates an
industrial-scale cryptocurrency mining operation located on Navajo
Nation land in New Mexico through a power partnership with Navajo
Tribal Utility Authority ("NTUA").
- The mining
facility can draw up to 15 MW of capacity from the substation,
which is currently stepped down to approximately 8MW of
power.
- This
expansion will see the power usage increase to its full 15 MW
potential.
- The
constructions will include additional transformers, buildings, and
associated cabling.
- The fully
funded capex is estimated at USD$1.5 million.
- This is
anticipated to provide the Company with the ability to push
computing hash rates to more than 400 PH/s based on current
technology and miner availability.
On Aug 2, 2021,
a groundbreaking ceremony took place. Participating in the
event from right to left
were NTUA
General Manager Mr. Walter Haase, attendees from the Navajo Nation,
Vice President Myron Lizer, Gadii'ahi Chapter Vice-President Arnold
Nelson and Chapter President Harry Descheene, Navajo Nation Council
Delegate, Amber Crotty and LUXX Mining President, Ken
MacLean.
"Working with
the Navajo Nation has been an amazing experience," said Ken
MacLean, President of the Luxx Mining Division, "From the
beginning, there has been an outstanding sense of collaboration. We
are delighted to be expanding our operations with the NTUA and we
look forward to the mutual benefits this partnership will help us
realize."
The Luxx Mining
Division operation houses the high-powered ASIC computers to mine
crypto assets. The favorable climate and low power costs in the New
Mexico location provide ideal conditions for mining with low
environmental impact. Equally important is the fact that
approximately 59% of the power that we are consuming is being
sourced from carbon free energy resources. As part of the
expansion, LUXXFOLIO and the NTUA will also examine other power
sources to minimize costs and ensure environmental
sustainability.
The mining partnership has
brought revenue and local employment to the Navajo Nation, and the
new expansion will increase these benefits further with
construction scheduled to begin in September 2021 with completion
by early 2022.
Mr. Walter
Haase, NTUA General Manager, stated "It has been good to see the
positive economic contributions of our work with LUXXFOLIO.
More jobs along with LUXXFOLIO growing as a customer means economic
expansion and even more jobs. We are welcoming of new
industry onto our Nation to spur economic growth and
being part of
the crypto industry as it develops is very exciting."
Recent Company Highlights
- LUXXFOLIO began its active mining operation as announced on
(NR
July 28, 2021);
- With the addition of the 2,500 Bitmain S19j Pro bitcoin miners
previously announced (NR
May 27, 2021 and
NR August 4 , 2021, LUXXFOLIO is now targeting
Bitcoin production to be approximately 310 PH/s by Q3 2022;
and
- The Company recently up-listed in the US to the OTCQB under the
symbol LUXFF (NR
May 19, 2021).
Estimated
Calendar Miner Delivery Dates
- Q3 2021: 400 Miners
- Q4 2021: 600 Miners
- Q1 2022: 600 Miners
- Q2 2022: 600 Miners
- Q3 2022: 300 Miners
The Navajo
Tribal Utility Authority operates and maintains
electric, communications, natural gas, water, and energy generation
services for the Navajo people at a low and reasonable cost.
As a self-sustaining,
not-for-profit, and successful tribally owned enterprise, it has
worked for over 60 years to provide multi-utility services, promote
employment opportunities, and improve the health and welfare of
residents of the Navajo Nation.
About
LUXXFOLIO
LUXXFOLIO
Holdings Inc. is a CSE-listed company based in Canada that is a
vertically integrated digital asset company. 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.
Follow us
on:
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Twitter
at
LuxxfolioH
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The
Company diligently posts updates through videos from the official
company YouTube channel at:
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join the conversation on our LUXXFOLIO Holdings supporter's
Telegram group at:
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Contact
Information:
For more information, please
contact:
Dean Linden, Chief Executive
Officer
Tel: (604)
398-3837
Email:
dlinden@luxxfolio.com
www.luxxfolio.com
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.
LUXXFOLIO
HOLDINGS INC.
1080 Mainland Street,
Suite 212
Vancouver, BC V6B
2T4
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