Luxor Launches Bitcoin ASIC RFQ Platform Bitcoin Magazine

Luxor has launched the first ASIC RFQ platform with the goal of maximizing transparency and market access.

Luxor Technologiesa full-stack Bitcoin mining software and services company, has launched the first Request for Quotation (RFQ) platform for buying and selling Bitcoin mining hardware.

The press release sent to Bitcoin Magazine describes what an RFQ platform is, saying: “An RFQ is a marketplace where users can create orders (requests) for specific items. The Luxor double-sided RFQ allows both buyers and sellers to create Bitcoin mining ASIC requests.”

The idea is that it will create a more liquid and user-friendly market for ASICs, specialized machines built specifically to mine bitcoins. According to the statement, “Using an open bidding system, ASIC traders can make requests and negotiate prices directly, improving price discovery and increasing liquidity in the secondary market.”

Prior to this market, ASIC traders have struggled with a fragmented and opaque over-the-counter market. In theory, this system will improve market transparency, while allowing easier access and more accurate market prices. ASIC brokers will form the backbone of the market makers on the platform and will be able to leverage it to increase their trade flow and facilitate more trades.

“We created Luxor RFQ because we saw a need for a unified platform to trade Bitcoin mining hardware,” commented Lauren Lin, Luxor’s operations manager. “Before, buyers and sellers relied on a patchwork of places to buy and sell mining hardware. Now, they can see offers, listings, and clearance prices in one place, improving price transparency and streamlining the mining hardware procurement process.”