Mining Performance Exceeds 50 PH/s as August delivery of Bitmain Miners Received and Operating
September 02 2021 - 3:41PM
InvestorsHub NewsWire
Mining Performance Exceeds 50 PH/s as August
delivery of Bitmain Miners Received and
Operating
LUXXFOLIO signs Term Sheet to acquire leading
Commercial Technology Development and Services
Company
VANCOUVER, BC, Canada -- September 2, 2021 -- InvestorsHub
NewsWire -- LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO")
(CSE:
LUXX) (OTCQB:
LUXFF) is pleased to announce that the 100 miners announced
early August have been received with substantially all
installed and operational.
- Our mining site is currently operating at approximately 50 PH/s
which is a 24% increase from the average for the month of August
2021;
- As we fully optimize our existing 690 miners through our
SmartLuxx platform, we expect to achieve in excess of 60 PH/s from
these miners over the coming months;
- The Company has achieved total rewards to the end of August of
13.83 BTC for approximate revenues of CAD$765,000.
Acquisition of Technology Development Firm
As well, the Company is pleased to announce the signing of a term
sheet (the "Term Sheet") to acquire Isotechnics (the "Transaction")
– a leading Commercial Technology Services Company specializing in
IT Management Products and Solutions for Crypto Mining and
Commercial Properties including office, retail and industrial. As a
result of the Transaction, the Company will continue to accelerate
the development of SmartLuxx, a platform designed to track and
record performance analytics and ownership of real world assets
("RWA") with crypto mining assets as being the first vertical of
RWA.
SmartLuxx roadmap will include the following:
- Greatly improve operational efficiency through automation,
analytics, and machine learning;
- Provide end-to-end traceability into all aspects of the mining
process through the crypto mining data stack;
- Enable new applications and revenue streams to be developed on
top of the mining operations.
"This integration provides a foundation to ensure that as we
expand the SmartLuxx platform into different protocols, we can
optimize our performance and maximize our revenue streams as a
leading vertically integrated digital asset company," said
LUXXFOLIO CEO Dean Linden. "This acquisition will play a key
strategic role for us as we continue to build a portfolio of
services and offerings aligned to leading-edge developments in
finance".
In consideration for the Transaction, LUXXFOLIO will issue
550,000 common shares of LUXXFOLIO to the principals of Isotechnics
upon closing ("Shares"). Shares issued for this Transaction will
vest and be released one year after they are issued. LUXXFOLIO will
enter into employment agreements with the principals. Each
principal shall receive 125,000 Options. The Options will have a
standard 2-year vesting period and be priced in accordance with the
LUXXFOLIO employee option plan.
As it relates to the Transaction, entering into the Definitive
Agreement is conditional upon LUXXFOLIO first completing a
satisfactory due diligence review of Isotechnics and the
acquisition. The closing of the acquisition is subject to
applicable statutory and regulatory approvals. The parties will use
reasonable best efforts to satisfy or obtain such approvals by
October 31, 2021. If the Transaction is not closed by this time,
the Term Sheet will terminate.
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 based on current miners on
order;
- Construction is beginning on the expansion of
the mining facility, which will increase power capacity to an
estimated 15 MW and which the Company anticipates will provide
LUXXFOLIO with the ability to push computing hash rates to more
than 400 PH/s based on current technology and miner availability;
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: 300 Miners
- Q4 2021: 600 Miners
- Q1 2022: 600 Miners
- Q2 2022: 600 Miners
- Q3 2022: 300 Miners
About LUXXFOLIO
LUXXFOLIO Holdings Inc. is a CSE listed, vertically integrated
digital asset company based in Canada. We operate 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 via the traditional capital
markets.
Follow us on:
- Twitter at LuxxfolioH
- The Company diligently posts updates through videos from the
official company YouTube channel at: YouTube
Channel
- Please join the conversation on our LUXXFOLIO Holdings
supporter's Telegram group at: https://t.me/Luxxfolio
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 "plans
to" "estimated", "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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