The big auction is in full swing, and the anonymous bids are flowing in. After two weeks of bidding, the FCC is set to receive more than $12 billion for the various blocks of spectrum, with the valuable C block bringing in $4.7b of that with the most recent bid.

Breaking the reserve means that the restrictions Google suggested — making the spectrum open to outside devices and applications — are now in effect. People were afraid when the FCC adopted this idea, with the condition that the reserve was met, would dampen interest in the spectrum block. But as it stands, they’re making a killing on it although we won’t know who’s dropping the bills until it’s all over. It’s so exciting!

Large block in 700MHz auction exceeds reserve price of $4.6 billion [InfoWorld]