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In page Multiplication algorithm:

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Computers initially used a very similar algorithm to long multiplication in base 2, but modern processors have optimized circuitry for fast multiplications using more efficient algorithms, at the price of a more complex hardware realization.[citation needed] In base two, long multiplication is sometimes called "shift and add", because the algorithm simplifies and just consists of shifting left (multiplying by powers of two) and adding. Most currently available microprocessors implement this or other similar algorithms (such as Booth encoding) for various integer and floating-point sizes in hardware multipliers or in microcode.[citation needed]