German Startup Says Its New Chip Halves Bitcoin Mining Energy

CoinBauMining15 Aug 2014 / Wall Street Journal – A German start-up is looking for funding to produce a new high-performance microchip that it says would make bitcoin mining much less energy intensive, and thus cheaper.

This is important because ‘mining’ the cryptocurrency—essentially a process of solving complex mathematical problems —requires vast computing power and cooling systems so that the purpose-built processors, called application-specific integrated circuits [ASICs], don’t overheat.

Dresden-based ASICrising GmbH, which is in the process of changing its name to CoinBau AG, says it has found a solution to the problem: an energy-efficient, low-voltage chip that together with software will reduce by half the energy needed to mine bitcoin, the company’s chief executive Sebastian Krause told The Wall Street Journal.

The chip, called Wolfblood Extreme Efficiency, requires only 0.19 joules of energy for a gigahash—a mathematical equation of bitcoin mining computing power—compared with 0.37 joules per gigahash so far consumed by the most energy-efficient bitcoin-mining chip currently on the market….. Read more

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