THELOGICALINDIAN - A San Franciscobased cryptocurrency startup has aloof appear that is has aloft 50 actor from investors Layer 1s aim is to accomplish an allinhouse Bitcoin mining ability in West Texas
Layer 1 hopes to ascendancy all aspects of the mining action itself. This will accommodate dent assembly and avant-garde cooling techniques to accomplish the arrangement applicable in the calefaction of a Texas summer.
Major US Bitcoin Mining Operation Could Result in Greater Network Decentralisation
Layer 1 aboriginal launched backward aftermost year. According to a address in Fortune, it was declared at the time as an “activist armamentarium for cryptocurrencies”. It aloft about $2.1 actor from US administrator Peter Thiel, the Digital Currency Group, and the backward broker Jeffrey Tarrant. The project’s focus was believed to be advance in crypto agreement development, such as the anonymity-preserving Grin project. There was no acknowledgment of any aspirations in the mining sector, however.
Hello, Bitcoin.https://t.co/wNLHAvdyDu
— Alexander Liegl (@alexanderliegl) October 15, 2019
Earlier today, Layer 1 appear its about-face of focus appear Bitcoin mining, forth with the actuality it has managed to accession a added $50 actor from a abundantly alien accumulation of investors. This accumulation includes Thiel and Shasta Ventures.
Layer 1 has affairs to run its own ability substation, as able-bodied as to antecedent wind and solar activity from added accessories in Texas. The armpit for the planned mining ability is reportedly “in the average of nowhere” – or about 150 afar west of Midland Texas. Layer 1 is additionally in the action of developing a new cooling system, which will accomplish the operation applicable in the acute calefaction of the southern US state.
The startup’s co-founder, Alex Liegl, claims that Layer 1 is aiming to actualize the better Bitcoin mining ability on the planet. He commented the afterward of the accommodation to barrage it in the US:
“From an brainy perspective, for Bitcoin to abound into its multi-trillion potential, it needs a US aggregation to lead… This credo resonates with Peter [Thiel] and our added investors.”
Liegl believes that by developing “full-stack” operations in West Texas, Layer 1 will be adequate from third affair mining accouterments manufacturers jacking up the amount of accessories if or back the Bitcoin amount rallies again.
If Layer 1 makes acceptable on its ambitions in Texas, it will accompany the brand of Blockstream as above mining operations based in the West. Previously, apropos accept been aloft about the cardinal of mining operations based in China. There were fears that bunco could action amid ample groups of the operators alive out of the aforementioned nation.
Samson Mow, the arch action administrator at Blockstream, provided animadversion on how operations such as his own and that of Layer 1 could animate greater decentralisation of the Bitcoin network:
“There’s absolutely an befalling to booty abroad bazaar allotment from some of the added firms.”
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