PayPal hints at Bitcoin integration: “We have magical money. Not bound by bank or bill. It’s instant, simple, and secure enough to get out on the way. Consider yourself invited to the people economy.”
The first thing you notice as you approach the warehouse is the noise. It begins as soon as you step out of the car, at which point it sounds like massive swarm of angry bees droning away somewhere off in the distance. It becomes louder and louder the closer you get to the building, and as you step through the doors it becomes a deafening and steady roar; a combination of tens of thousands of tiny ASIC chips hashing away, and dozens of large industrial fans serving to cool down the “workers”.
New ASIC Bitcoin Miner
KnCMiner, a new entrant to join the Bitcoin mining hardware community, are pleased to announce their range of state of the art, Bitcoin mining machines. Designed in Sweden, the first 2 models, named Jupiter and Saturn, are powered by 28nm ASIC chips and will produce up to 350 GHash/s and 175 GHash/s respectively.
The custom engineered ASICs have proprietary technology enabling market leading performance with low power consumption that is exclusive to the KnCMiner line of miners. Calculated with today’s value of difficulty and dollar rate, the return of investment could be as short as 4 days.
“Today the bitcoin mining industry use shovels and pickaxes - We will offer them excavators”, says Johan Rilegård, Head of Marketing.
The Jupiter and Saturn models are available to order now at kncminer.com for delivery in end September 2013.
Silkroad you should be ashamed, you should have been the first to sell a baby using bitcoins.
Regardless of what you think about Bitcoin’s viability as a currency that people actually use, it should be clear that one pre-requisite is price stability.
Plunging exchange rates means nobody will want to hold the currency for any length of time. Surging prices means nobody will want to actually use Bitcoin for purchases, and instead just horde it for speculative purposes.
And stability is exactly what Bitcoin has been displaying of late.
After some major instability back in April, the month of May has been very quiet, with the price rising quietly and modestly throughout the month.
17.6 petaflops: Computing power of Titan, the world’s top supercomputer
162 petaflops: Combined computing power of all 500 of the world’s most powerful supercomputers
1,085 petaflops: Current computing power of the computers linked together in Bitcoin’s network
(Yes I know petaflops aren’t really a good measure of Bitcoin hashpower and that the new custom ASIC miners can’t do floating-point calculations and so technically run at 0 flops. It’s a thought experiment. Play along. -Stacy)
Remember that famous “Who is John Galt?” from Atlas Shrugged. Just like that fictional character the inventor of Bitcoin has been shrouded in a mystery so complete, it’s baffled even core developers for the virtual currency.
Who is Satoshi Nakamoto, the pseudonym for the person or group of people who came up with the original idea for the electronic cash system in 2008?
After contributing thousands of lines of code and hundreds of posts on Bitcoin, Nakamoto sent a note to a developer in April 2011 saying that he had “moved on to other things.” Later that year, the New Yorker and others tried to unravel the mystery, but came away empty-handed.
But now Ted Nelson thinks he has the answer. The computer visionary has posted a video on YouTube in which he claims that the real person behind the pseudonym is none other than Shinichi Mochizuki, a math professor at Kyoto University.
Of course, Nelson doesn’t offer up a lot of specifics to back up his theory, only explaining that Mochizuki is a brilliant mathematician and has a background that fits with the behavior of the elusive Nakamoto. Nelson also claims to have looked where others haven’t, asking himself, “What would Sherlock Holmes have done?”
Not that long ago, the virtual currency Bitcoin was one of the Internet’s great rebel causes, a digital form of money embraced by libertarians and anti-establishment types who saw it as a way to diminish the power of big governments and big corporations.
But Bitcoin’s growing popularity and a recent surge in value has caught the eye of entrepreneurs and venture capitalists, including some who are convinced that Bitcoin could be the biggest thing on the Internet since, well, the Internet itself changed our lives two decades ago.
Now, Silicon Valley is about to perform its classic ritual to signify that a new technology, product or idea is ready to be taken seriously: It’s holding a conference.
This weekend, about 1,000 representatives of the growing Bitcoin economy will gather to discuss how far the currency has come, and what needs to happen next to fulfill what they see as its revolutionary promise. So far, Bitcoin has been used to buy games and virtual products from Internet merchants, and in some instances to reportedly move money for illicit purposes. Online exchanges have also sprouted up to trade the currency.
"I think we’re starting to see Bitcoin moving out of the shadows of the Internet into something that becomes more mainstream," said Jeremy Liew, a partner at Lightspeed Venture Partners. "We’re starting to solve real problems for real people. And that’s exciting."
That sense of optimism should be on display starting Friday night at the San Jose Convention Center. Among the topics being covered are security, financial regulations, business development and new opportunities. The event is being hosted by the Bitcoin Foundation, a trade group formed in September to advocate for the budding currency and to create a forum for tackling emerging problems.
And it will have a small dash of celebrity thanks to the presence of Cameron and Tyler Winklevoss, who have been buying Bitcoins and are giving the keynote speech.