Bitcoin mining software and services company Luxor has rolled out Luxor Energy, an energy service that will allow Texas bitcoin miners to manage and pay for power through Luxor.
Announced at The Texas Blockchain Council’s North American Blockchain Summit in Dallas, Texas, Luxor Energy is certified as an ERCOT Retail Electric Provider (REP), meaning miners will be able to procure power from ERCOT’s wholesale market through Luxor.
In addition to cash, miners can use bitcoin as collateral for the power and pay through their Luxor accounts, and they can settle their power bills directly from their Luxor dashboard as well. Luxor is providing a discount on collateral for pool users.
Luxor Energy also offers miners curtailment and demand response signalling services to notify them about curtailment events. The company is working on third party integration with miner management software for these services.
Luxor Director of Derivatives, Matthew Williams, told Blockspace that Luxor Energy is the logical complement to the company’s hashrate forwards offering, a financial product that allows miners and traders to buy and sell the forward production of hashrate.
“If you look at it like a miner, there are two things you want to manage, primarily: hashcost, which is the cost to run your operation, and hashprice, which you manage through derivatives. Miners want to maximize the spread between the two. Luxor’s derivatives help miners get the highest hashprice, and Luxor Energy helps them get the lowest hashcost. And it’s all managed in one platform on Luxor, so they can net the two against each other,” Williams said.
