{"id":15434,"date":"2021-07-28T19:21:59","date_gmt":"2021-07-28T19:21:59","guid":{"rendered":"http:\/\/ci028943e3d0002560"},"modified":"2021-07-28T19:21:59","modified_gmt":"2021-07-28T19:21:59","slug":"luxxfolio-is-mining-bitcoin","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/luxxfolio-is-mining-bitcoin","title":{"rendered":"LUXXFOLIO Begins Active Bitcoin Mining Operation"},"content":{"rendered":"
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Vertically integrated bitcoin mining company LUXXFOLIO Holdings has announced<\/a> that 80% of the first batch of miners the company received earlier this month are already up and mining.<\/p>\n

The new bitcoin mining machines, which were received<\/a> on July 19, 2021, are currently running at around 41 petahashes per second (PH\/s). The firm said it expects the remaining rigs to be installed in the coming days.<\/p>\n

LUXXFOLIO also announced that it received confirmation of a price reduction on a batch of bitcoin mining<\/a> rigs scheduled for delivery in Q4 2021. The set consists of 600 Bitmain S19j Pro rigs and is part of a more significant purchase of 2,400 units ordered in May<\/a>. The company said the price reduction totals $705,000, representing a 28% decrease in the total acquisition cost.<\/p>\n

Dean Linden, the company’s CEO, commented on the price reduction, citing the Bitcoin crackdown in China:<\/p>\n

“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.”<\/p>\n

China deployed a stricter crackdown<\/a> on bitcoin mining and trading in the past couple of months. As a result, exchanges have been censored<\/a>, miners have been ordered<\/a> to shut down, and financial institutions have been prohibited<\/a> from offering bitcoin services.<\/p>\n

But a more tangible consequence for Bitcoin has been on its total hash rate<\/a>. Bitmain halted selling rigs<\/a> for some time while the “great ASIC exodus<\/a>” ensued in China, with plenty of bitcoin miners moving their operations overseas<\/a>.<\/p>\n

Despite representing a short-term compromise for Bitcoin, miners moving away from Chinese territory might be beneficial<\/a> over the long term. As Bitcoin’s hash rate scatters overseas, the higher the mining decentralization and the lower the industry’s carbon footprint.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vertically integrated bitcoin miner LUXXFOLIO has announced 80% of the company’s first batch of rigs are up and mining.<\/p>\n","protected":false},"author":2572,"featured_media":723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[189,2925],"class_list":{"0":"post-15434","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bitcoin-mining","9":"tag-luxxfolio"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/is-bitcoin-mining-destined-for-data-centers.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/15434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=15434"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/15434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/723"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=15434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=15434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=15434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}