Peter Thiel, the PayPal cofounder and early Facebook investor has opened a Bitcoin mining firm which will start mining operations in West Texas on the $50 million facility on a startup he helped fund, called Layer1.
Electricity is one of the biggest costs in Bitcoin mining, and according to Layer1 CEO Alexander Liegl, “the cheapest electricity in the world, at scale, is in West Texas right now.”
Lets note that with Bitcoin gaining more popularity on a daily, many people are investing in the “lead cryptocurrency” in different ways ranging from buying, selling and mining. The cryptocurrency exchanges are also making the crypto space interesting the more by reducing transaction charges.