LONDON: Vinanz Limited, the London-listed Bitcoin mining company focusing on decentralised Bitcoin mining facilities throughout the US and Canada, strategic partnership with US-based Luxor Technology Corporation to increase Vinanz Limited’s Bitcoin miner’s operational efficiencies, mining hashrate, and operating margins on its North American mining fleet.
Vinanz and Luxor Technology have agreed to deploy Luxor’s Firmware (“Luxor Firmware”) on Vinanz’s Bitcoin mining fleet within the US and Canada. The deployment of Luxor’s Firmware will provide the ability for Vinanz to improve operational uptime, and increase ASIC miner efficiency in anticipation of the 2024 Bitcoin Halving. This saving in power usage by reducing the joules consumed per terahash will enable Vinanz to produce more Bitcoins from the same mining fleet without additional CAPEX.
Luxor Firmware is a type of software that unlocks the capabilities of Bitcoin mining hardware, allowing Bitcoin miners to access advanced settings, monitoring, and management tools that enable Bitcoin mining companies to optimise their ASIC miner fleet. When Bitcoin mining profitability is low, Luxor’s Firmware improves mining hardware efficiency to increase margins. When profitability is high, miners can use firmware to increase a machine’s hashrate and accelerate return on investment.
The Vinanz / Luxor Firmware partnership will see Vinanz utilise Luxor’s full stack software services and solutions. The overall effect is expected to reduce Vinanz’s current Mining Pool and Firmware OPEX by an estimated 49% and this will assist the Vinanz team to be operationally and financially well-positioned leading into the next Bitcoin halving as it continues to become one of the lowest cost Bitcoin miners.
David Lenigas, Vinanz’s Chairman, commented. “Now that Vinanz is starting to get more miners into its Bitcoin mining fleet, it is time to start looking to the performance of our miners. There are a number of leaders in this field of boosting ASIC miner performance and our preferred supplier of hardware, Luxor, have developed a brilliant way of optimising the processing power of ASIC miners to produce more Bitcoin from existing installed hardware and making them run at lower operating costs.”
“The Luxor Firmware, in simple terms, supercharges the performance of ASIC miners to run more efficiently for the same Bitcoin output (giving us a lower operating cost) or can enable them to run at significantly higher hashrates than factory ratings by effectively putting them into overdrive and operating at their extreme performance limits. We anticipate that Luxor can have their Firmware installed and operating in all of our Canadian units within a few weeks and I look forward to providing an update to shareholders shortly of the performance boosts we can achieve.”
Luxor Technology’s Director of Business Development, Aaron Foster, said. “We’ve received consistent feedback from our Bitcoin mining partners that the market lacked a US-designed-and-engineered custom Bitcoin mining firmware to help them improve their mining margins. Luxor has achieved excellent results with its bespoke Firmware and the Luxor Technology’s team was uniquely positioned to build this product and we’re excited to partner with Vinanz and use Luxor Firmware to achieve their milestones as they deploy their decentralised expansion model for Bitcoin mining throughout North America.”