Layer1 builds bitcoin‑mining facilities and is developing proprietary ASIC mining chips intended to compete with Chinese miner manufacturers. The company owns a West Texas site where a 25 mWh farm was running as of June and purchased a 150 mWh substation plus 30 acres to scale to 150 mWh and later 1 gWh. While awaiting its custom chips, Layer1 has been operating with Bitmain AntMiner S17s; its pitch deck says chips designed with Ingenic will be 10 nm and 38 W/THs, but Ingenic’s 2019 filings show main products at 28/22 nm. The deck projects a full 150 mWh site at the claimed efficiency would deliver ~40 million TH/s (about 3% of the Bitcoin network) and roughly $100M of computing‑power value per Luxor’s index. The company is pursuing mass production of its chips (a full mask tape‑out was stated as targeted for December 2020) but faces a patent‑infringement lawsuit from Lancium over demand‑response power‑management technology. Layer1 has highlighted notable backers such as Peter Thiel and Digital Currency Group and previously referenced a $200M valuation on its blog. Layer1 is a cryptoasset investment and infrastructure platform led by co-founder Alexander Liegl and based in San Francisco. The firm takes concentrated bets on promising blockchain protocols and builds critical technology to support their global impact. It focuses on cryptoassets that aim to become programmable money with potential for massive value creation. Layer1 is currently involved with the privacy-focused cryptocurrency Grin and intends to build technology to support Grin's growth. The company closed seed funding and plans to use proceeds to expand operations. No other operating metrics or revenue figures are disclosed in the article.

Total raised

$52M

Funding rounds

2

Latest round

Series A

Latest activity

Aug 2020