t
| Date | 20 Nov 2023 |
| Time | 07:00:12 |
| Category | Miscellaneous |
| ID | 9022T |
20 November 2023
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Vinanz Limited
("Vinanz" or "the Company")
Vinanz and Luxor Technology Partner to Increase Bitcoin Miner Speeds and Margins
Highlights:
● Vinanz to supercharge performance of its Bitcoin mining fleet in North America
● Vinanz partners with US-based Luxor Technology to install Luxor's Firmware into Vinanz's Bitcoin mining fleet
● Luxor's Firmware also increases operating margins by increasing efficiencies and reducing power draw
● The partnership is expected to see significant savings in mining pool and firmware operating costs up to 49%
● All Vinanz's ASIC miners to have firmware installed and operating within days
● Vinanz has no debt
London, 20 November, 2023 - Vinanz Limited (London AQSE: BTC and US OTCQB: VINZF), the London-listed Bitcoin mining company focusing on decentralised Bitcoin mining facilities throughout the US and Canada, is pleased to announce its 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 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."
Luxor Technology operates in the Bitcoin mining software and services sector. Their suite of offerings includes a global Bitcoin mining pool, the first open auction Bitcoin ASIC miner marketplace: Luxor RFQ, Luxor's Hashrate Forward Marketplace, a Bitcoin mining research and data platform: Hashrate Index, and other tools for the mining and compute power industry. For more information or inquiries please visit luxor.tech.
The Company's admission document is available to view on its website www.vinanz.co.uk
The directors of Vinanz Limited accept responsibility for this announcement.
For further information please contact:
Vinanz Limited
David Lenigas [email protected]
Jeremy Edelman [email protected]
First Sentinel (Corporate Adviser and Broker)
Brian Stockbridge [email protected]
+44 (0) 20 3989 2222
Clear Capital Markets (Broker)
Bob Roberts [email protected]
+44 (0) 20 3869 6080