Yes, mips is a Scrabble word!
...and is worth 8 points in Scrabble, and 10 points in Words with Friends
mips
Noun
1. (computer science) a unit for measuring the execution speed of a computer's CPU (but not the whole system)
What Scrabble words can I make with the letters in mips?
4 Letter Words
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3 Letter Words
2 Letter Words