Layer1 Raises Series A at $200M Valuation From Peter Thiel, Shasta Ventures, Crypto Industry Leaders
Alexander Liegl, Co-founder and CEO
According to industry research, over 60% of Bitcoin’s hashrate and 100% of Bitcoin hardware production are located in China. Less than 5% of Bitcoin’s hashrate and 0% of hardware production are located in the United States.
Layer1 Technologies Inc. is the first US-based, vertically-integrated Bitcoin mining company and it is our mission to strengthen Bitcoin’s decentralization and usage of renewable energy. To accomplish this, we have assembled a world-class team of industry veterans that are reimagining Bitcoin mining from first principles. In a world where large-scale mining experience is hard to come by, we are fortunate to have assembled a team that includes the founders of Genesis Mining, Blockbase Group, and Layer1 Capital. We are headquartered in San Francisco, California, with additional offices in Europe and Asia.
To create the future of Bitcoin mining, Layer1 raised its Series A financing at a $200M valuation with the backing of world class investors, including Peter Thiel, Shasta Ventures, and cryptocurrency industry leaders. We are united in the belief that Bitcoin is the single most transformational technology of the 21st century and have been uncompromising in only partnering with investors who agree. With this funding, we are positioned to own the whole Bitcoin mining stack by designing, producing, and operating our entire mining infrastructure, including proprietary:
- ASIC chips
- Liquid-cooled mining containers
- Power procurement and development
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 hashrate as possible back to the United States.
We believe that in order for Bitcoin to grow into its potential as a multi-trillion Dollar asset class, it needs a company that justifies favorable regulation by further decentralizing the network and leveraging underutilized renewable energy. That company is Layer1.
For more information, please reach out to: info@layer1.com
Disclaimer: Layer1 Capital LLC is a shareholder of Layer1 Technologies Inc.
