REG - Vinanz Limited - Vinanz and Luxor Technology Partner
20/11/2023 08:15
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RNS Number : 9022T Vinanz Limited 20 November 2023
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."
About Luxor Technology
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 (http://luxor.tech/) luxor.tech (http://luxor.tech/) .
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 3989 2222
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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