Here's why this Peter Thiel-backed startup is mining bitcoin in west Texas:
in wind power worldwide. When the gusts come at night the power generated is often so plentiful that grid operators have to pay customers to use it.
Last year Layer1 received a $50 million cash infusion from its v.c. investors led by billionaire Peter Thiel, alongside Shasta Ventures and Digital Currency Group. That raise valued Layer1 at $200 million, and gave Liegl the capital he needed to acquire an entire electric substation capable of handling 100 megawatts, and 30 acres of land on which they aim to install a village consisting of dozens of their container-based bitcoin factories, each of which draws 2.5 mw .
Liegl grew up in Germany then studied math and philosophy at Stanford. He was first exposed to bitcoin during a stint working on the special investments desk at the Stanford Management Company . He describes Peter Thiel as an “invigorating conversationalist, who traces the logic tree then proceeds” and who sees bitcoin as a useful hedge against central bank policy missteps. Liegl credits Thiel’s investment as enabling Layer1 to gain a first mover advantage on their liquid cooled mining machines.
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