Bitcoin miner Luxor eyeing expansion to North America with $5 million funding round
Luxor and NYDIG have teamed up to drive growth for the North American crypto mining industry. Bitcoin miner Luxor eyeing expansion to North America with $5 mill...
[ad_1]
Luxor and NYDIG have teamed up to drive growth for the North American crypto mining industry.
Seattle-based mining software company Luxor has closed a Series A funding round led by institutional Bitcoin technology and financial services firm NYDIG.
Luxor announced a $5 million funding round on June 9, adding that NYDIG will partner with Luxor on a number of projects related to mining and hashrate-based products.
Also participating in the bidding round were miners Blockware Solutions, Celsius Network, DPO, Navier and Supplybit. Several angel investors along with Bitnomial, Hodl Capital and Routemaster also participated.
According to the announcement, Luxor and NYDIG aim to help grow the North American mining industry with Luxor working on turning hashrate into a commodity and NYDIG providing Bitcoin technology and investment solutions to insurance companies. , banks, corporations and institutions.
Luxor offers a software solution called Switch that uses a profit conversion algorithm designed to maximize earnings by switching between blockchains and locations to take advantage of the best block rewards. Nick Hansen, CEO and co-founder of Luxor, commented:
“Luxor is well positioned to capitalize on consistent industry trends that see hashrate continuing to move into North America.”
The announcement comes as China continues to crack down on cryptocurrency mining practices and US lawmakers become increasingly agitated about Bitcoin payments for ransomware attacks. .
As Cointelegraph reports, China’s dominance over hashrate is dwindling while the US is on the rise due to mining operations that can tap into the abundance of cheap renewable energy in states like Texas.
Robert Gutmann, co-founder and CEO of NYDIG, said:
“We believe in Nick’s vision and his team’s ability to drive and expedite hashrate migration to North America and the development of tools that can strengthen the Bitcoin ecosystem.”
On June 4, several Chinese mining operations are closing stores on the mainland and looking to expand internationally.
Synthetic
Maybe you are interested:
[ad_2]
More From Crypto News
BlackRock Files for Bitcoin ETF With Downside Protection
The proposed product is named the iShares Bitcoin Managed Protect ETF, as identified in an SEC EDGAR full-text search for “Bitcoin Managed Protect” . BlackRock...
XRP Ledger Bug Fixes Set for Friday as DeFi Lending Awaits Approval
The XRP Ledger is approaching a scheduled bug-fix activation set for Friday, while a separate proposal to bring native DeFi lending to the network remains in a...
Qubic Blames Weak Wallet Seeds for Security Incident, Denies Hack
Qubic has pushed back against claims of a network hack, saying a security incident affecting users stemmed from weak wallet seeds rather than any compromise of...
BitMine Adds 12,535 ETH as Tom Lee Flags Macro Headwinds
BitMine has added 12,535 ETH to its corporate treasury, extending the company’s Ethereum accumulation strategy even as Fundstrat co-founder Tom Lee flagged both...
CFTC Data Shows Hedge Funds Cut Bearish Bitcoin Futures Bets
Hedge funds trimmed their net bearish exposure to Bitcoin futures in the week ending Oct. 13, according to the weekly Commitments of Traders report published by...
Aave USAT Gateway Proposal: Approval Needed for Return Swaps
Aave’s proposed USAT gateway carries a design condition that separates depositing from the right to reverse: users would need continuing approval to swap back,...
