27 Aug '13, 9pm

The Rush to Bitcoin ASICs: Ravi Iyengar launches CoinTerra

The issue with introducing ASICs to Bitcoin is such that the higher total hashing power of the Bitcoin Community, the harder it gets to generate part of a Bitcoin (without outright purchasing) with the same individual power. Assuming the global value of Bitcoin stays the same, it is the proportion of the total hashing power that determines your output. In a mindset of every man for themselves, the more you invest in hashing power, the more of a proportion of the total hashing power you have and thus the more ‘money’ you can earn. (At this juncture I would like to add that it can be a fool’s errand to enter the Bitcoin game purely on the suggestion that you can earn your money back – at current rates buying a high end GPU will take over 12 months to pay off after electricity prices, even more with increasing hashing power.)

Full article: http://www.anandtech.com/show/7246/the-rush-to-bitcoin-as...

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