Layer1 has raised fifty million dollars ($50M) from stakeholders in Series A funding.
Layer1 sets sights on Texas
Layer1 is a crypto investment and infrastructure company that focuses on promising blockchain protocols and builds technological equipment to support them. Many well-known industrial players participated in the funding round. These include PayPal co-founder Peter Thiel, Investor Shasta Ventures, and various other notable members that collectively contributed fifty million dollars for the project.
Layer1 is planning on creating a wind-powered Bitcoin mining facility in the Western region od the state of Texas. Reportedly Layer1 intends to integrate its mining operations in the United States vertically.
The company’s co-founder Alexander Liegl noted that power prices are competitive in Texas. He also highlighted that no one else had yet utilized those features. He stated that the company was expecting their mining “chips” to be competitive, at least for the next eight years. He said that the project was as close to a power plant as we could get.
The company has raised sufficient funds, and now it is looking to distribute them for building the power substations and the crypto mining infrastructure. The company has also joined hands with Chinese semi-conductor company to assist in making chips.
The company previously conducted a seed round back in December last year. The seed round was backed by Thiel and succeeded in raising over two million dollars ($2.1). The Digital Currency Group also participated in the round, as did Jeffrey Tarrant and many other entities. Those funds were utilized by the company to continue the development of programmable money as well as store-of-value applications.
Layer1 is not the only company intending to start a mining pool in the United States. Chinese company Canaan Created has filed a request with US regulators in July. Meanwhile BCause Mining was ordered to liquidate the assets while laying off all company employees.