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Bitcoin miner Luxor eyes North American expansion with $5M funding round

June 10, 2021. Summarized by summa-bot.

Compression ratio: 49.1%. 1 min read.

Mining software company Luxor has closed a $5M seed round in partnership with Bitcoin tech firm NYDIG.

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 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.

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.

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.

As reported by Cointelegraph, China’s 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.

by summa-bot

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