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goafrit
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Re: ASIC solutions
goafrit   2/4/2014 10:46:00 PM
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>>  you have to be able to run these encryption operations very quickly if you are paying for coffee or parking with these bitcoins.

Most of the guys running these high ASICs are not just the vendors but people interested in winning the Bitcoin reward for helping to mine and organize the ecosystem of the currency.

goafrit
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Re: ASIC solutions
goafrit   2/4/2014 10:44:06 PM
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>> There's plenty of media hype surrounding the currency but nobody really tells you the whole story.

It is not just hype. There is a feeling that Internet needs its own type of currency and Bitcoin offers a platform for a true universal currency. The concept of net neutrality should apply to currency as nations cannot suddenly devalue their currency to hurt anyone. Bitcoin offers freedom from govt and that is the fun.

goafrit
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Re: ASIC solutions
goafrit   2/4/2014 10:41:14 PM
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There is a very good reward if you can mine. Say you have a machine that can crack the mine, you get about 30 bitcoins. It is a tough race as anyone that has a very good machine can actually make good money for the 30 bitcoins that are given every now and then.

Susan Rambo
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Re: ASIC solutions
Susan Rambo   2/4/2014 8:52:38 PM
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Like the Gold Rush, it's the merchants selling supplies to the miners who end up making the money, not the gold miners.

krisi
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CEO
Re: ASIC solutions
krisi   2/4/2014 4:00:04 PM
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Amazing 3-month design cycle...I have never seen anything like this for a billion transistor silicon chip

"The silicon implementation from HashFast's efficient architecture for high-performance hashing was completed in less than three months, record time for chip design"

rich.pell
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Blogger
Re: ASIC solutions
rich.pell   2/4/2014 3:19:25 PM
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"...it does bear a certain resemblance to a Ponzi scheme."

Not really:

Bitcoin myths: It's a giant ponzi scheme

Bitcoin 101 - Why Bitcoin is Not a Ponzi Scheme

AZskibum
User Rank
CEO
Re: ASIC solutions
AZskibum   2/4/2014 2:55:36 PM
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It seems that the market appeal of these parallel processors & custom ASICs is similar to the appeal of ever faster network connections to the high frequency traders on Wall Street -- the race to get there microseconds before the other guy. Someone will always come forward with a faster machine, so the "miners" need to make their money quickly, before their hardware becomes obsolete. But it remains to be seen whether Bitcoin can go mainstream. Meanwhile, it does bear a certain resemblance to a Ponzi scheme.

rich.pell
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Blogger
Re: ASIC solutions
rich.pell   2/4/2014 2:20:41 PM
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"Do you know who makes the chips inside these systems?"

Some of the FPGA-based systems used Xilinx and Altera devices:

Bitcoin: A technological and economic game changer?

As far as ASICs, one bitcoin-mining ASIC was recently developed by Uniquify for HashFast TechnologiesAnother was done by Cointerra with design partner Open Silicon.

rick merritt
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Author
Re: ASIC solutions
rick merritt   2/4/2014 12:48:37 PM
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@Osto: Thanks for the wiki reference.

Do you know who makes the chips inside these systems?

I'd like to do a follow up interviewing some bitcoin silicon designers.

krisi
User Rank
CEO
Re: ASIC solutions
krisi   2/4/2014 11:23:25 AM
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Sure, you can always use of the shelf microprocessor or even FPGA...but it is much more efficient to use custom made ASIC for this application specifically...I think jury is out...if bitcoin maintains its popularity and appeals to every Joe, and that is a big IF...and if the US goverment doesn't kill all digital currency as they would threaten the US dollar., and that is a small if (they likely try)..then bitcoin CPU actually makes sense, you have to be able to run these encryption operations very quickly if you are paying for coffee or parking with these bitcoins...Kris

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