• NYDIG will collaborate with Luxor on a number of mining-related ventures and hashrate-based products
  • Luxor has plans in store to supercharge returns for bitcoin miners

Luxor Technologies, a bitcoin mining firm, raised $5 million in a Series A funding round, the company announced in a press release this week.

“Luxor has been running for quite a while. [However], this is going to give us the catalyst we need to start sprinting,” CEO and founder Nick Hansen said in an interview with Blockworks.

NYDIG, who led the funding round, will collaborate with Luxor on a number of mining-related ventures and hashrate-based products, according to the announcement.

Hansen said that NYDIG, the digital asset subsidiary of Stone Ridge Asset Management, and Luxor have big plans in store to supercharge returns for bitcoin miners as well. 

“At Luxor, we view hashrate as an asset class as itself, meaning that it has some value that changes overtime and we would like to be able to give miners the ability to hedge that asset,” Hansen said.

Some noteworthy investors in the Series A round include: Bitnomial, Hodl Capital and Routemaster. 

“We’re pleased to lead this Series A funding round and are thrilled to partner with Luxor to develop first-of-their-kind products and competencies for North American miners,” said NYDIG CEO and co-founder Robert Gutmann in the release.

Luxor has initially raised $725,000 in a pre-seed round in February.

  • Morgan Chittum is a New York-based reporter covering NFTs, the metaverse, play-to-earn gaming and other emerging Web3 tech for Blockworks. Previously she was a street reporter, covering crime at New York Daily News, and a media and journalism fellow at the Poynter Institute. Contact Morgan via email at [email protected]