Cryptocurrency
Peter Thiel-backed Layer1 begins mining bitcoin at its West Texas facility
The Block reports, “Layer1 Technology, a Peter Thiel-backed bitcoin mining startup, has officially launched its operation in West Texas, four months after the firm announced its plans. “The San Francisco-based firm has brought online several mining containers, each has 2.5-megawatt (MW) capacity and deploys the liquid cooling technology to combat high temperatures in the region. “Although the […]
The Block reports, “Layer1 Technology, a Peter Thiel-backed bitcoin mining startup, has officially launched its operation in West Texas, four months after the firm announced its plans.
“The San Francisco-based firm has brought online several mining containers, each has 2.5-megawatt (MW) capacity and deploys the liquid cooling technology to combat high temperatures in the region.
“Although the firm declined to disclose the exact capacity of its current mining site, it expects to scale the mining facility up to 100 MW within the next few months, capturing more than 2% of the total Bitcoin network hashrate, per a statement shared with The Block…”