The DeepBit Pool - Beta Test - Bitcoin

Deepbit pool owner pulls in $112* an hour, controls 50% of network

It's totally cool to be profitable (profit, hooray!), but it is a very scary situation to have a pool as large as Deepbit [1]: The pool owner is in a position to change the rules of Bitcoin, since none of the pooled miners can verify that he is playing by the rules of the system [2], and the pool owner is not interested in putting in any safety measures to prevent his pool from obtaining a majority [3].
Please consider patronizing other pools: based on [1], there are at least 4 pools that can provide a daily payout, some of which have lower fees than Deepbit. Also, while the MtRed pool is not large enough to provide a daily payout, please consider it as well: a little bit of patriotism couldn't hurt.
* Back of the napkin, he's pulling in $112 dollars an hour, 24/7: 3% fee * 6 blocks per hour * 1/2 hashrate * 50 BTC per block * $25 exchange rate
[1] See the hash throughput pie chart
[2] Having a majority of CPU is baaad
[3] http://forum.bitcoin.org/index.php?topic=3889.msg183370#msg183370
submitted by stuhood to Bitcoin [link] [comments]

Bitcoin mining evolves from GPU to FPGA and now custom ASIC

Bitcoin mining used to be rows of consumer gpu's brute-forcing the sha-256 encryption (max 2000 Mhash/s). After that people and companies started using expensive fpga setups to do it faster (100-25000 Mhash/s). Now companies have developed custom ASIC for bitcoin mining. (Avalon , Bitforce , Deepbit). It has an impressive speed of 4.5K -> 1500K Mhash/s . This increase of computing ability will probably put the gpu mining out of business and shake up the market abit.
Some numbers: https://en.bitcoin.it/wiki/Mining_hardware_comparison
submitted by spikeee to TheAmpHour [link] [comments]

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