Luxor 2025 Year in Review

Luxor is building the operational and financial infrastructure for the compute economy, engaging with compute at the point of production across energy, hardware, software, and financial markets. Since 2017, we’ve scaled a global platform through multiple market cycles, supporting thousands of datacenter operators globally.

2025 was a landmark year that significantly advanced our vision: positioning Luxor as the central operating system for a datacenter operator's business. We owe this progress to the unwavering support of our long-term clients and partners. This banner year was marked by explosive growth across all product lines, a complete re-thinking of the Luxor Platform, the launch of Luxor Energy, and laying the early foundation for Tenki Cloud. In 2025, we learned, grew, and did what we do best: build.

The Luxor Platform: From Products to a Unified Ecosystem

2025 marked the year Luxor transitioned from offering multiple discrete products to delivering one cohesive platform powering the entire datacenter lifecycle. This strategic shift simplified customer operations, increased product cross-adoption, and started to unlock powerful ecosystem effects.

We were proud to introduce the redesigned Luxor Platform back in April of this year and have only expanded on it since then. Our goal: a unified application featuring streamlined dashboards, better reporting, a consistent user experience, and a revamped workspace with granular permissions structures that touch all products. It represents one login, one interface, and one operational source of truth for the mining operation. We now have over 600 customers utilizing multiple products within our ecosystem, in no small part due to the Luxor Platform re-design.

The goal of the strategic shift to Luxor Platform was a long time coming. Our vision is to be the central hub of our customers’ data center operations, providing them high-value products across the full stack. Our ecosystem is designed so that each component adds value to the others, creating an ecosystem where customers gain a significant advantage by using the Luxor Platform:

• Luxor Energy: Procure, trade, and optimize energy usage, the most important operating cost line item for a mining operation. Our desk provides low-cost adders and maximizes revenue with demand response enrollment. Miners can settle their energy cost directly with Luxor Pool and optimize their fleet based on power prices to mine intelligently with LuxOS.
• Luxor Hardware: Trade machines and infrastructure through our Hardware Trading Desk, one of the most liquid and highest volume trading desks in the world. We have access to hundreds of model types and can clear trades at market value in size. We offer financing for hardware procurement through Luxor Derivatives, and a logistics team with warehouses across the U.S. to ensure seamless delivery.
• Firmware (LuxOS): Our U.S. made operating system is the market leader for efficiency gains and overall feature set. Device-level orchestration with LuxOS leads to better miner-level returns and unlocks the ability to pursue more complex energy strategies with Luxor Energy.
• Luxor Pool: Connect your hardware to our pool for consistent and profitable spot compute monetization. Sell your future hashrate forward with Luxor Derivatives as a way to finance growth, and settle electricity bills automatically with Luxor Energy. Pool fees can be reduced to zero in combination with LuxOS.
• Luxor Derivatives: Capital markets alternatives that enable capex financing, revenue hedging, and other more bespoke trading strategies. Finance new hardware and infrastructure purchases all in one cohesive transaction with Luxor Hardware, or hedge in combination with Luxor Energy to lock in certainty of mining returns.
• Hashrate Index: Market intelligence layer that helps operators make the most informed decisions for their operation across the entire mining stack.

In 2025, we officially turned this vision into a reality. We are incredibly enthusiastic about the growth and encouraging feedback we've received, even at this early stage of our transformation.

Explosive Growth Across All Business Lines

This year saw significant expansion across our core products and services, driven by a commitment to reliability, innovation, and customer success, along with the adoption we have seen based on our efforts to seamlessly integrate product lines under the Luxor Platform.

• Team: Grew from 85 to 97 team members working across 16 different countries
• Luxor Pool: Grew from 24.1 EH to 43.7 EH.
• LuxOS: Added support for 8 new models and grew from 13.7 EH to 39.6 EH
• Luxor Hardware: Over $700k average daily traded volume, 22 EH of machines traded.
• Luxor Derivatives: Over 270 trades completed, grew notional volume from $65M to $380M.
• Hashrate Index: Over 1.5M views on Hashrate Index content, 20K+ active subscribers.

Mining Pool Solidifies Itself as the Backbone of the Luxor Platform

Our mining pool is the reliable engine of the Luxor Platform, powering spot hashrate market settlement, the derivatives product suite backend, and auto-settlement for Luxor Energy. This year, we saw accelerated growth driven by our unwavering focus on reliability, settlement flexibility, and deep platform integration. The mining pool was the first area we spent time re-designing our web app, and we made huge improvements to our dashboards, downloadable reports, permissions system, and APIs. Our continued focus is on developing Luxor Pool to be the cornerstone of the Luxor Platform: a central hub where miners manage their revenue—be it via spot or locked-in (future) hashprice—and leverage their mining rewards to settle energy costs.

The pool grew hashrate from 24.1 EH to 43.7 EH, representing +81% year over year growth. The pool monetized and paid out 6,287 BTC over the year, and $641M USD equivalent. At the end of the year, we had over 3,000 miners utilizing the Luxor Platform to monetize their hashrate, from 115 countries in the world.

