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Kevin o'Leary - Commenting on Bitcoin's Future

5/31/2013

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Business investment banker Kevin O'Leary (O'Leary Funds) provided his commentary on the recent volatility in Bitcoin pricing during a CBC interview. 


His take on the matter is that since Bitcoin has hit the $1B threshold and people are accepting Bitcoin for hard assets, the currency has earned its place among the world currencies. He also commented that he personally is interested in taking an active position of 1-2% in the currency itself through O'Leary Funds.


Video Link - http://www.cbc.ca/player/News/Business/ID/2375415659/

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Bitcoin Market Update - May 31st

5/31/2013

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The current trend of the Bitcoin market over the past week has continued to show price stability. 

May 31st - Snapshot
  • Market capitalization still remains flat at approx $1.1B. 
  • Since May 28th, the price has remained within the band of $126-$133. 
  • Network hash rate has increased 128% for the month of May. (May 5 - 73.22 TH/s


Market Price - May 31st (5 Day) - Click Image to Enlarge
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Market Price - Month of May - Click Image to Enlarge
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Bitcoin Network - May 31st
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Butterfly Labs - Working Single Board and Chips (May 29 Update)

5/30/2013

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Butterfly labs is showing off it's final iteration of the 50GH mining board and chipset. The current photo is showing 52GH at 76C.

It appears that the power consumption issues have been reduced. Power consumption was 350W and now appears to be 250W.


"29 May 2013 - ASIC Update

Almost there... I'm attaching a picture of our test board. We've almost got the firmware finalized, as you can see, we've brought power usage down quite a bit. This is a 50 GH/s unit with unbinned chips (meaning the chips were randomly selected, so some of the chips have non-functional engines. What this means is the unit can perform faster if you use binned chips with known good engines).

I think the picture speaks for itself, and I apologize for the quality... just took a quick snap while we were working. However, you can see that our power usage is under 5w/GH/s. This should apply across all product lines. I plan on testing out the short boards tomorrow. We should be getting in many of the reworked short boards tomorrow as well as some long boards. Next week, we expect a much larger shipment of both long and short boards to arrive (possibly even this Saturday, but that's still up in the air.) 

In any event, we should have the firmware finalized by tomorrow night or Friday at the latest and ready to go."

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Butterfly Labs - Posts New Hardware Photos

5/7/2013

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Butterfly labs has posted some additional photos of their updated ASIC Bitcoin Mining Platform. For those unfamiliar with this product, please search Butterfly labs category on this site. 

The following update was posted to the Butterfly Labs Forum regarding their updated platform.

The new boards for the Little Single, Single and Mini-rig  pictured below. As you can see, the board redesign incorporates a total of 16 possible chips, as well as some power distribution changes. One of the more prominent changes is the fact that we have moved from barrel jack power to PCIe style Mini-fit Jr 6 pin connectors. Each board has two 6 pin connectors to provide power, and each board is intended to provide up to 60 GH/s hashing power. 


We discovered some issues that we needed to resolve with the boards and had to change a few minor things. We tested them out on a hand modified board and they worked, so we've issued the redesign to the PCB house. The new boards are being finished today, the 6th of May, and should be ready this evening. We have more chips from the packager on the way to the assembly facility, and they should arrive on Thursday, the 9th of May. In the meantime, we will be testing and making sure the new board is functioning like we intend for when the chips arrive to the assembly facility. We don't have a count on the number of chips that will be arriving on Thursday as of yet.


The current board will support the hash rates ordered for Little Single and Single in one box, so single units will be shipped out for both the Little Single and the Single. The Mini-rig will most likely ship as two units (where as it was just one before) and possibly some Singles to bring it up to the full hash rate ordered. 5 GH/s miner production will continue concurrently with the rest of our product line. We are incorporating some changes into the new 5 GH/s miner to bring the heat and power usage down, and that will be incorporated as we go forward. Power usage on the new boards hasn't been tested yet as we are waiting for the revised board, so I don't have power figures for it yet.


Below is a picture of the new board for the Little Single, Single and Mini-rig  as well as a Single running.
Click on Images for larger photo
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Bitcoin - Price Weakens and Strengthens Again (May 6 Update)

5/3/2013

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It appears the price of Bitcoin continues to try to find it's stable level. From the 29th of April until 3rd of May the price of Bitcoin has fallen from $140.00 to flatten at approx $95.00. This represents a significant fluctuation in the value of Bitcoin.

This presents a catch-22 situation in that the price volatility is likely the cause of concerns over the viability of Bitcoin as a means of transaction and thereby causing additional price volatility.

Update May 6th - High $122, Low $80)
It would appear that Bitcoin is more price resliant then one would expect. During the course of the weekend, the price has strengthened to $122.00.

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Price - April 29 until May 3rd. (High $145, Low $80)
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Price - April 6th until May 3rd. (High $240, Low $60)
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Bitcoin Market
The Bitcoin market overall is still resilient despite the massive fluctuations in value. According to Bitcoin charts, the total market value of Bitcoin is still resting north of $1B.
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Butterfly Labs - Begins Official Shipments

5/3/2013

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Butterfly Labs, the manufacturer of ASIC mining rigs for Bitcoin has begun officially notifying their customers that shipments have begun.

These ASIC miners are custom made hardware platforms that perform mining of Bitcoins. Additional details regarding the available hardware is provided in the following link.

Butterfly Labs Product Link

The following email newsletter was sent to customers noting that shipments have started leaving their factory. 

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