Layer1 Receives Peter Thiel-Backed $50M Funding to Build Texas Mining Facility

Per a Tuesday announcement, Layer1 crypto investment platform has received $50 million in a Series A funding round, in an effort to establish a major Bitcoin (BTC) mining farm in Texas. Alex Liegl, the firm’s co-founder, has said that the large facility will be several acres wide and is described as being “literally in the middle of nowhere.”

Leigl has also noted that the price of energy in Texas is something that more people in the crypto mining business should probably consider a bit more seriously. Furthermore, because of the heavy energy requirements needed for Bitcoin mining, Layer1 will acquire substantial equipment to facilitate the endeavour.

“We expect our chips to be competitive for at least eight years now. You want to have your own chips in hand. We also have our own electricity substations: effectively that’s as close as you can get to owning your own power plant.”

With the $50 million funding, Layer1 will begin building and purchasing everything required for the establishment of its own power substations and all infrastructure needed for mining Bitcoin. To achieve the latter, the firm has officially partnered with a manufacturing company based in China, for the production of mining chips. The funding was led by popular co-founder of PayPal and venture capitalist Peter Thiel.

Layer1 has preciously conducted a founding round in December last year, receiving $2.1 million from Thiel, Jeffrey Tarrant as well as the Digital Currency Group.

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