Layer1 Bitcoin mining farm is starting to mine the most popular cryptocurrency by using renewable energy located in the United States.
According to an official statement, the new farm is using multiple 2.5-megawatt liquid-cooled containers and it aims at reaching 30% of the total Bitcoin hash rate within two years from now.
Makes Massive Bet
While most of the crypto companies are focused on software, many others are also offering hardware solutions. Layer1 is massively investing in Bitcoin’s hash rate through its renewable energy Bitcoin mining farms to control 30% of the network’s hash rate.
Although this may be difficult to achieve, they are very confident about their vertically integrated approach. Layer1 focuses on designing and producing its own Bitcoin mining infrastructure through proprietary ASIC chips and liquid-cooled mining containers.
This is a massive investment in the space that shows companies are very bullish about the future of the space and specifically about Bitcoin.
Regarding the new project, Alexander Liegl, the co-founder and CEO of Layer1, mentioned:
“We are already delivering on our vision of making Layer1 the world leader in vertically integrated, sustainable Bitcoin mining.”
It is worth mentioning that most of the Bitcoin mining operations are focused and located in China. Chinese miners control a large portion of the Bitcoin network hash rate and they have not found any strong contender.
Layer1 could be the first cryptocurrency mining firm in challenging Chinese dominance in the market and pushing them to invest even further to become more profitable and efficient.
Moreover, the Bitcoin halving event is also pressing companies in the crypto mining industry to be more efficient, reduce their unnecessary expenditures and remain competitive with a lower reward.
It will be very interesting to see how Layer1 will handle the upcoming halving event and how the market will get prepared to face growing competition.