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Luxor Technology partners with Microbt in $131.4M deal

Luxor Technology partners with Microbt in $131.4M deal

GrafaGrafa2024/12/12 09:10
By:Mahathir Bayena

Luxor Technology Corporation has signed a significant agreement worth $131.4 million with Microbt, a manufacturer of Bitcoin (CRYPTO:BTC) mining devices.

The deal includes a confirmed purchase of Microbt’s Whatsminer application-specific integrated circuit (ASIC) bitcoin mining rigs valued at $93.2 million, along with an option for an additional $38.2 million.

These new ASIC models will incorporate various cooling systems, including immersion, air-cooled, and hydro-cooled technologies, designed to enhance efficiency.

The announcement highlights Microbt’s strategy to expand its operations in the U.S., where it has begun assembling mining equipment domestically.

This move comes as competitors like Bitmain also establish U.S.-based production lines.

Luxor’s decision to partner with Microbt follows the launch of its ASIC Trading Desk earlier this year, which facilitates the buying and selling of ASIC hardware for miners and investors.

The trading desk has reportedly handled around $1 million in hardware transactions daily throughout 2024.

Microbt CEO Zuoxing Yang expressed enthusiasm for the collaboration, emphasizing the company's commitment to providing high-performance mining systems and promoting sustainable practices within the industry.

Luxor CEO Nick Hansen noted that the partnership will enhance the company’s capabilities to serve large-scale buyers and sellers effectively.

“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 stated.

At the time of reporting, the Bitcoin price was $101,454.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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