Bitcoin (BTC) miners find the places with the cheapest energy. In accordance with the co-founder of Layer1, Alexander Liegl, Texas is an ideal location for its global mining business. And that’s the idea he’s not the only one: Peter Thiel, one of the founders of PayPal, is investing $50 million in Layer1. That tells you the Fortune.
Thiel did, however, hear of the plans of Liegl. They want to be a self-sustaining bitcoin’s empire-building, beginning in the western part of Texas.
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Up to $200 million
The company will have, in total, valued at up to $200 million in the round. Now that there is money available, there are really steps that can be taken.
In addition, the plan for the production of energy, and the construction of infrastructure, there is also an agreement with a Chinese manufacturer for their chips. Layer1 will do everything in their own hands.
The competition is to outwit them
Most of the traders in the world of bitcoin mining, search, in addition to inexpensive electricity, are also the places where it is not so hot. Do you have the hardware, the less and less cool.
If you’re into that criteria, looks, does, Texas does not go straight up, probably. Due to a special cooling technology, your hardware should be able to withstand the heat.
However, Liegl a great potential: ”We anticipate that our chips will be 8-year life span. In addition, we also have our own energy policy.” Layer1 has them all in his own hand.
Liegl: ”From an ideological perspective, a U.s.-based company leading in the development of the bitcoin to billions of the industry. That ideology appeals to people such as Peter Thiel to work with.”
Mining
In the world of mining has been one full of challenges. The computing power that is needed in order to have a good chance of finding a block is getting bigger. Because of this, you will need as an entrepreneur is constantly innovating and is in every way an advantage.
As a part of the mining hardware that is being used, after the block reward halvening are no longer relevant. Also, there is a constant stream of new hardware is created and produced.
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