The third quarter of 2013 proved to be one of significant transition for bitcoin. After the remarkable increase in bitcoin’s price and public notoriety earlier this year, the last three months have provided a much-needed regrouping period. New information about issues at existing exchanges became available and dozens more have or will soon come online. Security of the bitcoin network grew dramatically as ASICs increased the network speed exponentially, while a host of new entrepreneurs and investors continue to support the market with ever-increasing infrastructure. The result will be a more structurally sound ecosystem as bitcoin enters its next wave …

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The bitcoin network reached another historic milestone milestone today, achieving an estimated total computational speed of 1 petahash per second (1 PH/s = 1,000,000 GH/s). The current speed is 40x faster than where we began the year, faster than 79% of the bitcoin community expected as of just seven months ago. The path to this point goes back to the genesis block itself and offers insight into the foundations of the world’s first digital currency. In the Beginning After Satoshi mined the genesis block on January 3, 2009, the first difficulty increase took nearly a full year, occurring on December …

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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. Today, after several weeks of silence on the status of the 10,000 chip bulk orders, Yifu Guo posted on Avalon’s web site a story of extortion in china. Several weeks ago a team member’s personal information was identified and family members were intimidated. Reportedly, the malicious party was threatening Avalon team member’s safety if their demands for payment were not met. The radio-silence during was attributed to their evaluating potential solutions and implementing new security procedures. Also included in this report is an update on …

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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. Burnin started an open source project to develop printed circuit boards (PCBs) for use with Avalon ASIC chips. The project was originally announced on April 18th and plans to publicly open orders on their web site today, under the product name BitBurner. The store was briefly opened at 9pm GMT yesterday, however was taken down almost immediately due to shopping cart difficulties. Those trying to access it while Burnin resolves the issue will notice the web site is inaccessible. ASIC (application-specific integrated circuit) chips are the …

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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. As TGB forecast back in May, the first shipments of Avalon’s ASIC chips have started arriving. Images were posted on BTCMan.com and the bitcointalk.org forums showing large quantities of chips arriving at a warehouse. The photographs were release by Fujian Yan Tan, a retailer of Avalon ASIC boards, who plans to resell the ASIC chips after mounting them in the boards. Low estimates for Avalon’s total shipped mining speed range from 105 TH/s to almost 1,000 TH/s. Low Estimates Are 105 TH/s, Likely Much Higher Although slightly …

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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. The astounding growth of the bitcoin network provides increased security as well as an impressive metric for the rate of global bitcoin adoption. Incidentally, this is also leading to long-term economic implications that can only be undone with a sustained trend reversal or an update to the bitcoin protocol. In particular, the network is currently 3% ahead of its targeted block discovery schedule, meaning bitcoins are being issued substantially faster than most would expect. As of the writing of this article, block 238,346 was discovered …

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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. The bitcoin network hashrate estimate on bitcoinwatch.com passed 1 exaFLOPS (1,000 petaFLOPS) this week – over 8 times the combined speed of the top 500 supercomputers. Experts will be quick to point out that this estimate is flawed, since no FLOPS are actually used in bitcoin mining. FLOPS stands for FLoating-point Operations Per Second, and is frequently used as a standard to measure computer speed. Bitcoin mining uses an integer calculation and almost no floating-point operations, so converting bitcoin network speed to this standard is …

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