Just the number of bits used to represent a quantity. The complexity of multiplying numbers is nonlinear in bit complexity, so 32b multipliers are much more expensive than 4b multipliers. Analog multipliers are more efficient in various respects at low signal to noise ratio equivalent to low bit precision, but blow up quickly (exponentially) with a crossover near 8 bits or so last I looked.
For my Noob understanding: what is bit precision exactly?
Just the number of bits used to represent a quantity. The complexity of multiplying numbers is nonlinear in bit complexity, so 32b multipliers are much more expensive than 4b multipliers. Analog multipliers are more efficient in various respects at low signal to noise ratio equivalent to low bit precision, but blow up quickly (exponentially) with a crossover near 8 bits or so last I looked.