This story came up on Hacker News recently (article in question): a company is creating chips that apparently can do 1 terahash/s, and currently pricing them for around $30K.
As this comment points out, the total combined hash rate of the entire bitcoin network is about 12 TH/s (source). So buying just one of these chips gives you >7% of the current total hashing power. In theory this is about 21 BTC (or 130+ USD) per hour, which means you break even after 230 hours, or fewer than 10 days!
As this comment points out, the total combined hash rate of the entire bitcoin network is about 12 TH/s (source). So buying just one of these chips gives you >7% of the current total hashing power. In theory this is about 21 BTC (or 130+ USD) per hour, which means you break even after 230 hours, or fewer than 10 days!
Assuming no one else is doing the same thing.
Less Wrong used to like Bitcoin before it was cool. Monthly threads popped up around the same time a pricing bubble brought mainstream attention last year. When the bubble popped, and price continued to deflate, discussion on this site stopped entirely. Was there a change of sign in the social status of the topic, is the topic fully explored, or has there simply happened nothing of interest over the last year?
If you are not familiar with Bitcoin, here is one intro I happen to like.
Kaj Sotala lists a number of previous threads on the topic:
Less Wrong seems like a good place to discuss recent developments, if one does not want to suffer the inanity of the officially unofficial forum. If you are not longer interested in Bitcoin, perhaps send your remaining balance to the Singularity Institute?