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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.