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Vancouver, British Columbia–(Newsfile Corp. – August 17, 2021) – LUXXFOLIO Holdings (CSE: LUXX) (OTCQB: LUXFF), a vertically integrated digital asset company, announced a significant expansion of its crypto mining facility.
The company’s crypto mining facility, maintained and operated by its Luxx Mining Division, operates an industrial-scale cryptocurrency mining operation located on Navajo Nation land in New Mexico through a power partnership with the Navajo Tribal Utility Authority or “NTUA”. The official ground-breaking ceremony took place on August 2, 2021, with Walter Haase, NTUA General Manager, Ken MacLean, President of the Luxx Mining Division, and attendees from the Navajo Nation being present.
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The mining partnership has brought revenue and local employment to the Navajo Nation, and the new expansion will increase these benefits further with construction scheduled to begin in September 2021 with completion by early 2022. The NTUA operates and maintains electric, communications, natural gas, water, and energy generation services for the Navajo people at a low and reasonable cost. As a self-sustaining, not-for-profit, and successful tribally owned enterprise, it has worked for over 60 years to provide multi-utility services, promote employment opportunities, and improve the health and welfare of residents of the Navajo Nation.
Walter Haase, NTUA General Manager, added: “It has been good to see the positive economic contributions of our work with LUXXFOLIO. More jobs, along with LUXXFOLIO growing as a customer means economic expansion and even more jobs. We are welcoming of new industry onto our Nation to spur economic growth and being part of the crypto industry as it develops is very exciting.”
The Luxx Mining Division operation houses the high-powered ASIC computers to mine crypto assets. The favorable climate and low power costs in the New Mexico location provide ideal conditions for mining with low environmental impact as approximately 59% of the power consumed is sourced from carbon free energy resources.
The construction will include additional transformers, buildings, and associated cabling, with the fully funded capex estimated at USD$1.5 million. The mining facility can draw up to 15 MW of capacity from the substation, which is currently stepped down to approximately 8MW of power. This expansion will see the power usage increase to its full 15 MW potential, which management anticipates will provide the company with the ability to push computing hash rates to more than 400 PH/s based on current technology and miner availability.
Ken MacLean, President of the Luxx Mining Division, stated: “Working with the Navajo Nation has been an amazing experience. From the beginning, there has been an outstanding sense of collaboration. We are delighted to be expanding our operations with the NTUA and we look forward to the mutual benefits this partnership will help us realize.“
As part of the expansion, LUXXFOLIO and the NTUA will also examine other power sources to minimize costs and ensure environmental sustainability.
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.
For more information, please visit the company’s website www.luxxfolio.com, contact Dean Linden, CEO, at 604-398-3837 or email dlinden@luxxfolio.com.
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