01 Feb '13, 11pm

23-year-old releases new chips that 'mine' Bitcoins 50 times faster: There's an entire industry of Bitcoin miner...

23-year-old releases new chips that 'mine' Bitcoins 50 times faster: There's an entire industry of Bitcoin miner...

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...

Full article: http://www.theverge.com/2013/2/1/3941768/new-chips-mine-b...

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