Luxor Technology Signs $131.4 Million Deal with Bitcoin Mining Rig Maker Microbt

Luxor Technology Signs $131.4 Million Deal with Bitcoin Mining Rig Maker Microbt

Luxor Technology Corporation has entered into a substantial agreement worth $131.4 million with Microbt, a leading manufacturer of bitcoin mining devices.

Bitcoin Mining Giants Luxor and Microbt Announce Partnership

The deal includes a confirmed purchase of Microbt's Whatsminer application-specific integrated circuit (ASIC) bitcoin mining rigs valued at $93.2 million, with an option for an additional $38.2 million. The mining rigs will feature a combination of immersion, air-cooled, and hydro-cooled systems designed for enhanced efficiency.

According to the announcement shared with Bitcoin.com News, this partnership supports Microbt’s expansion into the U.S. market, where the company has started assembling mining equipment domestically. Bitmain, Microbt’s major competitor, has also launched its own U.S.-based production line.

Luxor's decision to partner with Microbt follows the launch of its ASIC Trading Desk earlier this year. The desk facilitates the buying and selling of ASIC hardware for miners and investors. In 2024, the platform has handled around $1 million in hardware transactions daily.

Microbt’s CEO, Zuoxing Yang, expressed excitement about the collaboration, emphasizing the company's dedication to providing high-performance mining systems and promoting sustainable practices in the U.S. Nick Hansen, CEO of Luxor, highlighted that the partnership strengthens Luxor’s capabilities and helps the firm deliver competitive services to large-scale buyers and sellers.

“We are focused on working with clients to execute large-volume buy and sell transactions at competitive prices, evaluating and taking principal positions in various ASIC brands,” Hansen said on Tuesday.

A Shift Toward Localized Manufacturing and Energy Efficiency

This agreement reflects broader trends within the bitcoin mining industry, such as the increasing localization of manufacturing and an emphasis on energy efficiency. With cryptocurrency markets experiencing volatility, these strategic partnerships aim to stabilize operations and enhance profitability for stakeholders.

The announcement comes after Microbt’s recent unveiling at Bitcoin MENA in Abu Dhabi, where the company introduced the latest additions to its Whatsminer series: the air-cooled M60S++, the hydro-cooled M63S++, and the immersion-cooled M66S++. These new models showcase innovative advancements in mining rig technology.