Peter Thiel-Backed Layer1 Faces Patent Infringement Lawsuit
- The company allegedly infringed a patent to receive cheaper electricity for Bitcoin mining.
Layer1 Technologies, a Texas-based Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining firm, is facing a patent infringement lawsuit filed by Lancium, a Data Center Data Center A data center is a building or network used to house computer systems and associated components, such as telecommunications and storage systems.This generally includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial scale operations using as much electricity as a small town.Over the past decade, data center space has been growing at an incredible rate. This has increased as more A data center is a building or network used to house computer systems and associated components, such as telecommunications and storage systems.This generally includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial scale operations using as much electricity as a small town.Over the past decade, data center space has been growing at an incredible rate. This has increased as more Read this Term power management company, which is shown through publicly available court documents.
Lancium is accusing Layer1 of infringing its patented technology of adjusting data center power usage. Specifically, the plaintiff pointed out the usage of its patent on Layer1’s 'demand response' model that allows shutting down of the Bitcoin mining operations and later returning the power to the grid when there is high demand.
This allows the company to mine using electricity in low demanding hours. As a result, it significantly decreases operational costs by receiving cheap electricity.
“We are the first load only CLR, and we are dedicated to strengthening Texas' and the nation's grid,” Lancium CEO, Michael McNamara said in an official statement. “We developed and continue to develop and protect our revolutionary technology. We will also aggressively defend this intellectual property.”
The Texas-based software company was granted the patent last March. According to the court filing, Lancium alerted the mining firm of the possible patent infringement in May but did not receive any response.
Hence, the company is now seeking damages proportionate to the willful infringement, along with a permanent injunction to prevent any further violations.
Layer1 is backed by billionaire investor and Paypal co-founder Peter Theil. Furthermore, the mining company’s operations are concentrated on the western districts of Texas.
Commercialization of Bitcoin Mining
Meanwhile, the cryptocurrency mining industry is getting very competitive with the focus of major companies on mining Bitcoins. Though China dominates the industry, many major mining farms are being set up in North America as well.
Last week, Finance Magnates reported on Marathon’s $23 million contract with Bitmain to receive 10,500 Antminer S-19 Pro that will make it one of the largest Bitcoin mining companies in the continent.
Layer1 Technologies, a Texas-based Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining firm, is facing a patent infringement lawsuit filed by Lancium, a Data Center Data Center A data center is a building or network used to house computer systems and associated components, such as telecommunications and storage systems.This generally includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial scale operations using as much electricity as a small town.Over the past decade, data center space has been growing at an incredible rate. This has increased as more A data center is a building or network used to house computer systems and associated components, such as telecommunications and storage systems.This generally includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial scale operations using as much electricity as a small town.Over the past decade, data center space has been growing at an incredible rate. This has increased as more Read this Term power management company, which is shown through publicly available court documents.
Lancium is accusing Layer1 of infringing its patented technology of adjusting data center power usage. Specifically, the plaintiff pointed out the usage of its patent on Layer1’s 'demand response' model that allows shutting down of the Bitcoin mining operations and later returning the power to the grid when there is high demand.
This allows the company to mine using electricity in low demanding hours. As a result, it significantly decreases operational costs by receiving cheap electricity.
“We are the first load only CLR, and we are dedicated to strengthening Texas' and the nation's grid,” Lancium CEO, Michael McNamara said in an official statement. “We developed and continue to develop and protect our revolutionary technology. We will also aggressively defend this intellectual property.”
The Texas-based software company was granted the patent last March. According to the court filing, Lancium alerted the mining firm of the possible patent infringement in May but did not receive any response.
Hence, the company is now seeking damages proportionate to the willful infringement, along with a permanent injunction to prevent any further violations.
Layer1 is backed by billionaire investor and Paypal co-founder Peter Theil. Furthermore, the mining company’s operations are concentrated on the western districts of Texas.
Commercialization of Bitcoin Mining
Meanwhile, the cryptocurrency mining industry is getting very competitive with the focus of major companies on mining Bitcoins. Though China dominates the industry, many major mining farms are being set up in North America as well.
Last week, Finance Magnates reported on Marathon’s $23 million contract with Bitmain to receive 10,500 Antminer S-19 Pro that will make it one of the largest Bitcoin mining companies in the continent.