Published on August 20, 2014 at 20:10 BST
Bitcoin mining startup CoinBau is looking to move aggressively into the hardware market with a new ASIC chip.
CoinBau’s chip, dubbed Wolfblood Extreme Efficiency, pulls roughly half the electricity necessary per gigahash – approximately 0.19 joules – compared to most options on the market, which range between 0.35 to 0.45 joules per gigahash.
CoinDesk spoke with CEO Sebastian Krause and CTO Markus Winter, who explained that efficiency is going to be the key factor as the global bitcoin mining industry continues to scale. Data center headquartering is becoming increasingly common among companies in the space, they say, and CoinBau is moving to compete with established crypto hardware firms. Its answer: cheaper mining.
With the chip now developed, the Dresden-based company is seeking between $10m and $15m to begin large-scale production of the chip. Citing strong interest as a result of recent coverage in The Wall Street Journal, Krause said that the company will likely reach its fundraising target.