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Skype Co-founder Leads $13M Investment in Mining Gear Firm

Skype Co-founder Leads $13M Investment in Mining Gear Firm

  • Metaplanet’s investment is not Tallinn’s first step into cryptocurrencies.
  • Tallinn acknowledged owning majority of his fortune in Bitcoin.

Fabric Systems, a cryptography hardware technology firm, has completed a seed round raising $13 million from investors. In order to develop low-power Bitcoin mining gear. The funding came from 8090 Partners, a venture capital company, the cryptocurrency exchange Blockchain.com, and Metaplanet, an early-stage investment business founded by Jaan Tallinn, co-founder of Skype.

Metaplanet’s investment is not Tallinn’s first step into cryptocurrencies. The Estonian engineer is a Bitcoin fanatic who has acknowledged owning the majority of his fortune in Bitcoin. And has previously donated digital assets to businesses.

Liquid Cooled Gears

Fabric Systems, headquartered in Silicon Valley, will utilize the funds to create an “immersion-native” Bitcoin miner. And a general-purpose accelerator for cryptographic algorithms.

The cryptographic accelerator is meant to speed up and improve the efficiency of computations on the blockchain. Which would therefore make it possible to use more complex cryptographic techniques like zero-knowledge proofs. Although the technology was first used in the privacy coin Zcash, Fabric Systems has said that the accelerator would be made available to sectors other than cryptocurrency.

The term “immersion-native” machines are used to describe Bitcoin miners that are submerged in a thermally-conductive liquid to cool them down and make them more energy efficient. Moreover, this procedure enables more BTC to be mined with a smaller number of machines.

Bitcoin mining, in which a large number of computers are used to validate transactions on the blockchain network and create new currencies, has been panned for its very high energy consumption.

Government agencies have made this a point of emphasis, with the United States government stating last month that Bitcoin mining firms must use “environmentally responsible crypto-asset technology” or face outright bans on the practice.

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