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Finance

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.

By Zack Voell
AccessTimeIconFeb 16, 2021 at 12:00 p.m. UTC
Updated May 9, 2023 at 3:15 a.m. UTC
Bitcoin mining machines
Bitcoin mining machines

Argo Blockchainhttps://hashrateindex.com/stocks/arb-ln, 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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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.