LuxOS Continues to Deliver Differentiated Value

LuxOS adoption experienced a step-change increase in 2025, fueled by expanded model support, a revamped UI, and significant performance optimizations. We particularly focused on expanding support for Antminer hydro units, increasing our API functionality to enable miner management integrations, redesigning our miner GUI to be more useful for technicians on the ground, and most importantly, introducing a new power targeting feature. Power targeting is a game-changer for miner flexibility and control, enabling more complex energy strategies and further solidifying LuxOS as the premier firmware solution in the market.

Our team of engineers and customer success have tirelessly worked together to keep delivering features that our customers ask for. We built upon the resounding growth of 2024, increasing hashrate under management from 13.7EH to over 39.6EH, representing a +189% growth rate.

Hardware Desk Expands its Reach (ASICs)

Deeper customer and OEM relationships drove increased liquidity across our hardware desk, which we know is the name of the game in this industry. We continue to serve our customers as quickly and efficiently as possible, generating the best possible quotes and transaction prices for any hardware or infrastructure need.

We have been expanding our relationships with key OEMs, including warehousing deals to get their products to market faster. In addition, we have been working with them on novel financing deals, as highlighted by our partnership with Canaan.

A major driving force in 2025 was the industry-wide rotation to the next generation of higher efficiency machines. This was the primary driving factor for the increase in difficulty (and related decline in hashprice) over the course of 2025. Our hardware desk helped this transition for our partners to the tune of over 22EH traded, representing over $250M in machines trading hands. Additionally, we continue to be on the forefront of serving our customers’ logistics needs, shipping over 50,000 individual units of machines and parts across dozens of different countries. We continue to be the preferred ASIC desk in Latin America and other emerging markets.

Derivatives

Our hashrate derivatives markets experienced exponential growth in 2025. Financing use cases found significant product-market fit, and hedging strategies proved more important than ever in an extremely volatile hashprice environment. The growth of this business has us extremely excited about the financialization of compute, a thesis we had years ago when we executed our first hashrate trade. We still believe we are in the early innings of this thesis playing out, and we look forward to continuing to expand the financial services product suite to meet all of our customers’ needs.

In 2025, Luxor’s forwards market unequivocally established itself as the largest and most liquid compute derivatives market in the world. We processed over 270 trades representing over $380M in notional value traded. We settled more than 5000EH of volume in our markets, all handled and delivered via integration with Luxor Pool, showcasing yet more potential of the Luxor Platform.

Hashrate Index

The industry's reliance on Hashrate Index data deepened in 2025, as every edge matters in an increasingly competitive mining economics environment that saw network hashrate increase to over 1ZH. Our data platform and API provide significant value add to our customers, and we’re constantly working on expanding our data offerings.

On the content side, we expanded our research reach with new podcasts and article series, while also broadening our coverage to include more of the energy and HPC/AI industries. Our Monthly Hashrate Lookback series became a core component for participants tracking spot & forward hashprice dynamics as derivatives adoption accelerated. The Energy Markets for Bitcoin Miners series and The Intelligent Miner whitepaper provided a comprehensive guide on riding real-time mining markets. Hardware reviews were enhanced with full-stack optimization strategies spanning firmware, finance, and energy. Consistent coverage was provided through podcast partners like Blockspace Media and Power Mining Analysis, and we’ve received great viewership and feedback between all these initiatives.

Luxor Energy: Our Most Transformative Business Line Yet

Compute and energy are the defining commodities of the digital age. Virtually every aspect of modern and future life—Bitcoin, AI, or advanced scientific research—will require exponentially more compute and energy to power it. In this paradigm, we see demand across CPU, GPU, and bitcoin ASIC workloads skyrocketing, ultimately resulting in compute becoming a structured, tradable asset class that will rival traditional commodities. Luxor’s products were all built with this core belief.

However, up until very recently, we’ve been missing the second piece of the puzzle—energy. With an increase in the sheer size of the compute industry, energy becomes increasingly scarce, driving datacenter operators to adopt more advanced strategies for power procurement, usage, and trading.

This year, at the North American Blockchain Summit (NABS), we officially launched a brand new product offering—one that we believe will provide a lot of benefit to the Luxor client ecosystem. At NABS, we announced several key offerings under Luxor Energy:

• Official Retail Electric Provider(REP) operations in Texas (ERCOT)
  • BTC collateral and automated settlement powered by Luxor Pool
• Ancillary Services/Demand Response program management
  • Integration with Luxor Signal Engine for economically optimized mining
• A dedicated Energy tab inside the Luxor Platform

Energy is the largest input (and cost component) into a datacenter operation. Operators who are not laser-focused on efficient energy management risk being left behind in a market that is more competitive than ever. However, this expertise is not easy to find, and navigating extremely complex energy markets is a daunting task for many datacenter operators.

Luxor Energy enables any data center operator, no matter their size or sophistication, to become an active energy market participant. By unifying energy economics and firmware control into a single intelligent stack, we are ushering in the era of intelligent mining and smarter energy management. In just one quarter of having a live product, we have grown to almost 30mW under management, and we are projecting hockey-stick growth into 2026 with over 400mW of prospective sites in our pipeline throughout the year.

