VANCOUVER, British Columbia, Sept. 13, 2021 (GLOBE NEWSWIRE) — LUXXFOLIO Holdings (CSE:LUXX) (OTCQB:LUXFF) (FSE:LUH), a vertically integrated digital asset company, is diversifying through the acquisition of an Ethereum mining and hosting operation.
LUXXFOLIO, which focusses on Bitcoin mining and generating digital assets on the blockchain ecosystem, operates, through its wholly owned subsidiary LUXX Mining Division, an industrial scale cryptocurrency mining facility in the United States, powered primarily by renewable energy.
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The LUXX Mining Division has entered into an asset purchase agreement with Blackcloud Crypto Investments to purchase the assets of its Ethereum Mining and Hosting Operations. Lethbridge, Alberta-based Blackcloud is a cryptocurrency mining venture focused on Ethereum mining. The assets shall include the seller’s Hosting Portable Container, 136 Ethereum mining machines, 25 Ethereum crypto currency coins, and all agreements related to the mining and hosting of the Ethereum mining operations.
Based on current mining economics, these Ether Miners will contribute approximately 17.5 Ethereum per month based on current difficulty rates. The acquisition adds 6 Peta Hash per second of BTC equivalent Hash Rate. Based on current miner delivery schedule, the company is expecting to reach production in excess of 151 Peta Hash per second by the end of this calendar year and is targeting a hash rate of 310 Peta Hash per second by July of next year.
Ken MacLean, President of LUXX Mining Division, stated: “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.”
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.”
In consideration for the transaction, LUXXFOLIO will issue 711,300 common shares of LUXXFOLIO, which will have a four month hold period, to Blackcloud Crypto Investments.
The shares are trading at $0.63 on the CSE under the symbol “LUXX”. The company also trades on the OTCQB under the symbol “LUXFF” and recently began trading on the Frankfurt Exchange under the symbol “LUH”.
For more information on this investment opportunity, please visit the company’s website www.luxxfolio.com, or follow the company on any of its social media platforms including twitter, YouTube, LinkedIn, Facebook, Instagram and Telegram. You can also contact Dean Linden, CEO, at 604-398-3837 or email DLinden@luxxfolio.com.
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