Luxor Raises $16M to Expand Bitcoin Mining Into AI Compute Market

Luxor Technology, a Bitcoin mining company, has raised $16 million to expand into AI computing power, the latest crypto infrastructure firm pivoting toward artificial intelligence. The Seattle-based company said the strategic round was led by CMT Digital, the venture arm of Chicago's CMT Group, with participation from mining-hardware makers Canaan and MicroBT, as well as Halo, Steelhead, and angel investors. The raise follows the September launch of Luxor AI, which extends its Bitcoin mining stack into AI and high-performance computing. Luxor said its hardware desk has traded $1 billion of mining ASICs, its energy arm services more than 75 megawatts of load across two U.S. grid regions, and its cloud platform had processed 1.8 million workloads so far this year as of September. Luxor will use the funds to scale its cloud platform, provide working capital for its AI hardware business, grow compute-derivatives trading, and make engineering and go-to-market hires. Its over-the-counter desk already offers cash-settled options, forwards and backstops on compute-rental indexes. "Compute markets are converging: the same miners, power sites and capital that served digital mining are now powering AI," said CEO Nick Hansen.