21 bitcoin crunchbase database

Originally called 21e6, the company grew in secrecy to become one of the highest capitalized bitcoin ventures in the world. For much of the past two years, the Bitcoin company with the most money and high profile backers was one that almost no one knew existed. Founded by the Stanford wunderkind, Balaji Srinivasan and four co-founders, 21e6 proceeded to roll out thousands of computers that were built to do nothing but generate new Bitcoins — an energy intensive computational process referred to as mining.

The machines were loaded with custom-designed chips that had names like Yoda and Gandalf, and were submerged in a mineral oil solution that dispersed the incredible heat generated by the mining process.

The company ended up running up against the difficulty of making money in the cut-throat business of Bitcoin mining, which became much more difficult as the price of Bitcoin dropped over the last year.

This year, the company has renamed itself 21 Inc. While the company has remained tight lipped about its intentions, it is shifting away from mining Bitcoins for itself and focusing more on distributing mining hardware to consumers with the aim of supporting broader adoption of the technology.

The startup began to form in early , not long after Srinivasan had stepped away from the genetics startup, Counsyl, which he had founded in his Stanford dorm room and turned him into a local star.

Srinivasan had been tracking Bitcoin for some time, but with more time on his hands he began talking about how to create a company with Matt Pauker, a cryptographer who did a guest lecture in an engineering course that Srinivasan was teaching at Stanford. They quickly saw the opportunity in Bitcoin mining.

From the time Bitcoin was released in early , computers trying to generate Bitcoins took part in a kind of computational lottery. The faster a computer could run numbers through a complex equation, known as a hash function, the more chances it had to win the lottery, and with it, a bundle of new Bitcoins.

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