ELMO SL 2013 C2

Let $n$ be a fixed positive integer. Initially, $n$ 1's are written on a blackboard. Every minute, David picks two numbers $x$ and $y$ written on the blackboard, erases them, and writes the number $(x+y)^4$ on the blackboard. Show that after $n-1$ minutes, the number written on the blackboard is at least $2^{\frac{4n^2-4}{3}}$ .

Proposed by Calvin Deng