Argo Blockchain, a cryptocurrency miner based in the UK, announced it will co-lead an investment in Luxor Technologies, developer of a hashrate management platform. As part of the deal, Argo will invest $100,000 USD into Luxor.
Luxor intends to use the capital to make several key engineering hires to strengthen the development of its hashrate management platform. Luxor, which supports over 28,000 miners globally, has mined over $45 milion USD in cryptocurrency since inception.
The proprietary technology developed by Luxor has the potential to supercharge returns for miners. Luxor’s Switch software product is a profit-switching algorithm that maximizes earnings by switching between blockchains and venues to maximize hashrate rewards.
Peter Wall, Chief Executive of Argo Blockchain, said: “We are delighted to be a maiden investor in Luxor as it builds innovative and efficient services for cryptocurrency mining and hashrate products. Our investment reinforces Argo’s commitment to be at the forefront of technological advances in our sector.”
Luxor launched the product for the Equihash algorithm in mid-2020 and is planning the full launch of a SHA-256 best-price execution algorithm in 2021. Argo has been using Luxor’s profit-switching platform for the company’s Equihash hashrate since it was launched in 2020.
Ethan Vera, Co-Founder and CFO of Luxor, said: “Our team is thrilled to have Argo as an investor in this round. Our focus is on building valuable products for miners, and having one of the best-in-class miners co-lead our round is validation that our strategy is working. We are excited to fundamentally change the way in which hashrate is traded.”