We're looking at a full-scale transformation of existing Bitcoin mining. — Simon Barber
San Francisco, CA (PRWEB) August 22, 2013
SAN FRANCISCO — HashFast Technologies LLC announced today that it would begin manufacture of a new chip, the Golden Nonce (GN), that will generate Bitcoin at fifty times the rate of currently available chips, and with significantly lower power requirements. The technology is expected to revolutionize the nascent Bitcoin mining industry. HashFast began taking orders for its Baby Jet mining system utilizing the GN chip in August. The company took orders for over fifty percent of its inventory in the first week, and expects the Baby Jet to sell out completely before the end of the month.
"With the HashFast ASIC chips, we're looking at a full-scale transformation of existing Bitcoin mining," say Simon Barber, Founder of HashFast. "This allows the mining of Bitcoin at rates far beyond existing technology."
Bitcoin, a digital crypto-currency, is generated using a competitive search for a solution to a resource-intensive calculation. Until now, the speed of the search for Bitcoin has been limited by the processing power of existing technology and its attendant power requirements. HashFast’s ASIC — short for application-specific integrated circuit — Golden Nonce chips consume less power and are able to search at speeds of over fifty times faster than anything currently on the market.
HashFast Technologies LLC was founded by Simon Barber and Eduardo deCastro. Barber is the author of the influential paper "Bitter to Better: How to Make Bitcoin a Better Currency," which he published as a lead researcher at the Palo Alto Research Center (PARC). In 2000, Barber and deCastro founded Devicescape Inc, creating a seamless network of free and reliable WiFi networks throughout the world.
Power consumption is one of the chief limitations of existing Bitcoin mining technologies, as the power and equipment depreciation required to run Bitcoin mining programs can be more expensive than the actual value of the Bitcoin extracted. Current estimates suggest miners are consuming in excess of $150,000 in power each day. The HashFast Golden Nonce reduces the power consumption of mining operations.
The Baby Jet mining unit contains one HashFast Golden Nonce (GN) 28nm ASIC chip that performs 400 Ghash/s at nominal clock speed and consumes significantly less than 1.0 W/GH. It can be underclocked for greater efficiency and overclocked for greater performance. The chip has on-die thermal controls to allow operation at its absolute maximum performance.
HashFast Technologies has signed Uniquify to layout and manufacture the chip. Each machine will have multiple slots, in anticipation of future upgrades.
For more about HashFast Technologies, Golden Nonce orders and the executive team, visit HashFast.com. For more about the specifications of the Baby Jet, visit
ABOUT HASHFAST TECHNOLOGIES
HashFast Technologies is a fabless semiconductor manufacturer specializing in extreme performance hashing ASICs. San Francisco-based HashFast was founded in early 2013 by Simon Barber and Eduardo deCastro. HashFast completed its first funding round in July 2013.
John Skrodenis, VP of Marketing and Sales