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I don't know the details of the circuitry needed for bitcoin hashing, but it can contain steps that are not executed continuously and hence being idle until they have some work to do (i.e. they have some inputs). Reducing the power consumption of a miner directly translates into making more money.



Pipelining would make those idle circuits useful rather than less costly


And as far as I know, most of these are heavily pipelined already.




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