Luxxfolio Holdings Inc. has <a href="https://markets.businessinsider.com/news/stocks/luxxfolio-to-acquire-590-bitcoin-miners-1029919272" target="_blank" rel="nofollow noopener">announced</a> that its wholly-owned subsidiary Luxxfolio Network Inc. is going to acquire 590 bitcoin miners. Each of the mining units comes with an aggregate hash power of 53.1 Petahash (PH) per second. The per-unit cost of the miner amounts to $1,990 with 590 units totaling $1,174,100. The mining devices will be purchased through the asset-backed lending structure, Arctos Capital.
<h2>Luxxfolio to Acquire 590 Bitcoin Miners</h2>
Luxx Network’s secured permission-based database will track, record, and transact the hash power generated by the mining devices. The firm is also looking for a custodian to host these <a href="https://www.cryptoknowmics.com/news/generating-more-coins-is-getting-hard-for-the-bitcoin-miners/">bitcoin miners</a> which includes, although not limited to, Ocean Falls Blockchain.

Luxx Network had recently entered into a non-binding term sheet with Ocean Falls to acquire 100% of the entity. The deal is expected to close in the coming year. The firm is currently under talks with several other potential custodians preferably with low-cost power jurisdictions with excess capacity.

In an announcement release, CEO of Luxx Holdings, Dean Linden, commented:

"This transaction goes a long way toward proving the capabilities of our platform and our people. As well, earning the confidence of a major international finance firm in Arctos Capital will allow us to fast track our plans in the near future." 
<h2>Firm to Purchase the BTC Miners Through Arctos Capital</h2>
Luxxfolio Holdings is a Canada-based CSE-listed company. The financial technology firm uses <a href="https://www.cryptoknowmics.com/news/future-outlook-of-blockchain-technology-possible-predictions-by-experts/">blockchain technology</a> for record-keeping and other trust-based authentication tools for asset monetization of real or digital unique identifiable assets (UIA's). The firm’s main aim is to provide a liquid alternative for exposure to the UIA's registered on the platform for the broader capital markets.

Arctos Capital is a commercial lender providing financial solutions to bitcoin holders, crypto mining businesses, and investors. They are a leading asset-backed lender that has financed some of the largest crypto miners in the world. In addition to lending operations, Arctos also manages a fund that provides accredited investors access to non-correlated, high-yield credit opportunities.

Fintech Firm Luxxfolio to Acquire 590 Bitcoin Miners

Luxxfolio Holdings Inc. has announced that its wholly-owned subsidiary Luxxfolio Network Inc. is going to acquire 590 bitcoin miners.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Fintech Firm Luxxfolio to Acquire 590 Bitcoin Miners

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