LUXXFOLIO
Diversifies into Ethereum with Acquisition of Ethereum Miner
including Crypto Assets
Acquisition
Adds 6 PH/s BTC Equivalent Hash Rate
VANCOUVER, BC, Canada --
September 7, 2021 --
InvestorsHub NewsWire -- LUXXFOLIO Holdings Inc. (the "Company" or
"LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) is pleased to announce its wholly-owned
subsidiary, Westblock Capital Inc. ("Westblock" or "LUXX Mining
Division"), has entered into an asset purchase agreement ("Purchase
Agreement") with Blackcloud Crypto Investments (the "Seller" or
"Blackcloud") to purchase the assets of its Ethereum Mining and
Hosting Operations (the "Transaction"). Blackcloud
is a cryptocurrency mining venture based in Lethbridge, Alberta
that focuses on Ethereum mining.
In consideration for the Transaction, LUXXFOLIO
will issue 711,300 common shares of LUXXFOLIO to the Seller,
adjusted for the value of the Ethereum crypto currency coins
included in the Transaction on closing. Shares issued for this Transaction will vest
and be released 4 months after closing.
The Assets shall include the Seller's Hosting
Portable Container, 136 Ethereum mining machines ("Ether Miners"),
25 Ethereum crypto currency coins, and all agreements related to
the mining and hosting of the Seller's Ethereum mining
operations.
Based on current mining economics, these Ether
Miners will contribute approximately 30 GH/s, or
approximately 17.5 Ethereum
per month based on current difficulty rates (6 PH/s of BTC
Equivalent Hash Rate). The Ether Miners consist of 8 AMD Radeon
RX570 GPUs to deliver a highly efficient ETH hash rate of 220 MH/s
(±5%) while maintaining lower power consumption.
The total
power usage is approximately 217 KW.
"We are exploring a number of diversification
efforts and mining Ethereum is a natural fit into our
operations. We also see staking and proof of work as
complimentary to our mission. We will continue to explore integrating other
mining operations as the industry continues to consolidate",
commented Ken MacLean, President of LUXX Mining
Division.
Commenting on the transaction,
Blackcloud Crypto Investments stated, "There is tremendous upside
in LUXXFOLIO and we look forward to participating in the company's
growth".
The closing of the Transaction is
subject to certain condition precedents, which include Westblock
receiving any necessary regulatory approvals.
Recent
Company Highlights
-
LUXXFOLIO began its active mining
operation as announced on (NR
July 28, 2021);
-
The Company announced on
NR
September 2, 2021, that it
has installed 690 bitcoin miners operating at approximately 50 PH/s
and expected to achieve in excess of 60 PH/s once fully
optimized;
-
With the addition of another 2,400
Bitmain S19j Pro bitcoin miners previously announced
(NR
May 27, 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.
