Layer1 Secures $50M from Peter Thiel, Others to Mine Crypto in Texas

Cryptocurrency investment and infrastructure platform Layer1 has secured $50 million from a number of industry stakeholders in a Series A funding round.

As Fortune reported on Oct. 15, venture capitalist and PayPal co-founder Peter Thiel, early-stage investor Shasta Ventures, along with other industry players committed $50 million to Layer1, which plans to build a wind-powered (BTC) mining facility in West Texas. Layer1 is reportedly planning to vertically integrate its mining operation in the United States.

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