They had three relevant mining rig designs in the plans, that would require funding:
Codename Qty TH/s kW Cost Deploy Turnoff Profit($) --------------- ---- ---- --- ---- ------------ ----------- ----------- CyrusOne(v2), 7904 2.0 1.3 --- (already on) Apr 2015 ~23,000,000 IO(v1v3) 3250 5.2 1.3 2000 Jan 2015 Aug 2016 ~24,000,000 Brownfield(v3) 1900 5.5 1.3 2450 Mar 2015 > Nov 2017 ~20,000,000
The "TH/s", "Cost", and "kW" columns are per "system", i.e. a mining unit containing many chips. The last column is the expected profit to be made from each set of mining hardware over its expected lifetime. (The slides have some other details that do not seem to be important.)
The first line is the hardware that they were mining with at the time of the presentation; that must be why the "Cost" (as far as investors are concerned) is given as zero.
The second line seems to be an upgrade of their previous mining hardware from v1 chips (which gave 2.7 PH/s total at the time) to v3 chips (which would give 17 PH/s) .
In reality, we have seen that their share of hashpower dwindled through all of 2015, and (AFAIK) they haven't mined a single block in the last six months. Were they still mining with CyrusOne on extra-life, or were they using the upgraded IO which was turned off prematurely? What happened to Brownfield?
However, their mining operations were secondary; the meat of their plan was the embedded chip, called BitSplit at the time.
The BitSPlit chip (as we suspected) was hard-wired to send 75% of the block reward to the 21inc wallet, whose address was burned in the silicon, and 25% to the user's wallet.
By my calculations, assuming 50 GH/s and no increase in the difficulty, the BitSplit would mine one block in 570 years, on average, and collect less than 2 BTC of reward in that time. So, of course, the chip was hard-wired to mine into a pool run by 21inc, that would spread the user's 25% of those 2 BTC (expected) into a daily regular trickle of a couple thousand satoshis. Their own mining operations would provide the BTC needed for the pool payouts of all the millions of chips that they expected to be running out there.
They projected to release 3 versions:
Model Qty GH/s W Cost Deploy Profit($) --------------- ---------- ---- -- ---- ------------ ------------ USB hub-charger 250,000 38 15 $35 Mar 2015 ~8,000,000 Embedded chip 1,000,000 63 15 $8 Aug 2015 ~103,000,000 BitSplit Inside 10,000,000 20 5 $0 Oct 2015 ~292,000,000
The "Qty" is the expected number of units sold. The last column, IIUC, is the profit that 21inc expected to make from the 75% cut of the BTC produced by all the chips, over their expected lifetime.So, their main business plan was fantastic: the OEM and chipset makers would pay the costs of producing and integrating the chips, the consumers would pay the cost of operating them, and 21inc would get 75% of all BTC mined by them, expected to be worth 400 million dollars.
In the above "USB hub-charger" model was a USB charging unit, roughly 3 x 2 x 1 inches, with 2 USB outputs and a mining chip inside, produced by 21inc themselves "to seed the market".
The second line, which I called "Embedded chip", seems to refer to discrete BitSplit chips provided by 21inc and included in consumer devices (like routers etc.) by OEM manufacturers.
The "BitSplit Inside" model would be the BitSplit integrated into the chipsets of other manufacturers, and manufactured by them. Its cost is listed as "$0" (for 21inc) because they expected those manufacturers to shoulder the cost of manufacturing and integrating the mining chip.
Apparently the market-seeding "USB hub-charger" was later replaced by the "Bitcoin Computer" (aka the PiTato). In one slide it is called "multifunctional BitSplit device", and depicted as a sleek shiny black box, the size of a cigarette pack, with a power cable and 2-3 USB or similar outputs. If that is supposed to be the PiTato, presumably they had not yet realized that a 15 w computer would need a cooling fan with a miniature wind tunnel on top.
