BitSynCom LLC Releases World's First Bitcoin ASIC Chips

Written by:
Press Release
Published on:
Feb/02/2013
BitSynCom LLC Releases World's First Bitcoin ASIC Chips

After a year of speculation and rumor, the first application specific integrated circuits (ASICs) dedicated to Bitcoin mining have become a reality.  Yifu Guo, 23, is now commercially shipping the fastest dedicated Bitcoin mining hardware in the world.

The custom processing hardware dramatically increases the security of the Bitcoin network and professionalizes the Bitcoin mining industry.

Yifu’s Las Vegas-based company, BitSynCom LLC, coordinated with partners in mainland China to make their ASIC project a reality. Named the “Avalon ASIC V1,” the mining hardware processes data at a speed of more than 65 gigahashes per second using only 500 watts of electricity. This represents a roughly 50x increase in mining efficiency.

There is no central company or server behind Bitcoin, rather it relies on a distributed network (similar to peer-to-peer file sharing). “Bitcoin mining” is the process of auditing financial transactions on this distributed global network. Traditionally, mining has been done with powerful desktop graphics cards, and “miners” are rewarded for contributing to this auditing process with newly created bitcoins. The current exchange rate for one bitcoin is roughly twenty dollars.

While a typical desktop computer could “mine” a few dollars of bitcoins per day, the Avalon ASIC V1, which costs $1500 (payable only with bitcoins), currently earns $200-$300 per day. As more ASICs join the network, however, the mining difficulty will increase proportionally and the rate of profit will be reduced.

Several other US-based companies were also in the race to be first-to-market, but have suffered significant production delays.

“One of the most important consequences of ASICs is that normal desktop computers will be made increasingly irrelevant for Bitcoin mining,” says Yifu Guo, CEO of BitSynCom LLC, “this means that botnets, under the control of hackers, will find it harder to profit from this activity. The incentive for hacking computers to engage in Bitcoin mining will be greatly reduced, and the resilience of the network will be greatly enhanced.”

Charlie Shrem, Vice Chairman of the non-profit D.C.-based Bitcoin Foundation, praised the device, "This technological breakthrough not only brings a long awaited and hotly contested first-to-market product, but goes down in the Bitcoin history books as the new era of Bitcoin mining."

Earlier this week, the Bitcoin network achieved a market capitalization of over $200 million and is processing over 40,000 financial transactions per day.

Gambling News

Bookies Behaving Badly Part 15: ‘You F***ing Thief, You F***ing Monkey’

Bookies Behaving Badly Part 15: ‘You F***ing Thief, You F***ing Monkey’

Listen as bookie hurls the F-Bomb at customer a few times, "politely" says he has to take another call, then calls back to throw more F-Bombs at him.  Oy Vey!!!

Experts Warn of £12.6bn Scale of UK Gambling Problem

Experts Warn of £12.6bn Scale of UK Gambling Problem

According to the most recent estimates, Britons lost £12.6bn through gambling last year

Nevada Gambling Revenue Jumps Almost 7.5 Percent in March

The madness created by college basketball betting in Nevada is among the factors that led to a lucrative March for casinos statewide.

Bookies Behaving Badly Part 14: LiveSports.ag Goes Ballistic on Player (Listen Here)

Bookies Behaving Badly Part 14: LiveSports.ag Goes Ballistic on Player (Listen Here)

Listen to this shocking recorded phone call conversation obtained exclusively by Gambling911.com

Sports Gambling Ban Repeal Could Happen in Trump's First Term, Group Claims

Sports Gambling Ban Repeal Could Happen in Trump's First Term, Group Claims

American Gaming Association says that an end to the federal ban on the popular pastime is near.

Syndicate