One would assume that hardware implementations are attempted only for tried&true algorithms that saw no improvements in decades. Developing software is usually

One would assume that hardware implementations are attempted only for tried&true algorithms that saw no improvements in decades. Developing software is usually easier than developing hardware, and does not require the overhead of insane manufacturing pipelines and the associated logistics. Furthermore, FPGAs often make it possible to do product development and establish oneself on the market _now_. Even if improvements on the original algorithms are found, competitors would have trouble gaining a foothold in the market if the gains from the new algorithms are their only unique selling points. Then again, there is this crypto-mining boom, where custom ASICs and GPUs literally pay for themselves. There, the associated algorithms were specified to be slow, and no improvements on them can be reasonably expected unless quantum computing takes off for real and opens new venues.