Silicon Valley Startup to Sell ASIC Based Bitcoin Mining Equipment

TerraHash, a Silicon Valley based startup company, announced today that it will start selling ASIC based Bitcoin mining equipment based on BitSyncom's Avalon ASIC chip.

(PRWEB) May 07, 2013 TerraHash (http://www.terrahash.com), a Silicon Valley based startup company, announced today that it will start selling ASIC based Bitcoin mining equipment in the near future. The company's equipment will be based on an ASIC chip developed and sold by another company called BitSyncom. BitSyncom is one of the first few companies to have successfully developed an ASIC for Bitcoin mining. BitSyncom's ASIC chip is known as Avalon.

Bitcoin is a decentralized virtual currency that is not controlled by any central authority but is based on a peer-2-peer network. First described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, Bitcoin has recently gained huge popularity. Bitcoins are mined on ordinary computers processing transactions on the network. Bitcoins are designed to be finite in number, and with time it gets harder and harder to find more coins. The faster a computer is, the higher the probability that it will find Bitcoins. Starting with CPUs (Central Processing Unit), the miners slowly graduated to GPUs (Graphics Processing Unit), which were an order of magnitude faster than the CPUs.

Slowly the network difficulty caught up, and the miners began migrating to FPGAs (Field-Programmable Gate Array), which were an order of magnitude faster than GPUs. Recently the network difficulty has gone very high, and it is no longer feasible to mine with CPUs or GPUs and even the FPGAs barely break even. ASICs (Application Specific Integrated Circuit) are the end of the road for technological advancement in Bitcoin mining, and they are an order of magnitude faster than FPGAs. Although the current ASICs do not exploit the latest technology, and there is still some room for improvement. There is a speculation in the community that quantum computers might throw everything off the rails, but quantum computing technology is still in a fledgling stage and it may take decades before quantum computers start appearing on work desks - Read more: http://www.asicbitcoinmining.info/2013/05/silicon-valley-startup-to-sell-asic.html