Crypto mining is a complex process. However, the crypto mining business is becoming more popular around the world. The spread of digital currencies accelerated the process. People are willing to invest in this business. At the moment, China is leading in terms of crypto mining.
It is an interesting fact that around 60% of global Bitcoin production takes place in China. Access to cheap electricity was one of the main contributing factors. Another factor that helped to make China the leader is the fact that it is the leading producer of the crypto equipment.
There is one startup from the U.S. is going to challenge China’s hegemony in crypto mining. This a very ambitious plan to fulfill but Layer1 is serious about this project. This San Francisco-based company has the ambition to transform the cryptocurrency market.
It is hard to say whether Layer1 will become the number one Bitcoin miner in the world. However, they attracted famous investors, such as billionaire Peter Thiel. In total, they received $50 million from the investors.
This startup plans to operate its power sub-station. Also, they will purchase solar and wind energy produced in Texas. The facility which should play a decisive role is located in Texas.
Digital currencies on October 16
On Wednesday, Bitcoin was struggling to deal with problems. Two days ago, on October 15, Bitcoin was unable to break the resistance level above $8,400. The price even fell to $8,062 which was the worst result in October.
Yesterday, Bitcoin’s price was $8,131.
Ethereum, which is the second-largest cryptocurrency, also had a bad day on Wednesday. On October 15, Ethereum’s price tested the $188 resistance level. Nevertheless, Ethereum was unable to strengthen its position. Moreover, the price fell to a weekly low near $177. On October 16, Ethereum’s price was $179.
The crypto mining industry is developing in many countries. However, the most ambitious goal belongs to Layer1 as this company wants to compete with crypto miners from China.