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+ - First ASIC Bitcoin Mining Hardware->

Submitted by mikejuk
mikejuk (1801200) writes "The first specially designed machine to mine Bitcoins has just been announced. It's the Avalon V1 and it consists of a custom ASIC.he system sells for just short of $1500 and it is roughly 50 times faster than a top end GPU mining system. The chip can compute 66Gh/s, i.e. Giga Hashes per second. At the moment the Bitcoin foundation estimates that an Avalon would earn between $200 to $300 per month — which puts the payback time in the region of six months or so, but this ignores one of the more ingenious aspects of the Bitcoin proof of work algorithm. As the time to solve goes down the difficulty of the problem is increased. The result is that if every miner buys an Avalon the time to solve the hash goes back to what it was and the advantage the machine provides vanishes."
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First ASIC Bitcoin Mining Hardware

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Loose bits sink chips.