By focusing first on our core customers, bitcoin miners, we will turn every miner into an intelligent miner. We will then apply the same energy management playbook to HPC operators as well. Ultimately, our goal is to deliver energy services and integration tailored to any site’s specific needs, helping operators optimize both efficiency and profitability at every step of the way. The introduction of Luxor Energy is a direct and logical fulfillment of our core belief in the continued evolution of the digital age, one that is defined by both compute and energy.

Tenki Cloud: Building the Future of Generalized Compute

In the summer of 2025, we introduced Tenki Cloud, launching Runners as our first generalized compute primitive. Our goal is two-fold, both supply and demand driven: (1) provide a platform for operators of CPU & GPU compute to monetize through a variety of workloads, and (2) build a neo-cloud suite of cheaper, faster, and simpler cloud products for consumers of HPC workloads.

Tenki Cloud drastically expands on Luxor’s long-held thesis that compute will become one of the world’s most important commodities. By building a robust product suite and client base on the demand side, we will allow data center operators to plug in on the supply side and monetize their compute via Tenki Cloud consumers. We are following the same successful playbook as Luxor’s existing bitcoin mining ecosystem, just re-imagined for the realities of the HPC world. We hope to serve HPC datacenter operators across the full stack in the same way that we do bitcoin miners, with Tenki Cloud products serving as one of the cornerstones of compute monetization.

HPC Hardware Desk

In concert with our efforts to build cloud services for end consumers of HPC compute, we launched an expanded hardware trading desk for datacenter operators. Not only will this desk provide a bridge to existing pure-play bitcoin miners looking to serve HPC and AI workloads, but also expand our footprint to datacenter operators who might never hash on the bitcoin network.

Luxor now offers comprehensive procurement for new, refurbished, and used hardware, including GPU, server, storage, and networking equipment. To fulfill this demand, we have direct relationships with major OEMs, ODMs, and distributors like Dell, HPE, Lenovo, and PNY. With these relationships, our goal is to apply the same proven verification expertise previously established in Bitcoin mining ASIC space. These solutions are supplemented by competitive logistics services, utilizing our previously established in-house capabilities and partner relationships around the world to get hardware to our customers faster, cheaper, and more efficiently.

Looking Ahead to 2026

Major LuxOS Model Support Expansion

We are planning the largest expansion in company history for LuxOS model support, with a loaded roadmap that we believe will turbo-charge LuxOS growth to far greater heights. We are extremely confident that by the end of 2026, we will support more bitcoin mining models than any other firmware provider on the market–by a wide margin at that. Of course, we still remain strongly committed to ongoing iteration, improvement, and collaboration with our current customers to deliver impactful feature enhancements to all of the existing models that we support.

Luxor Energy Goes Beyond ERCOT

We are poised for a significant expansion of the operational footprint of Luxor Energy in the coming year. A core strategic initiative involves a targeted market entry into all the major Independent System Operators (ISOs) across the United States, particularly where there is a concentration of flexible bitcoin mining load and high-density data center load. This is a huge administrative undertaking, but one we believe to be worthwhile to meet our customers no matter where they are.

Beyond domestic expansion, we are also actively exploring plans for international growth, with a strong initial focus on the Canadian market. This move would represent a key step in scaling our intelligent mining capabilities to broader geographies, leveraging the unique blend of clean, stable, and economically viable energy sources available in other non-US energy markets. While the regulatory environment in other jurisdictions can vary, we believe we have a repeatable playbook and strong product-market fit to bring energy management services to datacenter operators no matter where they are located so long as grid operators are willing to work with us.

Intelligent Mining

On a conceptual level, we officially ushered in the era of Intelligent Mining with our publication and announcement of Luxor Energy at NABS. On a more tactical level, our fully formed product vision is full-stack coordination between energy markets and the Luxor Platform. We aim to seamlessly integrate energy markets, hashrate markets, site/machine level orchestration, and settlement, all within one integrated experience. This will allow customers to gain structural margin advantages versus binary mining operators, driving the adoption of intelligent mining.

While we’re just getting started with a few pilot customers, we’ve seen some promising results already and continue to iterate on integrating this profound concept across our ecosystem. Stay tuned in 2026 for the full rollout of the intelligent mining future we are hard at work building.

Tenki Cloud: Next Phase of Cloud Services

We are moving toward a flexible, scalable platform for both compute consumers and suppliers. While this space is considerably more complex than bitcoin mining, we are building quickly and plan to double down on Tenki Cloud’s growth in 2026. Expect increased performance, more customer adoption, and a much-expanded suite of products & services such as expanded runner options, virtual machines, SQL databases, and more!

Thank You!

2025 was Luxor’s inflection year, a time of immense growth and transformation. As we look to 2026, we are poised to compound the gains from our platform unification. We remain deeply committed to building the leading mining and compute infrastructure ecosystem, and we are excited to continue this journey with you. Most importantly, thank you to our customers for your partnership and support!