The iterated version of the von Neumann algorithm, also known as Advanced Multi-Level Strategy (AMLS), was introduced by Yuval Peres in 1992. It works recursively, recycling "wasted randomness" from two sources: the sequence of discard/non-discard, and the values of discarded pairs (0 for 00, and 1 for 11). Intuitively, it relies on the fact that, given the sequence already generated, both of those sources are still exchangeable sequences of bits, and thus eligible for another round of extraction. While such generation of additional sequences can be iterated infinitely to extract all available entropy, an infinite amount of computational resources is required, therefore the number of iterations is typically fixed to a low value – this value either fixed in advance, or calculated at runtime.