As part of 21's product announcement, the company also shuffled
some titles. Co-founder Balaji Srinivasan, who is also a partner
at Andreessen Horowitz, is taking over as CEO. Matthew Pauker,
the current CEO, is replacing Srinivasan as chairman.
That is an ambitious plan, though, since battery life and data costs are two big concerns already when it comes to phones. It takes a lot of power to mine a bitcoin, and these chips will be competing with giant data centers whose sole purpose is to funnel electricity and energy towards generating bitcoins. Even then, the rewards are often small, and for a phone chip, will likely be cents. (We've reached out to 21 for comment and will update if we hear back.)
21's BitShare chip, as they have named it, would generate bitcoins on your phone, which could then pay for small services you use. "Rather than paying a number of different subscription bills, by including the right-sized 21 BitShare with the device one can under many scenarios wholly or partially defray the expense of the cloud service," the blog post explained.
This isn't going to be a get-rich-quick scheme, but it could instead have applications for industries like micropayments or the internet of things.
21 announced today that it is working on an embeddable chip for your phone or other consumer devices that would allow you to "mine" bitcoin in the background.
Former Cisco and ARM chief strategy officer Mark Templeton is also now an investor of the company. The company is already the most well-funded bitcoin startup, having raised $116 million in March when it came out of stealth. The new investment amount was not disclosed.
So if your connected light bulb needed to have a subscription fee, the bitcoins mined from the chip in your phone could in theory pay for it along the way. The company even suggested that it could be used as a future way to subsidize phone costs in the developing world.
The super-secretive bitcoin startup 21 finally has a product plan to announce, and it may change your phone forever.
Mining is the process used by computers to "generate" bitcoin as a reward for continuously verifying transactions. By installing 21's embeddable chip on a phone, the post explains that it can generate a "continuous stream of digital currency."
Jiang Zhuoer: BTC.Top Will Support the Camp Favored by a Majority of Hash Power in the Bitcoin Cash Hash War
Jiang Zhuo’er and his BTC.TOP , a major Chinese mining pool, will not take side in the upcoming Bitcoin Cash’s hash war between two competing camps, Bitcoin ABC and Bitcoin SV. Zhuo’er shared h
F2Pool Will Support the Mining of BCHABC and BCHSV after Bitcoin Cash Hard Fork
F2Pool, the sixth largest bitcoin mining pool in the world, announced on Tuesday that it will allow miners to mine both coins generated from the upcoming Bitcoin Cash hard fork after the chain split
IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing
A patent application published Thursday claims the process of conducting scientific research can benefit from the blockchain.
Led by a team at IBM's Watson Research Center, the patent application p
CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
According to a press release iss
Japanese Firms Claim Success in Marine Insurance Blockchain Trial
One of Japan's largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.
Accenture Puts Software License Management on a Blockchain Platform
Global professional services giant Accenture has rolled out a new software license management application built with tech from distributed ledger startup Digital Asset.
Accenture announced in a pre
Singapore's Central Bank, SGX Develop Blockchain Settlement System
The Monetary Authority of Singapore (MAS) and the country's stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains
Colorado Regulators Crack Down on Four More ICOs
Colorado regulators took action against four ICOs Thursday, bringing the state's total number of cease-and-desist orders against crypto startups to 12.
The state's "ICO Task Force" rebuked Bitcoin