Neptune Expands Bitcoin Mining Operations Through a Partnership with Luxor Technology Corporation
Vancouver, British Columbia–(May 26, 2021) – NEPTUNE DIGITAL ASSETS CORP. (TSXV: NDA) (OTC: NPPTF) FSE: 1NW) (“Neptune” or the “Company”) is pleased to announce that it has entered into a hashrate management agreement with Luxor Technology Corporation (Luxor). In this partnership, Neptune and Luxor will jointly work on hardware sourcing, mining machine hosting, and physical and virtual management of rigs, while utilizing Luxor’s proprietary mining pool technologies. This agreement enables Neptune to grow its North American Bitcoin mining operations by outsourcing critical hands-on expertise in order to keep internal costs and headcount as low as possible. The Company expects additional ASIC mining machines to come online through this partnership in the next 90 days, while it carefully navigates ASIC price swings during volatile Bitcoin moves.
“We are pleased to launch our initiative with Luxor in the United States and look to grow that relationship and our associated mining operations in the coming weeks and months”, stated Cale Moodie, Neptune’s Chief Executive Officer. “We are excited to leverage Luxor’s deep expertise in Bitcoin mining, ASIC markets, hashrate management, and pool services to build a highly profitable mining program. Neptune is positioned extremely well given $40M in capital was raised towards the near-term market top and now we can secure assets at much lower prices. The market timing has worked in our favor and we reiterate to our shareholders, that in this sector, patience pays off.”
“Luxor is very excited to work with Neptune on growing its mining operations. Neptune’s professional team will combine with our experience in hashrate management and pool services to allow us to maximize hashrate earnings, creating a mutually beneficial relationship,” stated Ethan Vera, Luxor COO.
At the time of this release, Neptune’s staking operations currently generates $360,000 per month and Neptune currently holds $47.1M in cash and digital assets. The Company now holds 100 BTC, 270 ETH, 141,000 ATOM, 2,055 DASH, 1,439,481 FTM, and positions in LTC, DOT, BCH, Stellar, NEO, OMG, and QTUM; as well as its investment in the Protocol Quant Fund. The Company has 298 ASIC S17 Bitcoin mining machines currently hosted with Link Global Technologies.
About Neptune Digital Assets Corp.
Neptune Digital Assets aims to be a cryptocurrency leader with diversified assets and cryptocurrency operations across the digital asset ecosystem including bitcoin mining, tokens, proof-of-stake cryptocurrencies, decentralized finance (DeFi) and associated blockchain technologies.
About Luxor Technology Corporation
Luxor is a fast-growing technology company that is shaping the future of hashrate as a commodity, building the next-generation digital pipelines for computer power. Luxor is backed by notable investors such as Argo Blockchain, Bitnomial, Celsius Network, Routemaster Capital, and more. Luxor also runs Hashrate Index, the leading crypto-mining data website.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
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This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, the anticipated total hash rate of the S17 Bitcoin mining machines; the completion of Pure Digital Power Corp.’s renewable powered Bitcoin mining facility; the future scaling of the Company’s Bitcoin mining operations; the Company’s ability to grow and optimize its proof of stake operations; the Company’s future earnings and operating costs; the Company’s future growth in total assets; the Company’s strategy to purchase crypto currency and optimize its crypto portfolio; the Company’s ability effectively dollar cost average its purchases of crypto currency; and the future outlook of the crypto currency market generally. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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