Sunday, July 21, 2024

Active Mining Operations Start at LUXXFOLIO

Vertically integrated bitcoin mining company LUXXFOLIO Holding is pleased to announce 80% of the first batch of miners, which they received last month, have been installed and are running at their site. The newly installed miners are running at approximately 41Petahasher per second. The firm also confirmed the remaining rigs will be installed in the coming days.

In addition, the company also confirmed a price reduction on a batch of bitcoin mining rigs scheduled for delivery in the fourth quarter of 2021. The delivery is related to the Bitmain S19j Pro bitcoin minders order. The company’s CEO, Dean Linden, commented on the price reduction referring to the Bitcoin crackdown in China: “Not only are we operating in an extremely favorable environment with network difficulty at or near a 52-week low, but the recent curtailment of mining in China has also created a decline in mining equipment prices, which we have been perfectly positioned to capture.”

This is because in the last couple of months China set up a stricter crackdown on bitcoin mining and trading. The exchanges have been censored as a result and the miners have been ordered to shut down. Financial institutions have also been stopped from offering bitcoin services.

Miners moving away from the Chinese territory may end up being beneficial over the long term, even though it has short-term side effects for Bitcoin. This is a result of Bitcoin’s hash rate scattering overseas, the higher the mining decentralization, the lower the industry’s carbon footprint.


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