COINLAB ANNOUNCES FIRST INCUBATOR COMPANY
ALYDIAN IS FIRST LARGE-SCALE U.S. BITCOIN MINING COMPANY
August 7, 2013, PORTLAND, OR—CoinLab, the first venture-backed Bitcoin company in the U.S., officially launched its newest portfolio company, Alydian. Alydian is the first to deliver turnkey at-scale Bitcoin mining solutions to customers.
“We are part of a transformation of Bitcoin mining,” said Hans Olsen, CEO of Alydian. “Alydian has developed an enterprise-scale Bitcoin mining system over the past year and we are excited to announce our capabilities today. The system, based on our first generation 65 nm custom ASIC technology will enable non-technical customers to participate in terahash and petahash-scale Bitcoin mining without worry or technical expertise. Alydian will begin at-scale operation and hosting in late August.”
Olsen, an industry semiconductor veteran and former CEO of Pixelworks, joins the CoinLab family, led by CEO, Peter Vessenes. The two comprise a team of other accomplished and respected tech start-up experts drawn to CoinLab’s newest venture. Alydian will serve as the first of multiple Bitcoin businesses developed internally at CoinLab.
“I am thrilled to have Hans here leading our newest venture,” said Peter Vessenes, CEO of CoinLab. “Alydian is unique in the Bitcoin mining industry — it was designed from the beginning to provide turnkey massive scale to customers. We’ve combined proven leadership, visionary strategy and great technologists. It’s going to be a great ride!”
Bitcoin mining turns silicon into money. Bitcoins are algorithm-based mathematical constructs aggregated into blocks and traded on open global markets. In order to successfully mine a block, which contains 25 bitcoins, one needs specialized computer setups constantly running the mining algorithm, a protocol designed to protect and secure the Bitcoin network. Currently, there are roughly 11.5 bitcoins in circulation, 25 more are mined every 10 minutes, and there will be a total of 21 million bitcoins issued. At time of press, Bitcoin traded around $105.
Alydian’s launch-day pricing was $65,000 per Terahash, a technical unit of capacity for Bitcoin miners. At time of press, each Terahash returned approximately $2,800 per day in earnings.
About Alydian
Alydian is a portfolio company of CoinLab, the first venture-backed Bitcoin company in the U.S. Alydian delivers enterprise-scale turnkey Bitcoin mining installations for qualified customers.
Alydian is hiring in our Portland office: jobs@alydian.co
About CoinLab
CoinLab, the first venture-funded Bitcoin company, is a Bitcoin business incubator that builds businesses that provide fundamental infrastructure for Bitcoin. Partnerships with top-tier industry executives in the fields of hardware, finance, payments and insurance make CoinLab a global leader in revitalizing existing industries. Join the Bitcoin Revolution.
If you are a veteran executive interested in Bitcoin, we’d love to get to know you. Write us at talent@coinlab.com.
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