Luxor, a Seattle-based mining software company, has completed a Series A financing led by institutional Bitcoin technology and financial services company NYDIG.
Luxor announced a $5 million financing on June 9, adding that NYDIG will cooperate with Luxor on many mining-related companies and hash rate-based products.
Also participating in this round of financing are mining companies Blockware Solutions, Celsius Network, DPO, Navier and Supplybit. Many angel investors such as Bitnomial, Hodl Capital and Routemaster also participated.
according to announcement, Luxor and NYDIG aim to help the development of North American mining, Luxor is committed to making computing power a commodity, and NYDIG provides bitcoin investment and technology solutions for insurance companies, banks, companies and institutions.
Luxor provides a software solution called Switch, which uses a profit conversion algorithm to maximize revenue by switching between the blockchain and the venue to use the best block rewards. Luxor CEO and co-founder Nick Hansen commented:
“Luxor has a unique advantage to take advantage of the industry tailwind and see the hashrate continue to migrate to North America.”
The announcement comes as China continues to crack down on the cryptocurrency mining business, U.S. lawmakers are increasingly uneasy about Bitcoin Payment for ransomware attacks.
According to Cointelegraph, China’s dominance of computing power is waning And as mining operations can take advantage of a large amount of cheap renewable energy in states such as Texas, energy in the United States is increasing.
Robert Gutmann, co-founder and CEO of NYDIG, said:
“We are confident in Nick’s vision and his team’s ability to drive and accelerate the hash rate migration to North America and to develop tools that can strengthen the Bitcoin ecosystem.”
On June 4, Cointelegraph reported that some China’s mining operations are closing down On the mainland and seeking international expansion.