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Peter Thiel-Backed $50 Million Bitcoin Mining Firm Starts Operations In West Texas

\PayPal’s Peter Thiel’s Bitcoin mining firm starts mining operations in West Texas on Wednesday kicking off the $50 million facility as the market awaits BTC halving.

The price of Bitcoin (BTC) is on a rise in 2020 after a two-year bearish trend that crippled the crypto industry. Despite the drop in BTC prices, mining on the coin has not slowed down one single bit with new mining firms coming up every other day.

Mining RIgs

PayPal’s co-founder, Peter Thiel, has been one of the huge investors in the industry raising $50 million USD to build a West Texas mining firm in 2019.

After months of construction, Layer 1, the West Texas mining firm, is finally ready and started operations on Feb. 19 according to reports from Fortune.

Layer 1 starts operations in Midland, Texas

The San Francisco based firm announced at the end of 2019 that it had raised close to $50 million USD from a number of investors including Peter Thiel. According to the report, the new Bitcoin mining firm is located about 100 miles west of Midland, Texas with an undisclosed number of mining units set up.

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