Less than two weeks ago, Layer1 commenced mining operations at its facility in western Texas, bringing multiple 2.5-megawatt container rigs online.

A few months ago, a group of Stanford graduates, Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip, launched a social cryptocurrency dubbed Pi Network. While the aforementioned cryptocurrency is launched only a few months ago, the creators of Pi Network claim that it dominates bitcoin in environmental aspects.