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Luxor and NYDIG have joined forces to help the North American crypto mining business thrive.
Luxor, a mining software business located in Seattle, has completed a Series A fundraising round lead by institutional Bitcoin technology and financial services business NYDIG.
On June 9, Luxor announced a $5 million fundraising round, noting that NYDIG will partner with Luxor on a range of mining-related enterprises and hashrate-based goods.
Mining businesses Blockware Solutions, Celsius Network, DPO, Navier, and Supplybit also participated in the equity round. A number of angel investors, as well as Bitnomial, Hodl Capital, and Routemaster, took part.
According to the announcement, Luxor and NYDIG aim to help grow the North American mining industry with Luxor working on making hashrate a commodity, and NYDIG providing Bitcoin investment and technology solutions to insurers, banks, corporations, and institutions.
Luxor offers the Switch software solution, which uses a profit-switching algorithm to optimise revenue by switching between blockchains and venues to capitalise on the greatest block rewards. Luxor’s CEO and co-founder, Nick Hansen, stated:
“Luxor is uniquely positioned to capitalize on industry tailwinds that see hashrate continuing to migrate to North America.”
The announcement comes as China continues to tighten down on cryptocurrency mining activities and as US politicians become increasingly concerned about Bitcoin payments for ransomware attacks.
According to Cointelegraph, China’s hashrate supremacy is diminishing while America’s is expanding as mining businesses can tap into an abundance of inexpensive renewable energy in regions like Texas.
NYDIG co-founder and CEO Robert Gutmann stated:
“We’re confident in Nick’s vision and his team’s ability to drive and expedite the hashrate migration to North America, and the development of instruments that can strengthen the Bitcoin ecosystem.”
On June 4, it was reported that a number of Chinese mining firms were leaving the mainland in search of international expansion.