Bitcoin mining startup Layer1 Technologies has begun operations at its West Texas facility, with an ambitious roadmap to secure 30% of the hash rate.

Layer1, which raised $l million in November from Thiel, Shasta Ventures and Digital Currency Group, said it has now brought multiple 2.5-megawatt liquid-cooled mining containers online.

Its curt term goal is to calibration up to 100 megawatts and two% of the hash rate over the coming months.

But it's the long term goal that's raising eyebrows: the company roadmap lays out a vision of repatriating thirty% of the hash rate to the United States by the stop of 2022, citing national security considerations. On electric current figures, that would make Layer1 the largest mining outfit in the world.

More than 60% of Bitcoin mining operations are currently located in China but less than 5% of the hash rate and none of the hardware for Bitcoin mining come from the U.S.

In a statement, Layer1 claimed that bringing well-nigh a third of the hash charge per unit back to America will enable the U.Due south. "to offset China'southward say-so in Bitcoin mining and amend the state's national security efforts for an asset form with the potential to be a reserve currency".

Layer1 is building sustainable Bitcoin mining

Layer1 is designing and producing its entire mining infrastructure, using proprietary ASIC fries and liquid-cooled mining containers that the company claims enables information technology to "unlock warmer climates" where low-price, sustainable energy is available. However much of its custom mining equipment won't be ready until mid-2020 and information technology is using third-party machines in the acting.

Co-founder and CEO Alexander Liegl said the company was already assisting in the short term and would thrive when others faltered as a result of the Bitcoin block reward halving in May.

"From hardware to energy, nosotros've redesigned Bitcoin mining from commencement principles to command every turn a profit and cost lever across our technology stack. Far besides many mining operations still work from a playbook stuck in 2022; the halving volition be a expiry knell for many of them."