When we describe the mind as luminous and empty, the word “luminous” might suggest light, but that is not what it means. Instead, it means that the mind knows, that the mind understands. At the same time it is empty because it isn’t anything and it cannot be located.
For instance, we speak of an eye consciousness—something that sees physical forms through colors and shapes. But where is it? If we look, we can never find it. That is emptiness. The eye consciousness isn’t anywhere. Nevertheless, it sees colors and shapes, and that seeing is called its luminosity.

Thrangu Rinpoche

from the book Essentials of Mahamudra: Looking Directly at the Mind

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Further quotes from the book Essentials of Mahamudra:

• Mind’s ability to think and know
• Mindfulness and alertness
• The union of space and wisdom
• Subtly unclear state of mind
• Resting and moving mind
• Authentic Vipashyana
• The union of appearance and emptiness
• Coemergent wisdom
• Coemergent thoughts
• Understanding the mind as it is
• The foundation of meditation
• The nature of the mind