ASICrising GmbH, a startup project from Germany, seeks for funding to start production of a new Bitcoin mining chip, which, they say, will use two times less energy.
It might, therefore, make the process of mining virtual currency more efficient. This is very important because at some point all BTC miners face the problem of electricity costs exceeding income from mined bitcoins. The truth is, sooner or later all the chips used for virtual currency mining become useless. And when more efficient chips come forward, the amount of power they use boosts mining, but they require BTC creators to come up with more complex Bitcoin algorithms in order to be able to regulate the mining process.
The new chip named Wolfblood Extreme Efficiency consumes just 0.19 joules per gigahash, whereas the most efficient of currently available Bitcoin miningchips consume no less than 0.37 joules. Rainer Böhme, an assistant professor at the Department of Information Systems of the University of Münster, says the new high-performance ASICs “would surely be a great step forward, but not yet a breakthrough”.
Dresden-based ASICrising GmbH, who are currently in the process of changing their name to CoinBau AG, are reported to negotiate with an American semiconductor manufacturer GlobalFoundries Inc. for a $10-15 million investment which is supposed to cover the new Bitcoin mining chip production launch and related expenses.