|Sebastian Krause, CEO of Asicrising GmbH. Asicrising GmbH|
blogs.wsj.com / STEPHAN DÖRNER / Aug 15, 2014 8:27 am ET
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. - READ MORE: http://blogs.wsj.com/digits/2014/08/15/german-startup-says-its-new-chip-halves-bitcoin-mining-energy