The AIM-listed crypto firm said as part of the deal it will invest US$100,000 into Luxor, which the investee will then use to make several key engineering hires to strengthen the development of its hashrate management platform and build out its proof-of-work software infrastructure.
Luxor’s Switch software product is a profit-switching algorithm that maximises earnings by switching between blockchains and venues to maximise hashrate rewards. The company supports over 28,000 crypto miners and has mined over US$45mln in cryptocurrency since its inception, with Argo itself having used Luxor’s profit-switching platform for its Equihash hashrate since its launch in 2020. Luxor is also planning a full launch of an SHA-256 best-price execution algorithm in 2021.
“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”, Argo chief executive Peter Wall said in a statement.