{"id":128318,"date":"2021-06-10T05:30:03","date_gmt":"2021-06-10T05:30:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=128318"},"modified":"2021-06-10T05:30:03","modified_gmt":"2021-06-10T05:30:03","slug":"bitcoin-miner-luxor-eyes-north-american-expansion-with-5m-funding-round","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-miner-luxor-eyes-north-american-expansion-with-5m-funding-round\/","title":{"rendered":"Bitcoin miner Luxor eyes North American expansion with $5M funding round"},"content":{"rendered":"
Seattle-based mining software company Luxor has closed a Series A funding round led by institutional Bitcoin technology and financial services firm NYDIG.<\/p>\n
Luxor announced the $5 million funding round on June 9, adding that NYDIG will collaborate with Luxor on a number of mining-related ventures and hashrate-based products.<\/p>\n
Also participating in the equity round were mining companies Blockware Solutions, Celsius Network, DPO, Navier, and Supplybit. A number of angel investors along with Bitnomial, Hodl Capital, and Routemaster also participated.<\/p>\n
According to the announcement, Luxor and NYDIG aim to help grow the North American mining industry with Luxor working on making hashrate a commodity, and NYDIG providing Bitcoin investment and technology solutions to insurers, banks, corporations, and institutions.<\/p>\n
Luxor provides a software solution called Switch that employs a profit-switching algorithm designed to maximize earnings by switching between blockchains and venues to capitalize on the best block rewards. Nick Hansen, CEO, and co-founder of Luxor, commented:<\/p>\n
\u201cLuxor is uniquely positioned to capitalize on industry tailwinds that see hashrate continuing to migrate to North America.\u201d<\/p><\/blockquote>\n
The announcement comes as China continues to crack down on crypto mining operations and U.S. lawmakers grow increasingly agitated over Bitcoin payments for ransomware attacks.<\/p>\n
As reported by Cointelegraph, China\u2019s dominance over hashrate is dwindling while America’s is increasing as mining operations can tap into an abundance of cheap renewable energy in states such as Texas.<\/p>\n
Robert Gutmann, co-founder and CEO of NYDIG, stated:<\/p>\n
\u201cWe’re confident in Nick’s vision and his team’s ability to drive and expedite the hashrate migration to North America, and the development of instruments that can strengthen the Bitcoin ecosystem.\u201d<\/p><\/blockquote>\n
On June 4, Cointelegraph reported that a number of Chinese mining operations were closing up shop on the mainland and seeking international expansion.<\/p>\n