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Luxor, a Washington-based Bitcoin mining company, has launched a new service to buy and sell Bitcoin mining machines. Through its new trading department, the company will buy and sell specialized Bitcoin mining hardware on behalf of the Luxor team, miners and investors.
“After moving tens of thousands of machines and servicing miners across multiple continents, we have streamlined the hardware procurement process,” said Lauren Lin, Operations Manager at Luxor.
An application specific integrated circuit or “ASIC” is a microcircuit that is customized for a specific purpose. An ASIC miner is the hardware that uses these specialized chips to mine digital currency. Bitcoin mining machine prices are volatile depending on macroeconomic conditions and market cycles. The Luxor ASIC Trading Desk will trade in these opaque markets in a prime position to help miners gain access to rigs – pieces of equipment that have been configured to mine cryptocurrencies at fair market prices.
Tuesday’s launch comes months after the company raised $ 5 million in a Series A funding round led by finance firm NYDIG. Looking ahead, Luxor is looking at additional products and services related to mining hardware and hashrate production, including derivatives.
“In 2022, we plan to launch a derivatives and hashrate trading product,” said Colin Harper, head of content and research at The Block. “Basically, this will be a marketplace where miners and investors can buy hash rates and / or derivatives tied to Bitcoin’s hash rates.”
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