It's too slow for that. The Hutter prize is CPU only so neural network solutions (which are the most interesting IMO) are effectively excluded. You need to generate 11 574 characters per second on the CPU only for decompression, and the compression time also counts and has to be below 24 hours in total.
That's actually about the same price as the pi 500+ without the screen. Except that one has 500gb Vs 256gb SSD, but doesn't have the snazzy led keyboard.
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