360 Mining, a Bitcoin mining company, raised an investment of $ 2.25 million in a funding round. The investment raised by the platform was announced by Luxor Technologies, a bitcoin mining software company.
Bitcoin miner plans to use the $ 2.25 million fund raised at the end of the round, which was attended by Luxor, BT Growth Capital and others, to increase its natural gas production and mining capacity. The company had raised a total of $6 million in investments in the seed round held earlier. 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.”
Despite the falling value of Bitcoin and rising mining costs, 360 Mining was able to collect these investments. Thanks to the variety in the working model, firm can earn money through the sale of natural gas, electricity and bitcoin mining. This shows that bitcoin miner firm, despite the declines and market crashes in bitcoin, is not a single source of profit and has the capacity to survive a possible collapse.
Chris Alfano, Founder and CEO of 360 Mining said:
“Our team is excited 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 Technologies is a mining software and services company that offers products for bitcoin mining and software technology. Luxor currently runs the Bitcoin Mining Pool, Hashrate Derivatives, ASIC Trading Desk and Bitcoin mining data platform Hashrate Index.
About 360 Mining
360 Mining is a Bitcoin mining company. 360 Mining operates with a different model from other bitcoin mining companies. 360 Mining combines electricity, natural gas and mining with a wide variety of working methods. As a result of this merger, there is not a single source of gain against both operating performance and a possible decrease, so it is not affected much.