Luxor Mining has announced its first expansion beyond its home base in China. The company is planning to bring a new US-based mining operation to the US with the help of some state-sponsored funding. Today, the company announced that it had raised $5 million in a series A funding round, a move which is designed to help it expand to North America.
Bitcoin mining company, Luxor, has announced plans to expand to North America by acquiring a new mining pool. The company has reportedly raised a $5 million Series A investment from “a new group of investors.” This comes just a few months after the company secured $250,000 in seed funding, which it used to launch its first mining facility in the US.
Bitcoin mining is supposed to be a lucrative venture that gives investors a chance to make quick money. However, things got out of hand when Bitcoin prices began to soar. Even without an actual mining rig, you can make money by simply investing in Bitcoin.Luxor, a Seattle-based mining software company, has closed a Series A funding round led by institutional bitcoin technology and financial services firm NYDIG. The Luxor announced on the 9th. June announced a $5 million funding round, adding that NYDIG will partner with Luxor on a number of operations related to mining and hash-based products. Blockware Solutions, Celsius Network, DPO, Navier and Supplybit also participated in the round. A number of angel investors and Bitnomial, Hodl Capital and Routemaster also participated. According to the press release, Luxor and NYDIG aim to contribute to the growth of the North American mining industry. Luxor is working to make hashrate commonplace, while NYDIG provides bitcoin investment and technology solutions for insurers, banks, corporations and institutions. Luxor offers a software solution called Switch, which uses a profit-switching algorithm designed to maximize profits by switching between blockchains and trading venues to take advantage of the best blockchain rewards. Nick Hansen, CEO and co-founder of Luxor, explains: Luxor is particularly well positioned to take advantage of the area’s tailwinds as the hashrate continues to migrate towards North America. The announcement comes as China continues to crack down on cryptocurrency mining and US lawmakers increasingly reject bitcoin payments for ransomware attacks. As Cointelegraph reports, China’s dominance of hashrate is waning and America’s is rising as miners are able to tap into the abundance of cheap renewable energy in states like Texas. Robert Gutmann, co-founder and CEO of NYDIG, said: We have confidence in Nick’s vision and his team’s ability to lead and accelerate the hashrate migration to North America, and to develop tools that will strengthen the bitcoin ecosystem. On the fourth. In June, Cointelegraph reported that a number of Chinese mining companies are looking to close shop on the mainland and expand internationally.Luxor is a Bitcoin mining company that recently announced a $5 million series A funding round. The company has operations in Canada and Europe and aims to expand to North American markets. In this interview, the Luxor team discusses the funding round, the company’s growth strategy, and its expectations for the future.. Read more about luxor technologies stock and let us know what you think.
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