Crypto mining agency Luxor Technologies is enlisting institutional bitcoin store NYDIG as an investor and companion.
Announced Wednesday, Luxor has closed a $5 million Series A funding spherical. In addition to main the spherical, NYDIG will work with Luxor on “a variety of mining-related ventures and hashrate-based merchandise,” Luxor mentioned in a press assertion.
The funding comes as authorities in China crack down on bitcoin mining within the nation and environmental considerations over proof-of-work blockchains gasoline regulatory efforts within the U.S.
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“Luxor is uniquely positioned to capitalize on trade tailwinds that see hashrate persevering with emigrate to North America,” mentioned Luxor CEO Nick Hansen.
Said NYDIG CEO Robert Gutmann: “We’re assured in Nick’s imaginative and prescient and his group’s capability to drive and expedite the hashrate migration to North America, and the event of devices that may strengthen the Bitcoin ecosystem.”
Luxor had beforehand raised a $725,000 pre-seed round from mining agency Argo Blockchain, crypto lender Celsius Network, derivatives trade Bitnomial and others.
NYDIG acquired Arctos Capital, a business lender targeted on the bitcoin mining area, in April. The Luxor funding seems to be NYDIG’s first in a crypto mining agency.
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An e-mail to NYDIG was not returned by press time.
