Embattled BTC miner Layer1 CEO resigns in settlement with founders

Embattled BTC miner Layer1 CEO resigns in settlement with founders

The CEO of a U.S. BTC block reward miner has left his position at the firm, according to the company. Alex Leigl, the CEO of Layer1 Technologies has been embroiled in a legal battle with the firm’s founders, culminating in a settlement that sees him leave the firm he has led since 2018.

Layer1 Technologies appeared poised to become one of the biggest block reward miners in the United States, raising $50 million in Series A funding at a $200 million valuation.

In a press release, Layer1 announced that Leigl has finally stepped down as the CEO. Jakov Dolic will now rejoin the company as the CEO and chairman. Dolic previously served as Layer1’s president before he launched a legal battle against his fellow executives. He claimed that the founders were pushing him out of the firm despite investing millions of dollars to grow the firm.

Despite fighting each other in court for months on end, Dolic and Leigl reportedly released a joint statement expressing optimism about the firm’s future. They believe Layer1 still has lots of room for growth and expansion and that it’s well poised to dominate block reward mining in the United States.

They stated, “Layer1 has a strong foundation for future growth, including mining operations with a capacity of 100MW, which the company will be expanding, and proprietary containerized solutions that will continue to drive Layer1’s operations.”

The German-born Leigl has become one of the digital currency’s rising stars in recent years. He moved to the U.S. to join Stanford University where he studied Applied Mathematics and Philosophy. Forbes featured him in its “30 Under 30 Blockchain Leaders” list in early December.

Layer1 becomes the latest BTC block reward mining company that has seen intense infighting between the founders. Bitmain, the largest BTC mining hardware manufacturer, has seen its founders fight for control of the company for several months. In the latest twist, Jihan Wu reportedly gained the upper hand in his battle for control with fellow cofounder Micree Zhan.

See also: TAAL’s Jerry Chan presentation at CoinGeek Live on The Shift from Bitcoin “Miners” to “Transaction Processors”

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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