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.

twenty two

(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."

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Interview with BitMax.io Cao Jing: Compliance, Localization and Traffic Integration, Exchange Status and Future

On October 19th, at the 1st anniversary of the BitMax.io exchange, Jingwei China Partner Harry, Sequoia Capital Partn...

Blockchain

Starting to decentralize the game platform: Is it a good day to break the monopoly?

On May 31 , Xiao Xiao invited the founding partner of Xingyao Capital, Liu Jiang, founder of Xingheng Education, Chen...

Blockchain

99% of the transaction volume is fraudulent, what is left behind the false prosperity of the currency circle?

The amount of trading fraud has been ridiculous for the people of the coin circle, but all along, there are always bl...

Blockchain

Unveiling SBF's Defense Draft of up to 250 Pages I Did What I Believe Was Right

SBF traced his development journey, from his childhood in Palo Alto to the top floor apartment he purchased near the ...

Blockchain

Babbitt exclusive | imToken built-in DEX upgrade independent, August will have heavy news release

Babbitt News, July 31, imToken built Tokenlon officially upgraded to an independent decentralized exchange (DEX) . It...

Blockchain

In-depth explanation of Web3 game engine: Origins and development status of racing tracks, as well as network effects.

We are pleased to see the development process at every level, the release of new games, and the emergence of new engi...