All Press Releases for April 21, 2016

AsicBoost Project Discovers New Method to Shortcut Blockchain Mining

Licensees of the technology now leap ahead of competition in the $500m market for Bitcoin mining

"Chip designers get a game-changing improvement over whatever they already have achieved today," says technology inventor Dr. Timo Hanke.

    PALO ALTO, CA, April 21, 2016 /24-7PressRelease/ -- Mathematical researchers and cryptocurrency experts Dr. Timo Hanke (Mavvilab Inc.) and Sergio Demian Lerner (RootStock Labs) have developed a technology for Blockchain mining ASICs that improves chip performance by shortcutting computational steps of the mining algorithm. The technology named AsicBoost is made available under patent license. Mining chips that incorporate the technology into their design benefit from improved energy efficiency and decreased silicon cost.

AsicBoost is different from all existing optimizations for mining chips. The technology is based on the discovery of high-level, algorithmic improvements that were widely believed to be impossible for blockchains utilizing a SHA-based proof-of-work algorithm. The result is a decrease in the number of gates needed for each hashing core of a mining chip and, consequently, a reduction in silicon area and power consumption. Lower-level optimizations that manufacturers already employ today remain intact so that the effect of AsicBoost multiplies with the existing optimizations.

"Chip designers get a game-changing improvement over whatever they already have achieved today," says technology inventor Dr. Timo Hanke. Bitcoin mining, to which AsicBoost applies, is a $500m industry and Dr. Hanke expects the technology can increase a mine's revenue by up to 20% at the same lifetime cost. Applied to the biggest mining pool currently active on the Bitcoin network, this would translate to a $30m increase in annual profit at current rates, assuming the whole pool was equipped with AsicBoost hardware. "For the Bitcoin mines of the future, AsicBoost will make all the difference between a profitable and an unprofitable mine," Dr. Hanke concludes.

The new AsicBoost technology constitutes a breakthrough because it allows the mining chip to re-use calculation outputs that would otherwise be created and discarded on a continuous basis internally to the many hashing cores working in parallel on the chip. The re-use becomes possible through clever pre-processing and crafting of the work that is sent to the chip from outside. A hashing core adopted for AsicBoost can save up to one quarter of its cells by re-using information over time or by sharing information with neighboring hashing cores.

More detailed information can be found on the AsicBoost website and in the technical white paper.

About Timo Hanke

Timo is a mathematician and cryptocurrency expert who has held research and lecturing positions at UC San Diego, Technion (Israel) and RWTH Aachen (Germany). He is also an early-adopting Bitcoin enthusiast and contributor, and has had the role of CTO at a Bitcoin ASIC manufacturer. He co-founded the Palo Alto fintech startup Mavvilab Inc. and provides consulting and services to cryptocurrency mining projects and ASIC manufacturers.

About Sergio Lerner

Sergio is a renowned security and cryptocurrency expert and researcher, inventor, contributor to the Bitcoin core software, the mastermind behind several inventions in Blockchain technology, security advisor of the Bitcoin Foundation and co-founder of RootStock Labs.

About Mavvilab Inc.

Mavvilab is a fintech startup based in Palo Alto that leverages deep expertise in cryptography and computer security to consult on and provide development services for applications of Blockchain technology.

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Timo Hanke
Mavvilab Inc.
Palo Alto, CA
United States
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