09 Jul '13, 1am

The People Making Real Money On Bitcoin

The People Making Real Money On Bitcoin

The company started out planning to provide super computing capabilities for banks to run algorithms for making automated trades. But it got Bitcoin Fever in 2011 when it realized the chips it was programming would work well for bitcoin mining. It’s now making some of the most powerful mining equipment on the market: high-speed encryption devices that use ASIC chips and allow complete “noobs” to mine hundreds of dollars worth of bitcoin . Their “Bitforce miners” range in price from $274 to almost $23,000 . Jeff Ownvy, Butterfly Lab’s VP of Marketing and E-commerce, says the company has shipped “thousands” of the devices, but is still back-logged with orders, contributing to the discontent of some of its customers . Hoping to smooth things over with disgruntled wannabe miners, the company set aside 1,000 Bitcoin for charity after failing to deliver its equipment on time.

Full article: http://www.forbes.com/sites/kashmirhill/2013/07/08/the-pe...

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