In the last two entries, the manufacturers (not the device owners!) would be rewarded with the 25% slice of the BTC mined by those embedded chips. As an example, the slides say that a manufacturer who produced one quarter of the embedded BitSplits would get the 25% cut on the BTC yield of those chips, that was estimated to be between 2 and 4 million dollars per year of revenue in 2015--2018. Those numbers are based on the following predicted mean BTC prices: $350 for 2015, $1000 for 2016, $2200 for 2017, and $5500 for 2018.
|Microsoft||Xbox games, phone apps and software|
|Spendabit and The Bitcoin Shop||Search engines of online retailers accepting bitcoin with millions of results|
|Overstock and Rakuten||Everything under the sun|
|Gyft||Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.|
|NewEgg, TigerDirect and Dell||For all your electronic needs|
|Expedia, Cheapair, Destinia and 9flats||For when you need to get away|
|BoltVM, Namecheap, Mullvad and PIA||Handy web services|
|Foodler and Takeaway||Takeout delivered to your door!|
|HumbleBundle, GreenmanGaming, and Coinplay.io||For when you need to get your game on|
|Reddit Gold||Premium membership which can be gifted to others|
|Lightning Network||Payment channels for network scaling|
|Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain||Financial asset platforms|
|Augur and Mirror||Prediction markets|
|Factom||Records & Titles on the blockchain|
|Open Bazaar, Provistor and Bitmarket||Decentralized free markets|
|Zerocash, Dark Wallet and Joinmarket||Privacy enhancement|
|ShapeShift.io||The easiest way to swap between bitcoin and altcoins|
|Keybase and Bitrated||Identity & Reputation management|
|Bitmesh and Telehash||Mesh networking|
|JoyStream||BitTorrent client with paid seeding|
|Storj and Sia||Decentralized file storage|
|21e6||Internet of things??|
|Streamium||Decentralized video streaming|
|Abra||Global P2P money transmitter network|
|bitSIM||PIN secure hardware token between SIM & Phone|
|Identifi||Decentralized address book w/ ratings system|
|Coinometrics||Institutional-level Bitcoin Data & Research|
|Blocktrail||Multisig bitcoin API|
|Copay||Open source mulltisig wallet by BitPay|
|Insight||Open source blockchain API by BitPay|
|Foxtrot||Open source routing network from BitPay|
|Leet||Kill your friends and take their money ;)|
|Lawnmower||Spare change into bitcoin|
|millibitcoin||mBTC||1,000 per bitcoin||SI unit for milli i.e. millilitre (mL) or millimetre (mm)|
|microbitcoin||μBTC||1,000,000 per bitcoin||SI unit for micro i.e microlitre (μL) or micrometre (μm)|
|bit||bit||1,000,000 per bitcoin||Colloquial "slang" term for microbitcoin|
|satoshi||sat||100,000,000 per bitcoin||Smallest unit in bitcoin, named after the inventor|
The most intriguing part of this story concerns the secretive Silicon Valley startup 21e6, which apparently plans to build mining hardware – and keep it all to themselves. 21e6 reportedly received $5m in venture capital last year, which made it one of the largest bitcoin-based venture investments of 2013. HashFast is being sued Mar 23, 2018 - Explore bitcoin investment48's board "Bitcoin Mining" on Pinterest. See more ideas about Bitcoin mining, Bitcoin, What is bitcoin mining. Page 216 - mining News and Updates: Find mining latest news, photos, videos, pictures, video news updates on mining by Hindustan Times 21 Inc. (formerly 21e6) was established during the November 2013 bubble as a startup. The device is called 21 Bitcoin Computer and is a hybrid that combines a normal micro-PC, a miner for the extraction of currency and the corresponding software. 21 (formerly 21e6) was a Bitcoin startup founded amidst the November 2013 bubble.In March 2015, they announced having raised $116 million in venture capital. In October 2017, 21.co has rebranded to Earn.com. In April 2018, Earn.com was acquired by Coinbase.
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