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BTC mining firm Luxor starts an ASIC trading desk

BTC

TL;DR Breakdown

  • On Jan. 11, 2022, BTC mining firm Luxor announced the launch of its ASIC trading desk.
  • The mining firm plans to use this desk to provide BTC miners with ASIC mining equipment at affordable rates.

On Tuesday, BTC mining firm Luxor announced launching the ASIC trading desk to help them sell Bitcoin mining equipment. It revealed that the new platform would help make BTC mining tools accessible to miners at relatively friendly prices.

NDYIG backed BTC miners Luxor announces ASIC trading desk

BTC mining firm Luxor has revealed the start of its journey in the business of BTC mining rigs. It plans to buy and sell this equipment to BTC miners at ‘good’ prices. Per the press release posted on the firm’s website, ASIC will trade the equipment on behalf of Luxor and its stakeholders. The firm also brags a raise of $5 million in a funding round spearheaded by NDYIG last June.

Luxor is among the largest Bitcoin miner in terms of Hashrate. Yesterday, its data stood at a 0.46 % dominance of the global BTC hashrate holding the twelfth position. It operates at 801.30 petahash per second. As the number of BTC available for mining continues reducing, BTC miners are considering other ventures. As for Luxor, they believe that trading BTC mining tools will positively influence their operations.

According to Lauren Lin, the operations manager at Luxor, the firm has a seamless Bitcoin mining tools procurement process. The company has gained experience in moving around such equipment across countries and continents. The company also has a perfect network of ASIC mining rig manufacturers, investors, and even other traders.

The company also believes that it will gain principal market positions in ASIC to help give friendly prices to its clients. Per one of the firm’s vice presidents, the new trading platform will help push the firm towards satisfying its roadmap of being an all-around mining services provider.

The VP also explained that the firm is prepared to handle any order, including replacing fleets of rigs or single rig purchases. It will efficiently help satisfy these needs, thus reducing the risks involved during such transactions. Additionally, the Luxor team aims to improve the rigs’ trade efficiency to help miners focus on their hashrate without worrying about equipment procurement.

Crypto mining and adoption accelerates

Since 2020, the adoption and mining developments in the crypto space have increased exponentially. Countries and their banking institutions have made headlines by proposing and enforcing crypto adoption and mining guidelines. The number of crypto miners and adopters has also increased significantly.

Luxor’s trading Bitcoin mining equipment announcement comes after another firm confirms a similar adventure. Last month Foundry’s mining machine marketplace revealed that it had about 40k mining rigs slated for resale. A few months back, news about it having a foreign after-sales platform in Kazakhstan had gone public.

Other mining companies have also increased their BTC hash rates in the past months. Marathon Digital Holdings confirmed the purchase of a fleet of Bitcoin mining rigs from Bitmain. It confirmed that the new rig would take its total hashrate to 23.3 exahash per second. These developments signify the increasing faith in cryptocurrencies: however further developments are worth watching.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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