Share this article

Celsius Network, Argo Blockchain Back Pre-Seed Round for Bitcoin Mining Startup

Luxor Technologies will use the funds to expand its hashrate and hire more engineers.

Updated May 9, 2023, 3:15 a.m. Published Feb 16, 2021, 12:00 p.m.

Argo Blockchainhttps://hashrateindex.com/stocks/arb-ln, Celsius Network, derivatives exchange Bitnomial and others are backing a pre-seed investment in bitcoin mining startup Luxor Technologies.

The Seattle-based startup raised $725,000 from a mix of strategic and angel investors.
Argo's investment specifically is "strong validation" of Luxor's mining technology and plans for future growth, according to a statement from Luxor CEO Nick Hansen.
Beyond its suite of mining pools, Luxor is also developing a data offering to serve as a hub for mining data visualizations.
Argo has been a beta user of Luxor's Equihash profit-switching technology since it launched last year, Argo CEO Peter Wall told CoinDesk. "We look forward to [Luxor] leading the way in best-in-class tech for crypto mining," he said.
Luxor plans to use the funding to make several engineering hires and continue expanding its hashrate under management (HUM) through 2021.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto for Advisors Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Bitcoin Mining Argo Blockchain Celsius Luxor

Zack Voell

Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.