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First Bitcoin (BTC) Mining Facility Opened by Peter Thiel-Backed Layer1

utoday

6mon ago

Bitcoin (BTC) mining startup Layer1, which received a hefty $50 mln from PayPal co-founder Peter Thiel, has opened its first facility in Texas, Fortune reports.

The 30-acre farm is situated in western Texas, which is growing into a burgeoning mining hub because of its low-cost electric power. In fact, the company's CEO Alexander Liegl says this region of the Lone Star State has "the cheapest electricity" on the globe.

His words don't come as a surprise. West Texas is known for its laissez-faire attitude to market regulations, remaining at the forefront of the fracking industry.

Bitcoin's excessive energy use doesn't sit well with environmental activists who even go as far as proposing to seize the assets of miners. However, Layer1 will mainly rely on renewable sources of electricity such as wind power. Obviously, they will take advantage of the region's rich gas industry.

Bitcoin's miner reward will be reduced from 12.5 BTC to 6.25 BTC during the upcoming halving that is expected to happen somewhere around late April. This supply will lead to the exodus of miners with older equipment.

However, Layer1 doesn't seem to be concerned about the halving with its CEO saying that they only care about their competitors.

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