Why Bitcoin Miners Should Head To Oil Country

In 2017, bitcoin burst into the global consciousness when it soared from below $1,000 to nearly $20,000. It then just as quickly dropped out of the limelight as it crashed to below $4,000 and investors began to doubt claims that it would become the global currency of the future.

But while bitcoin may have dropped off the front pages, the cryptocurrency itself and the mining industry behind it are very much alive and kicking. Bitcoin miners, which saw a wave of bankruptcies when prices crash in 2018, are expected to return to profitability this year. The majority of those miners will maximize their profits by building their heat-producing mining computers in a cold climate and close to a cheap source of energy. But one innovative company in West Texas is doing things differently.

Layer1, a startup backed by billionaire Peter Theil, set up its operations in one of the hottest states in the country, and now it is making money even when it’s computers are turned off. The…