That would very much depend on your goal. Do you just want credit, do you want to try to monetize the algorithm, or something else entirely?
I think I'd like to be able to point to it the next time I go for job interviews. Another possible goal would be to try publish something formally to help with an O visa (or international equvilent) should I ever need one.
Thanks
If your derivation is different (hopefully simpler) and you do additional analysis (e.g. of numerical stability), you could still get a publication out of it. (Probably not in a top journal, but better than a paper mill.)
Disclaimer: I have not published any papers myself, but I have read papers that were essentially "The method presented in X et al. is useful, but we didn't get the explanation until we rediscovered it ourselves. Here is a more understandable derivation.".