Luxor Launches New Business for Buying and Selling Bitcoin Mining Machines

The company aims to simplify the procurement process for high-performance ASIC mining computers for both institutional and retail customers.

AccessTimeIconJan 11, 2022 at 2:00 p.m. UTC
Updated Jan 11, 2022 at 4:52 p.m. UTC

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Luxor Technology, the bitcoin and crypto service provider, is starting a new brokerage business for buying and selling high-performance bitcoin mining machines.

The Luxor “ASIC Trading Desk” will purchase and sell specialized application-specific integrated circuit (ASIC) mining computers on behalf of the Luxor team, miners and investors.

“After moving tens of thousands of machines and serving miners across a few continents, we established a streamlined process for procuring equipment,” said Lauren Lin, Luxor operations manager, in a statement on Tuesday. The product will serve both institutional and retail customers.

The prices of the mining computers on primary and secondary markets are volatile and differ based on macroeconomic conditions, regions and market cycles, the company said. “The Luxor ASIC Trading Desk will trade in these markets, taking principal positions in ASICs to help miners gain access to rigs at fair market prices,” the company added.

Luxor said that the new business line is the first to start a trading desk solely dedicated to these high-performance mining computers. “Our goal is to simplify the procurement process so our miners can spend more time building hashrate and less time worrying about how to find it,” Luxor Vice President of Business Development Alex Brammer said

On Dec. 8, digital asset mining and staking firm Foundry Digital said it launched FoundryX, a new marketplace for buying and selling bitcoin mining machines.

In November, Compass Mining, a bitcoin mining service provider, also said that it launched a resale market for retail miners to sell mining hardware. The company’s CEO, Whit Gibbs, said that hundreds of millions of dollars in miners are being sold on the secondary market every month, indicating high demand.

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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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