Serial Entrepreneur Alexander Levin Jr invests $1.05mm into ASICshack LLC as the company’s flagship product “ASICseer” installs on over 200 petahashes of Bitcoin mining equipment.
September 12th, 2019
ASICshack LLC, the company behind ASICseer.com, has received a seed investment of $1,050,000 from serial entrepreneur Alexander Levin Jr. As part of the deal, Levin receives a controlling stake in the company and takes the role of CEO.
“My primary goal is for ASICseer to achieve an even greater market penetration compared to ethOS [Mining Operating System], my previous company. ethOS had a shoestring budget, and I wanted to remove the possibility of artificial constraints that might hinder ASICseer’s growth”, says Levin, alluding to the fact that over 9% of the world’s graphics card mining equipment ran ethOS at its peak popularity.
According to company insiders, after launching in Q2 2019, ASICseer has already been installed on over 200 petahashes of Bitcoin mining equipment. "A 9% market penetration would be about six exahashes. I am confident that we can achieve this goal. Unlike fly-by-night operations, ASICshack LLC is a real company, legally registered in the United States, and run by real people. We have accountability.”, says Eric Yingling, Director of Enterprise Solutions, who shares Levin’s enthusiasm.
ASICseer delivers a 20-30% boost in hashrate and mining efficiency using its auto-tuning algorithm. “Our biggest challenge was having our hashrate-optimizing algorithms stay within the active parameters of real-world farms. We spent months perfecting it during our stealth phase. It was difficult, almost every farm is unique.”, states Yann St. Arnaud, Chief Platform Research and Development Engineer.
ASICshack makes its money by charging a 1% fee for every 5% of improvement in hashrate and mining efficiency, a business model which requires the company to operate in a state of perpetual innovation or risk being rendered obsolete.
ASICshack LLC is a limited liability company registered in the state of Nevada, USA.