Hi,
What is the end target of your project?
1) Mine on FPGA's (meaning you think you can actually think of a way to optimize the design to a point where it becomes efficient)?
2) This will be a prototype for a ASIC implementation
3) It's just for fun
22$/MHash/s right now (165 MHash/s on a 3777$ chip)...not competitive but you gotta start somewhere (just being able to make something that works from scratch is impressive, good job). I think it does not matter as long as you have a plan in mind to make it efficient enough.
I know it's not cost-competitive with GPUs at this point. But I think the goal here is:
1) People who already happen to have spare FPGA boards lying around can use them to mine BTC's, in a power-efficient and reasonably productive way
2) Prototype for an ASIC, as you said (though this takes big capital)
3) For fun and to learn about technical innards of Bitcoin.
