Layer1 Technologies, the first U.S. based vertically-integrated and renewable energy Bitcoin mining and factory development company, announced today that it has started mining at its Bitcoin factory in West Texas. Multiple 2.5-megawatt (MW) liquid-cooled containers are now online.
With the goal of repatriating U.S. Bitcoin mining; Layer1 aims to scale up to 100 MW in the coming months and exceed 2% of the total Bitcoin hashrate; with a roadmap to reach 30% by the end of 2021. This will enable the U.S. to offset China’s dominance in Bitcoin mining. It will also improve the country’s national security efforts; for an asset class with the potential to be a reserve currency.
Layer1’s vertically integrated approach is a fundamental improvement over the industry’s status quo; and positions the company to own the whole Bitcoin infrastructure stack. Layer1 designs, produces, and operates its entire mining infrastructure. This includes proprietary ASIC chips, liquid-cooled mining containers, and wholly-owned power development and procurement.
Alexander Liegl, co-founder and CEO, Layer1 said:
“We are already delivering on our vision of making Layer1 the world leader in vertically integrated, sustainable Bitcoin mining. Our factory in West Texas is a game-changer in Bitcoin mining. The facility uses custom ASIC chips and patent-pending liquid cooling technology; that enables us to unlock warmer climates – where others cannot – and benefit from the world’s largest supply of low-cost, sustainable local energy. We have a long-term vision for Bitcoin mining, building a multi-generational business that is already profitable in the short-run and growth-focused in the long-run to be the biggest player in the space. From hardware to energy, we’ve redesigned Bitcoin mining from first principles to control every profit and cost lever across our technology stack. Far too many mining operations still work from a playbook stuck in 2017; the halving will be a death knell for many of them.”