In the field of digital currency, Bitcoin has always been one of the most watched focuses. Recently, Layer1 successfully finalized a $50 million Series A financing, and Peter Thiel, a giant in the Bitcoin mining business, also joined this ever-changing competition. This news has undoubtedly set off a huge wave in the industry, making people think about the future development direction of digital currency.

The successful financing of Layer1 is not only a recognition of its strength, but also a positive outlook on the prospects of the Bitcoin mining industry. The investment of $50 million has laid a solid foundation for the future development of Layer1. This also means that the joining of Peter Thiel, an industry leader, will bring new vitality and changes to the Bitcoin mining industry.

As the most well-known and market-valued encrypted digital currency, the mining process of Bitcoin has always attracted much attention. As a leader in the Bitcoin mining industry, Peter Thiel's joining Layer1 will undoubtedly bring more resources and technical support to the company. This also makes people look forward to the future development of Layer1. I believe that under the leadership of Peter Thiel, Layer1 will surely set off a new wave in the field of Bitcoin mining.

After the news that Layer1 successfully raised $50 million, the market also set off a wave of discussions about the future trend of Bitcoin. Investors have expressed their optimism about Bitcoin, believing that Bitcoin, as a decentralized digital currency, has huge potential for appreciation. As a newcomer in the field of Bitcoin mining, Layer1's development prospects have attracted much attention. Investors have expressed their willingness to increase their investment in Layer1 and bet on the future development of Bitcoin.

Peter Thiel, as an authority in the field of Bitcoin mining, has joined Layer1, which has also made people full of confidence in the company's technical strength and innovation capabilities. Layer1's layout and development in the field of Bitcoin mining will be recognized and supported by more people inside and outside the industry. This has also laid a solid foundation for the future development of Layer1, making people full of confidence and expectations for the future of the Bitcoin mining industry.

In general, Layer1 has finalized a $50 million Series A financing, and the news that Peter Thiel has joined has undoubtedly brought new vitality and changes to the Bitcoin mining industry. This has also made people full of confidence and expectations for the future development of Bitcoin. As the digital currency sector continues to develop and grow, I believe the future of the Bitcoin mining industry will be even brighter, and Layer1 will surely shine in this exciting game.

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China is undoubtedly at the top of the world in bitcoin mining, with the largest mining companies and dominating the manufacturing of mining chips and equipment. However, an American startup hopes to change this situation with a bold plan.

On Tuesday, San Francisco-based Layer1 announced that it had raised $50 million from billionaire and PayPal co-founder Peter Thiel and others to advance the company's development plans, including operating its own substations and distribution stations, purchasing solar and wind power generation equipment, etc. The overall valuation of the project is currently $200 million.

According to Layer1 co-founder Alex Liegl, who told Forbes, Layer1's infrastructure will cover dozens of acres and is located 150 miles west of Midland, Texas. It will rely on a proprietary new technology to cool mining chips.

(Layer1's power infrastructure, picture from Layer1)

Layer1 was reportedly launched at the end of 2018. Liegl mentioned that Layer1 was originally a "cryptocurrency fund" that invested in a number of cryptocurrency protocols, including the privacy-focused Grin. At that time, the startup had raised $2.1 million from Peter Thiel, Digital Currency Group (DCG) and investor Jeffrey
Tarrant.

Despite Layer1's ambitions, its supporters remain low-key about the new investment. Peter Thiel and other investors have declined to be interviewed.

China has a monopoly in the cryptocurrency mining industry

It is estimated that China's current Bitcoin mining capacity accounts for about 60% of the world, largely due to cheap electricity supply.

Earlier this month, it was reported that Chinese mining giant Canaan Creative will go public in the United States in mid-November with a valuation of US$2-3 billion, which will become the world's first listed mining machine manufacturer.

Meanwhile, BCause Mining, a bitcoin mining company in Virginia Beach, was recently ordered to liquidate its assets and laid off 27 full-time employees and four part-time employees.

The huge financing of Layer1 is aimed at changing the situation where the US mining industry lags far behind China.

"From an ideological point of view, if Bitcoin is to grow into trillions of dollars, it needs an American company to lead it," Liegl said. "This concept resonated with Peter Thiel and other investors."