Arcane Green Data enters agreement with Luxor Technology Corporation and goes live with current hosting capacity

Arcane Green Data enters agreement with Luxor Technology Corporation and goes live with current hosting capacity

Arcane Green Data enters agreement with Luxor Technology Corporation and goes live with current hosting capacity

Stockholm October 19, 2021 – Arcane Crypto’s wholly owned subsidiary Arcane Green Data Services AS (“Arcane Green Data”) has entered into an agreement with US-based Luxor Technology Corporation (“Luxor”) regarding the sale of computing power for mining operations. Arcane Green Data’s current hosting capacity of 1.25 MW is now fully utilized.

On 28th June 2021, Arcane Green Data signed a leasing contract for hosting miners and thereby took the first step in establishing a bitcoin mining operation. The lease agreement for Arcane Green Data’s hosting capacity for bitcoin miners totaled 2.5 MW. Arcane Green Data will invest in additional mining equipment and expects that the full capacity of the 2.5 MW will be utilized by bitcoin miners in Q1 2022.

At current market conditions (bitcoin price of 61,000 USD and total market hash rate of 145 EH/s), Arcane Green Data will generate around 4 MSEK in monthly revenue at the current capacity of 1.25 MW.

“It is a pleasure to be working with Luxor given their expertise in building infrastructure for digital assets. Arcane Green Data is already a highly profitable venture, and we expect to double our hosting capacity in Q1 2022. We remain committed to securing the bitcoin blockchain in the cleanest way possible, with renewable energy,” says Torbjørn Bull Jenssen, CEO of Arcane Crypto.

Alex Brammer, VP of Business Development at Luxor commented “We are excited to grow our European footprint with Arcane Crypto. Arcane’s expansion into the mining space is a great complement to the value they are adding across different verticals within the crypto industry, and we are honored to be a strategic partner on their mining initiative.”

 

For further information, please contact:
Torbjørn Bull Jenssen, CEO, Arcane Crypto AB
E-mail: ir@arcanecrypto.no

About Arcane Crypto
Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane operates a portfolio of businesses, spanning the value chain of digital finance. As a group we deliver services for payments, investments, and trading. In addition, we have a media and research division.

Arcane has the ambition to become a leading player in the digital assets space by growing the existing businesses, invest in cutting edge projects, and through acquisitions and consolidation.

The Company is listed on Nasdaq First North Growth Market and Mangold Fondkommission is Certified Adviser, tel. +46 8 5030 1550, e-mail: ca@mangold.se, web: www.mangold.se.

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