When it comes to producing Bitcoin, China is the pre-eminent power in the world. The People’s Republic boasts the largest mining companies, and dominates the manufacture of chips and other equipment used to mine Bitcoin. A U.S. startup wants to change all that with a bold plan to make Texas the global hub of Bitcoin mining.

On Tuesday, San Francisco-based Layer1 announced it has raised $50 million from billionaire Peter Thiel and others to move forward with its plan, which includes running its own power sub-station and purchasing solar and wind energy produced on the plains of West Texas.

According to co-founder Alex Liegl, Layer1’s facility will consist of dozens of acres that lie 150 miles west of Midland, Texas—”literally in the middle of nowhere”—and will rely on a proprietary new technology for cooling the chips used to mine Bitcoin.

Continue reading at fortune.com

Share on linkedin
LinkedIn
Share on telegram
Telegram

Leave a Comment

We use cookies and other similar technologies to improve your browsing experience and the functionality of our site. By clicking “Accept All Cookies”, or by scrolling and dismissing this banner, you consent to the storing on your device of all the technologies described in our Cookie Policy. Your current cookie settings can be changed at any time by clicking “Cookie Preferences”. We also urge you to read our Terms and Conditions and Privacy Notice to better understand how we maintain our site, and how we may collect and use visitor data.