Bitcoin Mining Startup Gets $50 Million From Peter Thiel

Courtesy Fortune: Click here to read the full news

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.

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