Seattle-based cryptocurrency mining software technology company Luxor announced on Wednesday of Series A funding totaling $ 5 million.

it is reported that funding was led by NYDIG, which specializes in providing Bitcoin investment and technology solutions, and was followed by mining companies Blockware Solutions, Celsius Network, DPO, Navier and others.

According to the announcement, the purpose of this funding extension is to open up cryptographic mining in North America. In addition to leading equity financing, NYDIG also collaborates with Luxor on a number of mining-related companies and computing power-based products.

Luxor CEO and Founder Nick Hansen believes that this strong collaboration will completely change the use, valuation, trading and hedging practices of hashrat and provide the best products and services to miners. The hashrate function usually measures the processing power of the Bitcoin network.

Robert Gutmann, founder and CEO of NYDIG, said:

“We rely on Nick’s vision and his team’s ability to drive and accelerate the hashrate transition to North America, as well as to develop tools that can strengthen the Bitcoin ecosystem.”

The proprietary technology developed by Luxor can increase the returns of miners. Luxor’s Switch software product is a profit-shifting algorithm that maximizes the benefits of computing power by switching between block chains and venues.

Bitcoin miners are in pain as the price crashes into their profit margins. Since the beginning of Elon’s tweets on May 12, the hash value has been dropped, and the net flows of their miners ’wallets have become increasingly negative.

To help miners increase their revenue, Luxor offers a software solution called Switch that uses a profit conversion algorithm to maximize computing power rewards by converting block chains and venues to get the highest revenue.

According to the Cambridge Bitcoin Electricity Consumption Index, China’s dominant position has fallen from 65% to 55% since April 2020, indicating that China’s dominance has weakened, while US dominance is growing, 11% strengthening Chinese authority and tightening legal restrictions on cryptocurrency mining .

As Blockchain.News has previously reported, Bitcoin miners from China’s Inner Mongolia, Sichuan and other regions have begun sell away from the mining equipment so that they do not step into the red line of the law.

Image source: Shutterstock

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