What's the current $/Mhash - Bitcoin Stack Exchange

Very new, and still figuring things out. Please read and let me know what you think. I'm thinking about getting into mining.

First of all, let me tell you that electricity is included in my rent. So the cost factor is already taken care of.
My understanding is that there are many people out there that have built rigs that are using graphics cards, each capable of ~800 Mhash/sec, to successfully mine bitcoins. There is a hardware revolution on the horizon called Asics, which will bring the cost of hardware per hash WAY down. There's a gizmo called a "Jalapeno" that sells for about $165, that's capable of doing the same amount of work as as 5 or 6 graphic cards, but it's a chunk of hardware that's pretty much useless for doing anything but bitcoin mining, unlike a graphics card that can play games, etc.
This hardware advance is groundbreaking, and threatening to make the GPU approach obsolete.
As well, very soon, the reward for creating a block of bitcoins will be cut in half, from 50 to 25 coins.
There are just so many variables, and it's all just a little overwhelming. So I am asking for a bit of advice....
Does it make any sense to invest ~$400 in two Jalapenos, hook up with a pool, and let the bitch run 24/7? What pool should I go with? What returns can I expect?
What's a good pool for a newbie to play into, thinking pretty much a "fire and forget" approach?
And lastly, I am having trouble wrapping my head around the creation of bitcoins themselves. In economic terms, value is usually created as the result of work performed. It seems to me that bitcoins are created as a result of processor cycles devised to arbitrarily "discover" a block of coins. To whom does this work, or processor cycles, have value? It looks to me that bitcoins are literally being created out of thin air. Help me to understand how this works.
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An Bitcoin Calculator Usage. All you need in order to make the Bitcoin Calculator display a result is to supply the speed of your mining hardware. In this simplest form the calculator will use the current Bitcoin difficulty, block value and USD/BTC rate for the calculations. How much MHash does it take to mine 1 BTC. There is an excellent ... BTC/USD * 50 BTC / 600 seconds = BTC/USD per second. Currently: $6.45 X 50 BTC per block / 600 seconds = value of $0.5375 USDs per second. 4.) Determine value per Mhash. $0.5375 / 12,400,000 = $0.000000043 $/Mhash. That's a pretty small number. But that's the revenue $/Mhash at the current difficulty and exchange rate. Hashrate (Hash per second, h/s) is an SI-derived unit representing the number of double SHA-256 computations performed in one second in the bitcoin network for cryptocurrency mining. Hashrate is also called as hashing power. It is usually symbolized as h/s (with an appropriate SI prefix). Bitcoin's throughput in transactions, payments, and USD value per second. Bitcoin Congestion User-centric metrics tracking network congestion, e.g. payment fees, confirm times. Bitcoin Hash Price Price per hash tracks the Bitcoin's mining hardware capabilities over time. Bitcoin Outputs per Tx Tracks how many outputs are packed into each Bitcoin Transaction. Woobull Charts: Author : @woonomic ... Bitcoin mining is based on cryptography, with a "hash function" that converts a block of data into an essentially random hash value. The hash algorithm is designed to be simple to implement, but cryptographically secure: there's no known short cut to finding a successful hash other than trying zillions of hashes through brute force. In particular, Bitcoin uses a standard cryptographic hash ...

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$10K and 15+Mhash Worth of Litecoin Mining Rigs

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