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About Layer1 Technologies
Layer1 Technologies operates bitcoin mining data centers in West Texas, using wind power and demand-response agreements to turn electricity into a flexible asset. Its core business is vertically integrated mining: custom ASIC hardware, on-site power management, and load shedding during peak grid prices. The main problem it solves is the mismatch between intermittent renewable energy and the grid's need for stability. By curtailing mining operations when demand is high, Layer1 helps balance the grid and earns payments that reduce its effective power cost. In the past six months (March to September 2026), the company has continued to expand its energized capacity, improve its mining fleet efficiency, and refine its demand-response participation. However, the broader mining industry faces pressure from rising network difficulty and falling hashprice, and Layer1 is not immune. No major negative events specific to the company were confirmed in the available information.
Layer1 was founded by Alexander Liegl in late 2018 as a cryptocurrency fund, initially investing in protocols such as Grin. In 2019, it secured a $50 million Series A round from Peter Thiel, Digital Currency Group, and others, at a $200 million valuation, pivoting to Bitcoin mining. The company built a vertically integrated mining facility in West Texas, utilizing proprietary oil-immersion cooling and its own substation. A notable milestone was its 'demand response' contracts with the local grid operator: during peak demand, Layer1 would shut down its miners, receiving compensation that cut its effective electricity cost to under one cent per kWh. This innovative but controversial model drew a patent infringement lawsuit from Lancium in 2020. Layer1 also claimed an average production cost of about $1,000 per Bitcoin, positioning itself as a major U.S.-based mining player.
Jakov Dolic (Co-founder & CEO): Previously founded Genesis Mining, one of the world's largest crypto mining companies. He rejoined Layer1 as CEO and Chairman in Dec 2020 after a settlement.
Ivan Kirillov (Co-founder & CTO): Another original founder of Layer1, known for designing containerized Bitcoin mining solutions. He also returned to the company in Dec 2020.