US Bitcoin Miner Aims to Repatriate 30% of Hash Rate Citing National Security

Bitcoin mining startup Layer1 Technologies has begun operations at its West Texas facility, with an ambitious roadmap to secure 30% of the hash rate.

Layer1, which raised $50 million in November from Thiel, Shasta Ventures and Digital Currency Group, said it has now brought multiple 2.5-megawatt liquid-cooled mining containers online.

Its short term goal is to scale up to 100 megawatts and 2% of the hash rate over the coming months.

But it’s the long term goal that’s raising eyebrows: the company roadmap lays out a vision of repatriating 30% of the hash rate to the United States by the end of 2021, citing national security considerations. On current figures, that would make Layer1 the largest mining outfit in the world.

More than 60% of Bitcoin mining operations are currently located in China but less than 5% of the hash rate and none of the hardware for Bitcoin mining come from the U.S.

In a statement, Layer1 claimed that bringing almost a third of the hash rate back to America…