Bitcoin mining startup Layer1 begins operations, with investment from renowned investor Peter Thiel

According to BlockBeats, on February 19, The Block reported that Bitcoin mining startup Layer1 Technology has begun operations in Texas and deployed liquid cooling technology to cope with the local high temperatures. It is expected to continue to expand the scale of mining facilities in the coming months.

Layer1 CEO Alexander Liegl expressed the hope that by the end of 2021, existing and acquired mining farms will eventually account for 30% of the total Bitcoin network computing power, exceeding the computing power of the current leading mining pools F2Pool and Poolin (the two account for approximately 18% of the total network computing power respectively).

It is understood that the company has completed its Series A financing, with participants including Peter Thiel, Shasta Ventures and other cryptocurrency investors. Prior to the Series A financing, the company had already conducted a $2.1 million seed financing round, including Thiel, and Digital Currency Group. The company plans to operate its own Bitcoin mining facilities in the United States, using the company's own designed and built mining platforms and running its own electricity. According to previous reports by BlockBeats, the company has purchased more than a dozen acres of land in Texas, built its own substation, cooperated with a semiconductor company in Beijing to produce its own mining chips, and built its own mining machines and other facilities, hoping to adopt a vertical development approach and participate in every link of the Bitcoin mining supply chain.