Layer1 Technologies, a U.S. Bitcoin mining and energy infrastructure company, announced that it, "has completed the installation of its proprietary demand-response technology based on the energy market standards developed by the Electric Reliability Council of Texas (ERCOT)."

"Now, Layer1's fully integrated, proprietary Bitcoin-mining data center containers serve as large-scale energy storage systems ('Bitcoin Batteries') that can be tapped in real time to meet peak market demand. By centralizing the consumption and release of multiple Megawatts per data center container, Layer1's Bitcoin Batteries stabilize national and local energy grids that frequently suffer from demand shocks," the company said

"Layer1 is the first company in the global Bitcoin mining industry that can curtail large amounts of energy consumption during times of market need and release it to the grid at the push of a button," said Alexander Liegl, co-founder and CEO, Layer1. "We are the first company to perfectly align the economic incentives of large-scale energy consumption for high-performance computing, such as Bitcoin mining or cloud computing, and the need for grid stabilization by energy market regulators."

"Layer1's proprietary demand-response software can be activated to stabilize the energy grid by dynamically managing its electricity usage during periods of peak market demand," the company said

"Layer1's developed, proprietary large-scale power management software and patent-pending immersed liquid-cooling infrastructure reduces the company's all-in electricity costs by over 75%, enabling its cost of production per Bitcoin mined to be multiples lower than any other global competitor," the company said

"Layer1 continues its mission to be the only vertically integrated Bitcoin miner to deliver pioneering technology for the energy market. Layer1 has redesigned Bitcoin mining from first principles to control every profit and cost lever across its technology stack, from proprietary ASIC chips and liquid-cooled mining containers to wholly owned power development and procurement," the company said

"Layer1 is backed by VCs including Digital Currency Group, Shasta Ventures, and PayPal co-founder Peter Thiel, who participated in a $50 million round adding to a previous $2.1 million seed round," the company said

Tags:
Texas   ERCOT   Demand response   Bitcoin  

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