Luxxfolio to buy 590 bitcoin miners for $1.17 million

VANCOUVER: Luxxfolio Holdings Inc. through their wholly owned subsidiary Luxxfolio Network Inc. has placed an order for 590 bitcoin miners with an aggregate operating hash power of 53.1 Petahash (PH) per second.

Luxxfolio is negotiating with several other possible custodians in low-cost power jurisdictions with excess capacity

The cost of the Assets is approximately USD$1,990 per unit or USD$1.174 million and will be purchased through an asset backed lending (ABL) structure sponsored by Arctos Capital out of San Francisco.

Luxx Network, through its secured permission-based database will track, record and transact the hash power generated by the Assets. Luxx Network anticipates appointing a custodian to host these Assets which includes, but is not limited to, Ocean Falls Blockchain.

The Company recently entered into a non-binding term sheet with Ocean Falls to acquire 100% of that entity, which is expected to close in the new year. In addition, the Company is negotiating with several other possible custodians in low-cost power jurisdictions with excess capacity.

Dean Linden commented, “This transaction goes a long way toward proving the capabilities of our platform and our people. As well, earning the confidence of a major international finance firm in Arctos Capital, will allow us to fast track our plans in the near future.”

Arctos Capital is a technology-driven commercial lender that provides financing solution to crypto mining businesses. They are a leading asset backed lender where they have financed some of the largest crypto miners in the world.

Luxxfolio Holdings is a growth-oriented, CSE-listed company based in Canada. The Company utilizes secure permission-based technology, record keeping, and other trust-based authentication tools for asset monetization of real or digital unique identifiable assets (UIA’s).

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