WordNet (r) 3.0 (2006):

MIPS
    n 1: (computer science) a unit for measuring the execution speed
         of a computer's CPU (but not the whole system); "4 MIPS is
         4,000,000 instructions per second" [syn: MIPS, million
         instructions per second]

V.E.R.A. -- Virtual Entity of Relevant Acronyms (February 2016):

MIPS
       Microprocessor without Interlocked Piped Stages


V.E.R.A. -- Virtual Entity of Relevant Acronyms (February 2016):

MIPS
       Million Instructions Per Second (CPU)


The Jargon File (version 4.4.7, 29 Dec 2003):

MIPS
 /mips/, n.

    [abbreviation]

    1. A measure of computing speed; formally, ?Million Instructions Per
    Second? (that's 10^6 per second, not 2^20!); often rendered by hackers as
    ?Meaningless Indication of Processor Speed? or in other unflattering ways,
    such as ?Meaningless Information Provided by Salesmen?. This joke expresses
    an attitude nearly universal among hackers about the value of most 
    benchmark claims, said attitude being one of the great cultural divides
    between hackers and marketroids (see also BogoMIPS). The singular is
    sometimes ?1 MIP? even though this is clearly etymologically wrong. See
    also KIPS and GIPS.

    2. Computers, especially large computers, considered abstractly as sources
    of computrons. ?This is just a workstation; the heavy MIPS are hidden in
    the basement.?

    3. The corporate name of a particular RISC-chip company, later acquired by
    SGI.

    4. Acronym for ?Meaningless Information per Second? (a joke, prob.: from
    sense 1).


The Free On-line Dictionary of Computing (30 December 2018):

MIPS

   1.  Million instructions per second.

   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.

   3.  Microprocessor without Interlocked Pipeline
   Stages.

   4.  MIPS Technologies, Inc.

   [Jargon File]

   (1996-03-01)