Like many memoized codes, Hashlife can consume significantly more memory than other algorithms, especially on moderate-sized patterns with a lot of entropy, or which contain subpatterns poorly aligned to the bounds of the quadtree nodes (i.e. power-of-two sizes); the cache is a vulnerable component.
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Hashlife is a memoized algorithm for computing the long-term fate of a given starting configuration in Conway's Game of Life and related cellular automata, much more quickly than would be possible using alternative algorithms that simulate each time step of each cell of the automaton.