LUXX Increases Hash Rate + Completion 1st Phase of Expansion VANCOUVER, BC, April 9, 2022 /CNW/ - LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH) a vertically-integrated digital asset company is pleased to announce the completion of phase one of its New Mexico mining site expansion resulting in an additional 31 PH/s coming online the latter part of March. The Company's total hash rate is currently 170 PH/s, an increase of over 22% from the previous month.
Mining Overview (as at or for the month of March 2022):
- Bitcoin Mine site operating at ~170PH/s (Feb 28, 2022 - 139 PH/s);
- Total monthly Bitcoin mined of 20.07 (Feb 2022 – 19.70 Bitcoin);
- Bitcoin equivalent reserves at end of month of 66.9 (65.3 BTC and 20.7 ETH) (Feb 28, 2022 – 85.3);
- Final Completion of the expansion is scheduled to be completed by mid-May, which will take total capacity to 15MW.
Ken Maclean, President of LUXXFOLIO commented, "We are proud of our team's ability navigating supply chain challenges to complete our expansion in a tight timeline. We find ourselves in a strong position with infrastructure available that will allow us to continue to grow our hash rate each month as miners are received".
Recent Company Highlights:
| | | |
| Date | | Milestones |
| Nov 2021 | | LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with anticipated 25% Increase in Hash Rate (NR Nov. 10, 2021); |
| Nov 2021 | | LUXXFOLIO accepts early delivery of an additional 100 Miners (total of 735 early deliveries) resulting in a Hash Rate increase of 162% since Sept. 1 2021 (NR Nov. 16, 2021); |
| Nov 2021 | | LUXXFOLIO closes acquisition of Ethereum mining operation (NR Nov. 27, 2021); |
| Dec 2021 | | LUXXFOLIO closes ~$10 million Institutional led Bought Deal Financing led by investment banking firm PI Financial (NR Dec. 2, 2021); |
| Dec 2021 | | LUXXFOLIO finalizes order for additional 500 Bitmain S19J Pro miners thereby increasing anticipated future hash rate to 360 PH/s (NR Dec. 16, 2021); |
| Jan 2022 | | LUXXFOLIO rolls out Decentralized Storage Vertical (NR Jan. 31, 2022) |
| | | |
Estimated Calendar Miner Delivery and Installation Dates
- Q2 2022: 1400 Miners
- Q3 2022: 300 Miners
About LUXXFOLIO
LUXXFOLIO Holdings Inc. is a publicly traded vertically integrated digital asset company based in Canada. 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.
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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. In particular, forward-looking statements contained herein include, but are not limited to, statements regarding: the timing of additional PH/s capacity coming online, timing to complete the expansion of the New Mexico mining site, the Company continuing to grow its hash rate each month as miners are received and estimated calendar miner delivery and installation dates. 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.
Readers are encouraged to review the material risks discussed in the Company's Interim MD&A dated January 31, 2022, under the headings "Cryptocurrency and Cybersecurity Risks" and "Other Risks and Uncertainties". The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors that could affect the Company are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this news release speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
SOURCE Luxxfolio Holdings Inc.
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