VANCOUVER, BC, Jan. 31, 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 it has launched a separate decentralized data storage vertical. The Company is building on its core capabilities in industrial data center management to procure, install and operate customized storage server equipment connected to the Filecoin network. The first set of Filecoin storage servers have been received and a full node has been installed and connected to the Filecoin network allowing LUXXFOLIO to begin earning block rewards in its native digital tokens called FIL.
Filecoin is part of a decentralized data storage vertical, to capitalize on the growth in digital assets and applications being built for the decentralized universe including areas such as the Web 3.0, the Metaverse, NFT's, AI analytics, and Play 2 Earn Gaming. Storage providers who contribute storage space and computing power to the network, will collect rewards for storing and distributing data to clients.
Filecoin is built with the InterPlanetary File System (IPFS), a next generation protocol aiming to make the Web faster, safer, decentralized, and permanent. Established in 2015, IPFS has over 5 billion files spanning scientific data, genetic research, video distribution and streaming, 3D modelling, Metaverse and NFT assets. Growth in cloud data storage is projected to grow at a CAGR of 22.3% through to 2025.
Ken MacLean, President of LUXXFOLIO commented, "Decentralized storage using crypto incentives will be required to support the entire decentralized economy. This vertical is a great lens into the emerging Web 3.0 space and positions the Company into a time frame similar to the early days of Bitcoin mining. We are working closely with Protocol Labs and other storage protocols and will immerse ourselves into the ecosystem."
Recent Company Highlights
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Date
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Milestones
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May 2021:
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LUXXFOLIO orders 2400 Bitmain S19J Pro miners (NR May 3, 2021);
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Jun 2021:
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LUXXFOLIO completes acquisition of industrial scale crypto mining operation (NR Jun. 15, 2021);
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Jul 2021:
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LUXXFOLIO receives and installs 590 Avalon miners (NR Jul. 19, 2021);
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Aug 2021:
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LUXXFOLIO announces expansion to increase capacity from 8MW to 15 MW (NR Aug. 12, 2021);
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Aug 2021:
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LUXXFOLIO reinvests price rebate and installs an additional 100 Bitmain S19J Pro miners (NR Aug. 4, 2021);
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Sep 2021:
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LUXXFOLIO enters into swap agreement on 600 miners and receives early delivery on 300 (NR Sep. 20, 2021).
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Oct 2021:
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LUXXFOLIO accepts early deliver of an additional 75 Miners (total of 675 early deliveries) resulting in a Hash Rate increase of 144% since Sept. 1 2021 (NR Oct. 14, 2021).
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Oct 2021:
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LUXXFOLIO confirms order for additional 500 Bitmain S19J Pro miners thereby increasing anticipated future hash rate to 360 PH/s (NR Oct. 21, 2021)
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Nov 2021:
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LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with anticipated 25% Increase in Hash Rate (NR Nov. 10, 2021)
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Nov 2021
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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)
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Nov 2021:
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LUXXFOLIO closes acquisition of Ethereum mining operation (NR Nov. 27, 2021);
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Dec 2021
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LUXXFOLIO closes ~$10 million Institutional-led Bought Deal Financing led by investment banking firm PI Financial (NR Dec. 2)
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Dec 2021
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LUXXFOLIO finalizes order for additional 500 Bitmain S19J Pro miners thereby increasing anticipated future hash rate to 360 PH/s (NR Dec. 16, 2021)
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Estimated Calendar Miner Delivery Dates
- Q1 2022: 600 Miners
- Q2 2022: 1100 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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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.
SOURCE Luxxfolio Holdings Inc.
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