- LUXXFOLIO (LUXX) has announced a significant expansion of the crypto mining facility managed by LUXX Mining Division subsidiary Westblock
- The facility is located on Navajo Nation land in New Mexico and is managed through a power partnership with Navajo Tribal Utility Authority
- Construction will include additional transformers, buildings, and associated cabling
- With the addition of the 2,500 Bitmain S19j Pro bitcoin miners, LUXXFOLIO is now targeting Bitcoin production of more than 400 PH/s by the end of Q3 2022
- LUXXFOLIO Holdings Inc. is a digital asset company
- LUXXFOLIO Holdings Inc. (LUXX) opened trading at C$0.43 per share
LUXXFOLIO Holdings (LUXX) has announced a significant expansion of the crypto mining facility managed by LUXX Mining Division subsidiary Westblock.
The Luxx Mining Division operates an industrial-scale cryptocurrency mining operation on Navajo Nation land in New Mexico through a power partnership with Navajo Tribal Utility Authority (NTUA).
- 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.
- The construction will include additional transformers, buildings, and associated cabling.
- The fully-funded CAPEX is estimated at US$1.5 million.
- This is anticipated to allow the company to push computing hash rates to more than 400 PH/s based on current technology and miner availability.
On Aug 2, a groundbreaking ceremony took place. Participating in the event from right to left were NTUA General Manager Mr. Walter Haase, attendees from the Navajo Nation, Vice President Myron Lizer, Gadii’ahi Chapter Vice-President Arnold Nelson and Chapter President Harry Descheene, Navajo Nation Council Delegate, Amber Crotty and LUXX Mining President, Ken MacLean.
“Working with the Navajo Nation has been an amazing experience,” said Ken MacLean, President of the Luxx Mining Division.
“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.”
The Luxx Mining Division operation houses the high-powered ASIC computers to mine crypto assets. Approximately 59 per cent of the power required is being sourced from carbon-free energy resources. As part of the expansion, LUXXFOLIO and the NTUA will also examine other power sources to minimize costs and ensure environmental sustainability.
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.
Mr. Walter Haase, NTUA General Manager, stated,
“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.”
Recent company highlights
- With the addition of the 2,500 Bitmain S19j Pro bitcoin miners, LUXXFOLIO is now targeting Bitcoin production to exceed 400 PH/s by the end of Q3 2022
- The company recently up-listed in the US to the OTCQB under the symbol LUXFF.
The Navajo Tribal Utility Authority 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.
LUXXFOLIO Holdings Inc. is a digital asset company. The company operates 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 Holdings Inc. (LUXX) opened trading at C$0.43 per share.