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RNS BOOM!
30 December 2020
Argo Blockchain PLC
('Argo' or 'The Company')
Argo Blockchain co-leads investment in Luxor Technologies
Argo (LSE: ARB), the leading cryptocurrency miner based in the UK, is pleased to announce it will co-lead an investment in Luxor Technologies ("Luxor"), a hashrate management platform.
As part of the deal, Argo will invest $100,000 USD into Luxor. Luxor intends to use the capital to make several key engineering hires to strengthen the development of its hashrate management platform. Luxor, which supports over 28,000 miners globally, has mined over $45m USD in cryptocurrency since inception. With this seed funding round, Luxor will further build out its proof-of-work software infrastructure.
Proprietary technology developed by Luxor has the potential to supercharge returns for miners. Luxor's Switch software product is a profit-switching algorithm that maximizes earnings by switching between blockchains and venues to maximize hashrate rewards. Luxor launched the product for the Equihash algorithm in mid-2020 and is planning the full launch of a SHA-256 best-price execution algorithm in 2021. Argo has been using Luxor's profit-switching platform for the company's Equihash hashrate since it was launched in 2020.
Peter Wall, Chief Executive of Argo Blockchain, said: "We are delighted to be a maiden investor in Luxor as it builds innovative and efficient services for cryptocurrency mining and hashrate products. Our investment reinforces Argo's commitment to be at the forefront of technological advances in our sector."
Ethan Vera, Co-Founder and CFO of Luxor, said: "Our team is thrilled to have Argo as an investor in this round. Our focus is on building valuable products for miners and having one of the best-in-class miners co-lead our round is validation that our strategy is working. We are excited to fundamentally change the way in which hashrate is traded."
Excellent work Billfunk1!,
I've not used Stocktwits in years, it is all coming together here thanks to yourself, Arkonite and a few others. Woe betide once the US herd really gets involved. ;)
I saw that, looked like a tiny shake to see if they could grab a few on the cheap. Must be some big buy orders lurking in the background again. 4 buys for me so far today, hoping for two more before close. Wouldn't want to wake up tp Bitcoin over $30K on Tuesday, as crazy as it sounds anything is possible
I have added nearly every day this week, listen to this at the 17 minute mark. ARB is a takeover in the making.
https://www.youtube.com/watch?v=NkvhJkq-FD8&feature=youtu.be