Startup Layer1 launched the first mining farm in Texas

Bitcoin-mining startup Layer1, which previously raised $50 million from PayPal co-founder PeterTila and other investors launched the first Texas mining farm.

The company took a total of 12 hectaresland in the western part of the state. This is not the first time that mining companies are interested in Texas. Earlier SBI Holdings, GMO Internet and Bitmain located their farms here. As Layer1 CEO Alexander Liegl noted, it was in this region that they were able to find the cheapest electricity in sufficient quantities. To combat high temperatures, the company uses liquid cooling.

To complete their farm Layer1 boughtseveral mining containers with a capacity of 2.5 MW each. Representatives of the startup do not report what capacities they have already been used, but it is known that it is planned to reach 100 MW in a few months. If it succeeds in realizing the plan, the company will have more than 2% of the Bitcoin network hashrate, and by the end of next year Layer1 intends to increase its share to 30% by developing its own areas and buying third-party farms. Thus, with the most successful combination of circumstances for the company, Layer1 will bypass all existing mining pools. Poolin today controls 17.5%, and F2Pool 17% of the total hashrate.

In addition to creating mining farms, the companyDevelops its own cryptocurrency mining equipment. This will allow her to get rid of the need to purchase it from third-party suppliers. However, this direction is still relatively raw, since the first devices will be released only in the middle of the year. They will be built on the basis of 10-nm Samsung Foundry chips, which, according to Leagle, are comparable in terms of energy efficiency with 7-nm chips from other manufacturers.

Many miners express concernrelative to the approaching halving of the reward, since the reward for the found block will be halved, and accordingly, the profitability of mining will drop noticeably. Ling said the following: “We are not worried about halving. We are only interested in competitors whom we intend to get around. ”

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