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Luxor Technology Corporation has entered into a $131.4 million agreement with bitcoin mining device manufacturer Microbt.
Bitcoin Mining Giants Luxor and Microbt Announce Partnership
Luxor Technology Corporation‘s deal includes a confirmed purchase of Microbt’s Whatsminer application-specific integrated circuit (ASIC) bitcoin mining rigs worth $93.2 million and an option for an additional $38.2 million. These ASIC models will feature a combination of immersion, air-cooled, and hydro-cooled systems, aiming for efficiency.
The announcement shared with Bitcoin.com News says the agreement supports Microbt’s expansion in the U.S., where it has started assembling mining equipment domestically. Bitmain, Microbt’s competitor, has also jumped into the action by launching its own U.S.-based production line.
Luxor’s decision follows the launch of its ASIC Trading Desk earlier this year. The desk engages in buying and selling ASIC hardware for miners and investors. According to the company, the platform has traded approximately $1 million in hardware daily throughout 2024.
Microbt CEO Zuoxing Yang expressed enthusiasm for the partnership, emphasizing the firm’s commitment to delivering high-performance mining systems and advancing sustainable industry practices in the U.S. Luxor CEO Nick Hansen highlighted the collaboration’s role in bolstering the firm’s capabilities, stating that Luxor aims to provide competitive services to large-scale buyers and sellers.
“We are focused on working with clients on executing buy and sell activities in large volumes at competitive prices by evaluating and taking principal positions in various brands of ASICs,” Hansen remarked on Tuesday.
The agreement reflects broader trends in the bitcoin mining sector, including increasing localization of manufacturing and a focus on energy efficiency. With cryptocurrency markets facing volatility from the bull market, these partnerships aim to stabilize operations and enhance profitability for stakeholders.
Luxor’s announcement follows Microbt’s recent unveiling at Bitcoin MENA in Abu Dhabi. The company introduced its latest additions to the Whatsminer series: the air-cooled M60S++, the hydro-cooled M63S++, and the immersion-cooled M66S++, showcasing innovative advancements in mining rig technology.