Argo Blockchain (OTC: ARBKF), the leading cryptocurrency miner based in the United Kingdom, will co-lead an investment in Luxor Technologies (“Luxor”), a hashrate management platform. In that capacity, Argo announced it will also invest $100,000 in Luxor. Luxor plans to use the capital to fund key engineering hires designed to strengthen the development of its hashrate management platform. Luxor supports more than 28,000 miners globally and has mined more than $45 million in cryptocurrency. The company’s proprietary technology has the potential to supercharge returns for miners, and its software product is designed to maximize earnings by switching between blockchains and venues to increase hashrate rewards. Luxor initially launched the platform for the Equihash algorithm in mid-2020 and is planning a full launch of a SHA-256 best-price execution algorithm next year. Argo has been using Luxor’s profit-switching Equihash offering. Luxor intends to use monies from this seed funding round to build out its proof-of-work software infrastructure. “We are delighted to be a maiden investor in Luxor as it builds innovative and efficient services for cryptocurrency mining and hashrate products,” said Argo Blockchain chief executive Peter Wall. “Our investment reinforces Argo’s commitment to be at the forefront of technological advances in our sector.”
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Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The company is headquartered in London, and its shares are listed on the Main Market of the London Stock Exchange under the ticker ARB (“ARB”). For more information about the company, visit www.ArgoBlockchain.com.
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