Layer1 Secures $50M from Peter Thiel, Others to Mine Crypto in Texas
Ana Alexandre's original article for cointelegraph.com reduced by 54%
As Fortune reported on Oct. 15, venture capitalist and PayPal co-founder Peter Thiel, early-stage investor Shasta Ventures, along with other industry players committed $50 million to Layer1, which plans to build a wind-powered Bitcoin mining facility in West Texas. Layer1 is reportedly planning to vertically integrate its mining operation in the United States.
The place nobody has taken advantage of yetCommenting on the development, Layer1 co-founder Alexander Liegl pointed out competitive power prices in Texas, further noting that nobody in the mining industry has taken advantage of them, primarily due to the appropriate cooling technology. As part of its plans, Layer1 has also entered a partnership with Chinese semiconductor company to produce its mining chips. In late December 2018, Layer1 concluded a $2.1 million seed funding round backed by Thiel, crypto-focused venture capital company Digital Currency Group, and American investor and Protégé Partners founder Jeffrey Tarrant, among others.
Recent mining developments in the U.S. Earlier in October, news broke that Chinese crypto mining giant Canaan Creative filed a $200 million initial public offering request with the U.S. regulators in July, will issue 1.26 billion shares which will be closed on Oct.
20. Canaan is one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International.
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