RATE Group | Peter Thiel-Backed Startup Says Texas Is the Best Place to Mine Bitcoin
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Peter Thiel-Backed Startup Says Texas Is the Best Place to Mine Bitcoin

29 Feb Peter Thiel-Backed Startup Says Texas Is the Best Place to Mine Bitcoin

Posted at 12:26h in Bitcoin News by

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Alex Liegl, CEO of Layer1 Technologies, a US-based Bitcoin (BTC) mining company that recently announced its intention to repatriate 30% of Bitcoin’s hash power by 2022, has described Texas as offering miners the “cheapest power in the world, at scale.”

Less than two weeks ago, Layer1 commenced mining operations at its facility in western Texas, bringing multiple 2.5-megawatt container rigs online.

Texas is the largest producer of wind power in the United States, outproducing the second, third, and fourth-largest producers combined. If Texas were an independent nation, it would be the world’s fifth-largest generator of wind power worldwide.

Despite the cheap electricity, many miners have avoided the Lone Star state due to its heat — with temperatures regularly exceeding 90 degrees for half of each year. To combat the heat, Layer1’s mining apparatus comprises 20-by-8 shipping containers filled with miners that are suspended in a non-conductive liquid. 

“If they were…

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