Seattle-based software company Luxor has closed a series A funding round led by an institutional company dealing with bitcoin technologies and financial services NYDIG.
Luxor announced a $ 5 million funding round on June 9, adding that NYDIG will work with Luxor on a number of mining-related businesses and hashrate-based products.
Blockware Solutions, Celsius Network, DPO, Navier and Supplybit also took part in the share round. A number of angel investors also participated, along with Bitnomial, Hodl Capital and Routemaster.
According to notification“Luxor and NYDIG are working to develop the North American mining industry by Luxor working to produce a hashrate commodity, and NYDIG provides investment and technology solutions for bitcoins to insurance companies, banks, corporations and institutions.
Luxor provides a software solution called Switch that uses a profit switching algorithm designed to maximize earnings by switching between blockchains and locations to take advantage of the best block rewards. Nick Hansen, CEO and co-founder of Luxor, said:
“Luxor is uniquely positioned to capitalize on the back winds of the industry, which sees the ongoing migration of hashrate to North America.”
The announcement comes at a time when China continues to take action against cryptocurrency and U.S. lawmakers are increasingly upset about bitcoin payments for ransomware attacks.
As Cointelegraph states, Chinese dominance over the hashrate is shrinking while America is growing because mining operations can penetrate the amount of cheap renewable energy in states like Texas.
Robert Gutmann, co-founder and CEO of NYDIG, said:
“We believe in Nick’s vision and the ability of his team to manage and accelerate hashrate migration to North America and the development of tools that can strengthen the bitcoin ecosystem.”
On June 4, Cointelegraph reported that the series Chinese mining operations closed the deal on the mainland and looking for international expansion.