EdgeMode Inc. (EDGM)

[Laster]

Check out this news from LUXX.
Hey Charlie what’s your great plan here.
I hope not bitcoin because that ain’t going to happen.
I see bankruptcy in the future here.
Hahahahahahahahaha.

Luxxfolio Holdings Inc. has provided an update regarding its business environment and operations.

The bitcoin mining industry faces intense pressure. The market price for bitcoin has plummeted, while hash rate reached new highs. The result is lower revenues for each coin mined. At the same time, electricity prices are increasing, further eroding profitability. To date, Luxxfolio has reduced its debt and moved to lower-cost immersive mining, but remains unprofitable.

Following a detailed review of the current operations and market conditions, the company has decided to seek strategic alternatives for its 15-megawatt bitcoin mining facility in New Mexico. In the absence of finding a partner or purchaser for the mining operation, the company will consider all options, including idling or a permanent shutdown of operations.

Kelly Klatik and David Gens resigned from Luxxfolio's board on Nov. 1, 2022. The company thanks them for their service. As a result, Luxxfolio's board presently consists of two directors. While reviewing strategic alternatives, the company intends to seek qualified candidates to appoint as additional board members.