Layer1 is a Digital Currency Group portfolio company. The company was previously an investment fund, but now it is focusing on bitcoin mining.
Layer1 Technologies is the first US-based, vertically-integrated Bitcoin mining company and is on a mission to strengthen Bitcoin’s decentralization and usage of renewable energy.
Layer1 was founded in 2018 by Alexander Liegl and is headquartered in San Francisco, California.
Layer1's goal is to own every step of the bitcoin mining supply chain and vertically integrate the mining business.
Layer1 has bought a dozen acres of land in Texas to build its own electricity substations, partnered with a Beijing-based semiconductor company to create its own mining chips, and built its own mining machine infrastructure.
Layer1 aspires to be the biggest Bitcoin miner in the world by controlling all aspects of the process—from chip manufacturing to electricity production to cooling. In the longer term, the company plans to use its mining facilities as a base layer for a larger cryptocurrency enterprise that will include financial services.
Layer1 is backed by Peter Thiel, Shasta Ventures, and crypto industry leaders. The company raised $50M from a "Series A" financing on Oct 15, 2019. This latest round brings Layer1's total funding to $52.1M to date.