AUSTIN TX, Dec. 7, 2022 - Luxor Technologies, a Bitcoin mining software and services company, is pleased to announce it has participated in an investment round in 360 Mining, Inc., a vertically integrated Bitcoin mining company based in Austin Texas.
Luxor is investing alongside BT Growth Capital LLC and others in the $2,250,000 equity round. 360 Mining intends to use the capital to increase natural gas production and expand mining capacity at its Barnett Shale asset. 360 Mining, which began mining in February 2022, owns and operates natural gas production that powers Bitcoin mining operations. 360 Mining raised a $6,000,000 seed round in October of 2021 that funded the initial capital expenditures at their pilot site. With this current equity funding round, 360 Mining will double down on its proven model that guarantees access to decades of low cost, reliable electricity with no counterparties.
By owning the underlying energy resource, 360 Mining is able to adapt and remain profitable in turbulent markets by monetizing produced gas across three uncorrelated markets. These markets include Bitcoin mining, traditional gas sales and electricity sales via distributed generation in the ERCOT market. This allows 360 Mining to reliably produce Bitcoin at a low, fixed cost while simultaneously strengthening the supply of reliable energy to Texas homes and businesses. Ethan Vera, Co-Founder and COO of Luxor, said: “We are excited to be an investor in 360 Mining as it expands its vertically integrated, energy-first Bitcoin mining model. Our investment reinforces 360 Mining’s mission to be a sovereign Bitcoin mining company with no counterparties built to be resilient regardless of Hashprice conditions.”
Chris Alfano, Founder and CEO of 360 mining said: “Our team is thrilled to have Luxor as an investor in this round. Our focus is on building a best-in-class mining company so to have Luxor participate in our round is validation that our model is both effective and differentiated. Access to Luxor’s full suite of software solutions is another huge benefit that will help minimize costs and optimize operations. We are focused and energized to build on top of our proven business model.”
About Luxor Technologies
Luxor Technology Corporation is a mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor operates a global Bitcoin Mining Pool, Hashrate Derivatives, ASIC Trading Desk and Bitcoin mining data platform Hashrate Index. If you are interested in contacting the Luxor Pool team, please email [email protected]
About 360 Mining
360 Mining is a first-of-its-kind Bitcoin mining company that embodies the self-sovereign ethos of Bitcoin by operating without any trusted third-parties. This is accomplished through the vertical integration of gas production, power generation and Bitcoin mining. 360 Mining monetizes across these uncorrelated markets to maximize operating performance and limit single commodity exposure. 360 Mining’s founding team includes repeat entrepreneurs and industry veterans from Blackstone Credit, Anadarko Petroleum and Griid Infrastructure. If you are interested in contacting the 360 Mining, please email [email protected]. or visit 360mining.com.