Shares of Argo Blockchain PLC (LON: ARB) today surged 21.2% after the crypto mining company announced that it is co-leading an investment in Luxor Technologies, a hashrate management platform.
Argo will invest $100,000 into Luxor, which will be used to hire experienced engineers to improve its hash rate management platform. Luxor’s platform currently supports over 28,000 miners globally and has mined over $45 million in crypto since its launch.
Luxor developed a proprietary Switch software product (a profit-switching algorithm) that maximises miners earnings by switching between blockchains and venues to maximise hashrate rewards.
The product was launched in mid-2020 for the Equihash algorithm and a full launch of a SHA-256 best-price execution algorithm is planned for 2021.
Argo has been using Luxor’s profit-switching platform for the company’s Equihash hashrate since it was launched in 2020.
Peter Wall, Argo Blockchain’s CEO, 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, added: “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.”
Argo Blockchain share price
Argo Blockchain shares surged 21.2% today to trade at 40p having rallied from Tuesday’s closing price of 33p.