The unit commonly used to give the rate at which a processor executes instructions.
Often rendered by hackers as "Meaningless Indication of Processor Speed" or in other unflattering ways. This expresses a nearly universal attitude about the value of most benchmark claims, said attitude being one of the great cultural divides between hackers and marketroids.
The etymologically incorrect singular "1 MIP" is sometimes heard.
See also KIPS and GIPS.
2. VAX MIPS.