Advertise with us (we do not endorse any site advertised)

Author Topic: theverge.com: 23-year-old releases new chips that mine Bitcoins 50 times faster  (Read 1168 times)

0 Members and 1 Guest are viewing this topic.

Offline bitcoinforum.comTopic starter

  • Administrator
  • Legendary Member
  • *******
  • Joined: Nov 2011
  • Location: bitcoinforum.com
  • Posts: 1452
  • Country: bz
  • Thanked: 4 times
  • Karma: +21/-0
  • Gender: Male
    • delicious.com/bitcoinforum
    • digg.com/bitcoinforum
    • facebook.com/bitcoinforum
    • flickr.com/bitcoinforum
    • friendfeed.com/bitcoinforum
    • linkedin.com/in/bitcoinforum
    • bitcoinforum.livejournal.com
    • myspace.com/bitcoinforum
    • reddit.com/user/bitcoinforum
    • stumbleupon.com/stumbler/bitcoinforum
    • bitcoinforum.tumblr.com
    • twitter.com/bitcoinforumcom
    • bitcoinforum.wordpress.com
    • youtube.com/bitcoinforum
    • View Profile
    • Bitcoinforum.com
23-year-old releases new chips that 'mine' Bitcoins 50 times faster
(By Evan Rodgers on February 1, 2013 05:50 pm)



Quote
There's an entire industry of Bitcoin miners out there, people that set up specialized computer rigs to run 24 hours a day to mine the digital currency. Thanks to a 23-year-old kid from Brooklyn, this cottage industry is about to change. Yifu Guo, a digital media student on hiatus from NYU-Poly, has released the first batch of ASICs, which are chips custom-built to do one thing: mine Bitcoins.

These ASICs are capable of mining Bitcoins at a far higher rate than is possible with common computer equipment — Guo's design, called the Avalon V1, can mine Bitcoins about 50 times faster than a high-end rig, and offers a much more attractive price-to-performance ratio. ASICs also consume much less power than GPU-based machines, but they don't give miners the option to play the most demanding PC games.



Being the first company to get this new technology into customers' hands is big news in the Bitcoin community, where early adopters consistently reap a lion's share of the available virtual profit. Given the current Bitcoin market, where prices change everyday, the Bitcoin Foundation estimates that one of Guo's new chips will initially net buyers anywhere between $200 to $300 in Bitcoins per day. However, that reward will quickly diminsh as the number of ASICs in use grows, since the crytographic "difficulty" of mining increases proportionally in order to prevent inflation.

The initial round of pre-orders is being delivered throughout the month, and Guo hopes to have the next round available to ship shortly after March 5th. The second batch of Avalon V1s is available to order now for $1,499, and the company has also made a $499 upgrade module available that adds around 25 percent more mining power to existing units. Guo's main competitor, Butterfly Labs, is also preparing to deliver its comparable ASICs later this month, but chip fabrication problems have caused the company a number of delays.
http://www.theverge.com/2013/2/1/3941768/new-chips-mine-bitcoins-50-times-faster/in/3709249
  • bitcoin:1FwENMoMzEfkc9JWoF1cjHV8ueDRYjDyvW
  • Bitmessage Address: BM-ooJUZtc3zTCDws3981m4YNVGm9pjqGLrE


Offline cutebokchoi

  • Newbie
  • Joined: Feb 2013
  • Posts: 1
  • Country: 00
  • Karma: +0/-0
    • View Profile
This is cool. I wonder if the butterfly ASIC systems will be comparable in price.
  • bitcoin:1D4o7u2SqmgQfwwcZeEqxTKmzjKehAiB3p



Advertise with us (we do not endorse any site advertised)

 

"Fold and mine faster than ever"

Started by drakahn

Replies: 8
Views: 4109
Last post January 24, 2012, 04:14:30 AM
by SupaDupa
Mine bitcoins from website!

Started by javaminer

Replies: 2
Views: 1540
Last post January 17, 2013, 08:28:39 PM
by Korbman
Mine bitcoins at low cost!!

Started by PabloJones

Replies: 0
Views: 543
Last post November 22, 2013, 06:12:51 PM
by PabloJones
bitcoinmagazine.net: Butterfly Labs Releases More ASIC Photos

Started by bitcoinforum.com

Replies: 0
Views: 1288
Last post October 25, 2012, 01:14:15 AM
by bitcoinforum.com
Dragon-2 ASIC Promo! Get easy Bitcoins!

Started by Wang

Replies: 7
Views: 2299
Last post April 17, 2013, 09:33:26 AM
by banginon1808

Advertise with us (we do not endorse any site advertised)