Vinanz increases speed of Bitcoin miners by more than 10%

LONDON: Vinanz Limited, the London-listed Bitcoin mining company focusing on decentralised Bitcoin mining facilities throughout the US and Canada, announced that the Luxor Firmware is now starting to be deployed into the Company’s Canadian Bitcoin mining fleet installed in the BlockLAB facilities in Labrador with excellent results already evident.

BlockLAB have informed Vinanz that it has over-clocked the first 18 Bitcoin mining units by 50 Mhz each seeing an overall gain of about 240 TH/s (Terahash/second), which is an increase of an average 13 TH/s per miner or just over 10%.

BlockLAB, who host 270 of Vinanz’s Bitcoin miners, will now continue to progressively roll-out the over-clocking on all of these units in their facility.

On 20 November, Vinanz announced that it had signed a strategic partnership with US-based Luxor Technology Corporation (“Luxor Technology”) 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 agreed to deploy Luxor’s Firmware on Vinanz’s Bitcoin mining fleet within the US and Canada. This roll-out of the Firmware is being done to optimise and maximise Vinanz’s miners in anticipation of the 2024 Bitcoin Halving.  This 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.

David Lenigas, Vinanz’s Chairman, commented. “To see an increase in processing speed of over 10% in our Canadian based Bitcoin mining fleet, as we roll-out the Luxor Firmware, is very impressive indeed. As we roll out this software to over-clock all of our 270 miners in Canada, we should expect to see an overall increase in Bitcoin generated capacity from these machines by at least 10% as well – a brilliant result. Hopefully we can have all of our miners in Canada spinning at faster rates by the end of February.”