REG - Vinanz Limited - Bitcoin miners speed increased by over 10%
23/01/2024 08:15
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RNS Number : 5344A Vinanz Limited 23 January 2024
23 January 2024
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 increases speed of Bitcoin miners by more than 10%
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 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."
The Company's admission document is available to view on its website
www.vinanz.co.uk (http://www.vinanz.co.uk)
The directors of Vinanz Limited accept responsibility for this announcement.
For further information please contact:
Vinanz Limited
David
Lenigas
david@vinanz.co.uk (mailto:david@vinanz.co.uk)
Jeremy
Edelman
jeremy@vinanz.co.uk (mailto:jeremy@vinanz.co.uk)
First Sentinel (Corporate Adviser and Broker)
Brian
Stockbridge
brian@first-sentinel.com (mailto:brian@first-sentinel.com)
+44 (0) 20 3855 5551
Clear Capital Markets (Broker)
Bob
Roberts
bobroberts@clear-cm.co.uk (mailto:bobroberts@clear-cm.co.uk)
+44 (0) 20 3869 6080
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