{"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

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Seattle-based mining software company Luxor has closed<\/p>\n","protected":false},"author":3,"featured_media":128317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin miner Luxor eyes North American expansion with $5M funding round - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-miner-luxor-eyes-north-american-expansion-with-5m-funding-round\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin miner Luxor eyes North American expansion with $5M funding round - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Seattle-based mining software company Luxor has closed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-miner-luxor-eyes-north-american-expansion-with-5m-funding-round\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-10T05:30:03+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-miner-Luxor-eyes-North-American-expansion-with-5M-funding-round.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-miner-luxor-eyes-north-american-expansion-with-5m-funding-round\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-miner-luxor-eyes-north-american-expansion-with-5m-funding-round\/\",\"name\":\"Bitcoin miner Luxor eyes North American expansion with $5M funding round - 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