Celsius Network, Argo Blockchain Back Pre-Seed Round for Bitcoin Mining Startup

Luxor Technologies will use the funds to expand its hashrate and hire more engineers.

Feb 16, 2021 at 12:00 p.m. UTC
Updated Sep 14, 2021 at 12:11 p.m. UTC

Argo Blockchain, Celsius Network, derivatives exchange Bitnomial and others are backing a pre-seed investment in bitcoin mining startup Luxor Technologies.

  • The Seattle-based startup raised $725,000 from a mix of strategic and angel investors.
  • Argo's investment specifically is "strong validation" of Luxor's mining technology and plans for future growth, according to a statement from Luxor CEO Nick Hansen.
  • Beyond its suite of mining pools, Luxor is also developing a data offering to serve as a hub for mining data visualizations.
  • Argo has been a beta user of Luxor's Equihash profit-switching technology since it launched last year, Argo CEO Peter Wall told CoinDesk. "We look forward to [Luxor] leading the way in best-in-class tech for crypto mining," he said.
  • Luxor plans to use the funding to make several engineering hires and continue expanding its hashrate under management (HUM) through 2021.
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