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."
Momentum Is Building to Block Ethereum ASICs
Several ethereum miners and developers have come forward with the goal of stopping specialized mining hardware from effectively operating on the network.
Underway since April, the controversy surro
Brazil's Largest Independent Broker Is Launching a Crypto Exchange
The parent company of Brazil's largest independent broker is setting up a cryptocurrency exchange, Bloomberg reported Thursday.
Grupo XP, which owns brokerage firm XP Investimentos, plans to launch
XRP Shot Up 75% During Friday's Bullish Trading Session
The price of XRP spiked as high as 75 percent above its opening price at one point during Friday's trading session amidst a broader market bull parade.
At roughly 14:45 UTC, the price of XRP rose
US Congressman Drafts Bills to Aid Blockchain Development
U.S. Representative Tom Emmer wants to support the development and use of blockchain technology and cryptocurrencies.
To that end, the lawmaker announced a trio of blockchain-focused bills Friday,
Report Finds Cryptojacking Instances Jumped 400% In A Year
Instances of cryptojacking malware have jumped more than 400 percent since last year, a new report finds.
A collaborative group of cybersecurity researchers called the Cyber Threat Alliance (CTA) p
Bitmain CEO Announces New 7nm Bitcoin Mining Chip
The bitcoin mining industry is having an exciting couple of days.
Just a day after Bitfury revealed a new 14nm mining chip called the Bitfury Clarke, Bitmain has upped the ante with the announcemen
Brave Browser Is Using Civic's Blockchain Platform to Verify Publishers
Privacy-focused internet browser Brave will begin using blockchain identity startup Civic's verification services to ensure publishers are paid for their content with Brave's Basic Attention Token (BA
US Navy Launches Blockchain Research in Mission to Improve Tracking System
A U.S. Navy command is exploring the potential of blockchain technology in tracking aircraft parts.
The Naval Air Systems Command (NAVAIR) – which provides material support for aircraft and airborn