Summit Mining Announces Strategic Partnership with Luxor
Summit Mining and Luxor announced a successful partnership on the industry’s first Equihash profit-switching algorithm between ZCash, Horizen, Komodo and Pirate. During the first month of operation, Summit Mining achieved a 8.4% uplift over mining the base chain, ZCash.
The profit-switching algorithm was researched and designed by Luxor Technology, a US-based hashrate manager. Luxor continues to build out additional software products that are used by miners to liquidate hashrate in a more transparent and profitable manner.
Summit Mining, a fast-growing crypto-mining company in Europe, continues to develop its mining capabilities, allowing individual investors to gain access to institutional level mining operations. The successful execution of profit-switching increases significantly the dividend rewarded to their clients. Summit Mining has created a new way for individuals to get involved in the mining industry. They purchase new mining equipment once per month and, once installed, the equipment is shared between all existing clients. This mutualization process creates significant economies of scale, resulting in better management of costs, and increased profitability. Summit Mining has built a Discord community, where investors discuss mining operations and get updates from the Summit team.
The timing of this partnership is significant, as Bitmain begins shipping Z15’s the latest generation of Equihash hardware, network difficulty is expected to climb substantially resulting in lower reward per MSol. Equihash profit-switching offsets some of this decrease in revenue by better leveraging smart switching technology.
“We are delighted to start working with Luxor Mining. They are bringing in the mining industry what other mining pools did not manage to build. Every mining operation can benefit from their system to maximize their mining revenue. In addition to this, and this is very important to us as a company, the Luxor team is very friendly, trustable and client-focused. We are really looking forward to connecting more mining equipment to their pool and strengthening our relationship.”
- Mathieu Vincent, CEO of Summit Mining
“We are incredibly excited to start working with Summit Mining. In Satoshi’s original vision of mining, everyone could participate in the mining process. With the institutionalization of mining, and the rush for economies of scale it has forced out many participants in the space. Summit Mining changes that, allowing anyone to participate in an institutional level operation. The profit-switching algorithm will help complement their existing operations, delivering extra profitability to their shareholders. We look forward to continuing to build out additional products for hashrate liquidation.”
- Ethan Vera, CFO of Luxor
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