$10M Worth Mining Farm to Burn

A video of a fire was published at Twitter, but the company that appear to struggle with a fire hadn't confirmed the news
01 October 2019   164

Equipment at $ 10 million burned out at a large mining farm in China. The total processing power of the bitcoin network fell by 5% - to 82.45 EH / s.

According to preliminary information, the property is owned by Innosilicon.

Some users doubted the veracity of the information, suggesting that the 2014 fire was captured on the video. Their doubts were dispelled by one of the first bitcoin miners Marshal Long.

Innosilicon has not yet confirmed the news.

Layer1 to Receive $50M Investments

These investment helped the startup to reach $200M market value and and will be used to enter mining market
16 October 2019   78

Layer1, backed by the Digital Currency Group (DCG) raised $ 50 million from a number of well-known venture capitalists, including PayPal co-founder Peter Thiel.

According to The Block, thanks to the successful closure of the Series A financing round, the company's market value reached $ 200 million.

Initially, the company focused on supporting the ecosystem of confidential cryptocurrency Grin. However, now the San Francisco-based firm intends to focus on bitcoin mining and plans to compete with Chinese miners over time.

We expect our chips to be competitive for at least eight years now...you want to have your own chips in hand. We also have our own electricity substations: effectively that's as close you can get to owning your own power plan.
 

Alexander Liegl

CEO, Layer1

To implement this plan, the company acquired land in Texas for the construction of substations, entered into a partnership with a Beijing manufacturer of semiconductors and built its own infrastructure for cryptocurrency mining. Ligl added that Layer1 intends to become a vertically oriented company that controls every element in the mining business process chain.

The company also intends to enter the lending and crypto derivatives markets.