Connect with us
Active Currencies 14759
Market Cap $2,542,485,220,396.50
Bitcoin Share 51.33%
24h Market Cap Change $-0.90

PayPal co-founder invests in renewable energy-focused bitcoin mining facility

1min Read
PayPal co-founder invest in renewable energy focused bitcoin mining facility

Share this article

PayPal co-founder Peter Thiel recently made an investment into renewable energy centered Bitcoin mining facility called Layer 1 based in San Fransico. The firm revealed that it has raised $50 million from Series A funding rounds which attracted investment from Peter Thiel, Shasta Ventures, venture capital company Digital Currency Group and many other undisclosed investors.

Peter Thiel is a Bitcoin proponent who has been advocating the benefits of the decentralized currency for quite some time now. While a majority of the investors are only concerned about the price, and Risk-Return metrics, Thiel is definitely someone who is more vested in the idea and technology of Bitcoin.

Bitcoin mining operations consume a ton of energy because of the use of specialized mining rigs, which has often given rise to the narrative that ‘Bitcoin mining harms the environment’. Thus, most mining hotspots around the globe are concentrated at places where clean renewable energy is available in plenty at cheap rates.

Layer 1 is aiming to make the United States a Bitcoin mining hub

China is currently the Bitcoin-mining capital of the world as research suggested that more than  60% of all Bitcoin mining operations are carried in the country. Layer 1 aims to change that notion and bring in mining operations to the United States.

Alexander Liegl, cofounder and chief executive of layer 1 said,

“The future of bitcoin mining lies in the heart of the United States: Texas, this is where world-class electricity prices, friendly regulation, and an abundance of renewable energy sources meet. It is here that we are rapidly scaling our mining operations to bring as much hash rate as possible back to the United States.”

Layer 1 has partnered with Beijing-based semiconductor maker to build its own mining rig and is also planning to build its own energy source in Texas.

Share

Aakash is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in Finance and Economics, his writing is centered around regulation and institutional investment within the cryptocurrency space. He is also an aspiring triathlete.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.