Luxor and NYDIG Team Up to Help Grow the Cryptocurrency Mining Industry in North America

The mining software company Seattle-based Luxor has completed a Series A funding round led by institutional bitcoin financial services and technology company NYDIG.

Luxor announced the $ 5 million financing round on June 9, adding that NYDIG will partner with Luxor on a number of companies related to mining and hashrate-based products.

Mining companies Blockware Solutions, Celsius Network, DPO, Navier and Supplybit also took part in the capital round. Several angel investors participated along with Bitnomial, Hodl Capital and Routemaster.

Luxor and NYDIG Team Up to Help Grow the Cryptocurrency Mining Industry in North America
Luxor and NYDIG Team Up to Help Grow the Cryptocurrency Mining Industry in North America

According to the announcement, Luxor and NYDIG intend to help grow the North American mining industry: Luxor is working to make hashrate a commodity, and NYDIG provides Bitcoin investment and technology solutions to insurers, banks, corporations and institutions.

Luxor offers a software solution called Switch that uses a profit switching algorithm designed to maximize profits by switching between blockchains and locations to take advantage of the best rewards from the blocks. Nick Hansen, CEO and Co-Founder of Luxor, commented:

“Luxor is in a unique position to benefit from the tailwind in the industry that is pushing the hashrate further to North America.”

The announcement is made during China continues to crack down on cryptocurrency mining operations and U.S. lawmakers are increasingly excited about bitcoin payments for ransomware attacks.

As Cointelegraph reported, China’s dominance over hash rate is waning while that of the United States is increasing as mining operations harness the abundance of cheap renewable energy in states like Texas.

Robert Gutmann, Co-Founder and CEO of NYDIG, said:

We trust Nick’s vision and the ability of his team to drive and accelerate the migration of hashrate to North America and develop tools that can strengthen the Bitcoin ecosystem.

On June 4, Cointelegraph reported that Several Chinese mining companies closed their mainland businesses to seek international expansion.

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