Luxor Technologies, a company providing bitcoin mining services, is launching a new venture to reduce hardware shipping issues that miners encounter while purchasing mining equipment and growing their operations internationally.
The new division, Luxor Logistics, will put a lot of effort into expediting the convoluted customs procedures in various areas by tailoring delivery and transportation options, which will reduce the time needed for miners to ship their mining rigs. “Luxor positioned itself as a knowledgeable and valuable partner, helping miners to navigate the complex landscape of customs and documentation,” said Lauren Lin, director of business development at Luxor, in a statement to CoinDesk. “With the variety of import/export regulatory demands across different regions,” Lin added.
The new company was formed as an expansion of Luxor’s mining equipment trade company because miners need to reduce logistical obstacles in order to remain competitive in the market. In order to be profitable ahead of the bitcoin halving that takes place next year, which will reduce mining incentives in half, miners must get up and running as soon as possible with the most efficient equipment. In addition, geographical diversification has become essential for miners due to governmental scrutiny, the low price of bitcoin, and the network’s record-high hashrate.
“The service’s expertise in navigating diverse global shipping challenges positions miners to swiftly adapt to changing market conditions and expand into different countries, maximising their efficiency and competitiveness during this critical period,” Lin stated.
That being said, the new company is not the first of its sort. A similar service was launched by digital asset mining and staking company Foundry last year to improve the efficiency of the delivery of bitcoin-mining devices. The parent business of CoinDesk, Digital Currency Group (DCG), is the firm that owns Foundry.
Luxor uses the United States as its home base and emphasises its experience with international shipping to differentiate itself from the competitors. According to the company, it has already finished supplying equipment valued at over $245 million to over 30 nations.
“This extensive experience not only allows Luxor to secure competitive shipping rates but also positions the company to offer its wealth of industry knowledge and expertise to clients so that they can benefit from a seamless integration of global shipping solutions with preferential rates under Luxor ASIC Trading Desk,” said Lin.