TRY FOR FREE

Startup That's Unheard of, Has Raised $121.1M by Decentralizing Mining

Bitcoin mining is the practice of adding transaction records to the public ledger of past transactions. This ledger of past transactions is called the blockchain and miners are paid in bitcoins for successfully identifying a block. Currently, the process of mining is centralized. However, a company called 21 Inc. has come up with an embedded chip to decentralize bitcoin mining. The company plans to market these chips to be embedded in the consumer devices (IOT as they call it), allowing smartphones and other connected devices to earn bitcoins through the process known as mining. If you have not seen a Bitcoin mining facility before than have a look at this image below ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED