Peter Tell's layout of bitcoin mining, Layer1 company finalized $50 million in Series A financing

In the field of bitcoin mining, China is undoubtedly at the top of the world. China has the largest mining company and is leading the manufacturing of mining chips and equipment.

However, an American startup wants to change the situation through a bold plan.

On Tuesday, San Francisco-based Layer1 announced that it has raised $50 million from billionaire, PayPal co-founder Peter Thiel and others to advance the company's development plans, including operating itself. Substations and substations, solar and wind power equipment, etc., the current overall valuation of the project is 200 million US dollars.

According to Alex Liegl, the co-founder of Layer1, revealed that the infrastructure of Layer1 will cover tens of acres, 150 miles west of Midland, Texas, and it will rely on a proprietary new technology. To cool the mining chip.

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(Layer1's power infrastructure, picture from Layer1)

It is reported that Layer1 was launched at the end of 2018. Liegl mentioned that Layer1 was originally used as a “cryptocurrency fund”, which invested in some cryptocurrency agreements, including privacy-focused Grin, which at the time was a startup. $2.1 million has been raised from Peter Tell, Digital Money Group (DCG) and investor Jeffrey Tarrant.

Although Layer 1 is ambitious, its supporters remain low-key on this new investment, and Peter Til and other investors are currently refusing to interview.

China occupies a monopoly position in the cryptocurrency mining industry

It is estimated that China's current bitumen mining capacity accounts for about 60% of the world's total, which largely benefits from cheap electricity supply.

Earlier this month, it was reported that Chinese mining giant Jia Nan Zhizhi will go public in the US in mid-November, with a valuation of US$2 billion to US$3 billion, which will become the world's first listed mining machine.

At the same time, Bacuse Mining, a bitcoin mining company based in Virginia Beach, USA, was recently ordered to liquidate assets, and it also fired 27 full-time employees and four part-time employees.

The reason for the huge financing of Layer1 is that it wants to change the situation in which the United States digging mining is far behind China.

"From an ideology perspective, bitcoin has to grow into trillions of dollars, and it needs a US company to lead," Liegl said. "This idea has resonated with Peter Tell and other investors."