Investing in Layer1 — US Bitcoin mining
Today on behalf Shasta Ventures, I am excited to announce our investment in Layer1, a US-based commercial Bitcoin mining operation founded by Alexander Liegl and team. Today’s news from Fortune here.
From our first meeting it was clear Alex and team are bold entrepreneurs with long-term visions. They are industry veterans who came together around their conviction of proprietary mining, believing in a robust economy where digital currency is a core component of our technology platforms and financial ecosystem.
A strong supply of US-mined Bitcoin will further support the strength of decentralization and give the US financial system a trusted partner as cryptoassets become more commonly traded and used in financial services.
Layer1 is taking a US-friendly approach enabling regulatory bodies to work with and learn with them about how Bitcoin can be safe and legit.
Alex and team are powering the miners from a proprietary renewable power system in West Texas. Vertical integration of the mining operation, from the rigs to the power plant, will enable them to have as much control of the economics of the business as possible. Using underutilized renewable energy means they can mine without creating the massive carbon footprint all too often associated with Bitcoin mining.
Nearly every other cryptoasset and blockchain token has a trading pair with Bitcoin. This is ultimately a belief in the ability of blockchain to become an efficient, stable and long-standing technology paradigm that we will build on for decades to come, with Bitcoin being the gold standard. Pun intended.
With my involvement on the NVCA Blockchain Working Group organized by the National Venture Capital Association based out of Washington DC, I am excited to help the team forge the path for this future in federal and state regulatory bodies, to the benefit of future blockchain entrepreneurs.
Thank you for having Shasta as a part of Layer1, Alex and team!