Apple's Find My technology is described in this Wired article and explains how Apple, or other third parties, are not able to decrypt location data. It mentions how the keys are rotated every hour:
That public key frequently changes, "rotating" periodically to a new number. Thanks to some mathematical magic, that new number doesn't correlate with previous versions of the public key, but it still retains its ability to encrypt data such that only your devices can decrypt it. Apple refused to say just how often the key rotates. But every time it does, the change makes it that much harder for anyone to use your Bluetooth beacons to track your movements.
What is this "mathematical magic"? Does Apple detail this further anywhere, or has the protocol been detailed by anyone else? Does the new key encrypt the old key or some information about it, or is there a more involved KDF or Hierarchical Deterministic derivation involved?