What is the fastest way to get the value of π?

The Monte Carlo method, as mentioned, applies some great concepts but it is, clearly, not the fastest, not by a long shot, not by any reasonable measure. Also, it all depends on what kind of accuracy you are looking for. The fastest π I know of is the one with the digits hard coded. Looking at Pi and Pi[PDF], there are a lot of formulae.

Here is a method that converges quickly — about 14 digits per iteration. PiFast, the current fastest application, uses this formula with the FFT. I'll just write the formula, since the code is straightforward. This formula was almost found by Ramanujan and discovered by Chudnovsky. It is actually how he calculated several billion digits of the number — so it isn't a method to disregard. The formula will overflow quickly and, since we are dividing factorials, it would be advantageous then to delay such calculations to remove terms.

where,

Below is the Brent–Salamin algorithm. Wikipedia mentions that when a and b are "close enough" then (a + b)² / 4t will be an approximation of π. I'm not sure what "close enough" means, but from my tests, one iteration got 2 digits, two got 7, and three had 15, of course this is with doubles, so it might have an error based on its representation and the true calculation could be more accurate.

let pi_2 iters =
    let rec loop_ a b t p i =
        if i = 0 then a,b,t,p
        else
            let a_n = (a +. b) /. 2.0 
            and b_n = sqrt (a*.b)
            and p_n = 2.0 *. p in
            let t_n = t -. (p *. (a -. a_n) *. (a -. a_n)) in
            loop_ a_n b_n t_n p_n (i - 1)
    in 
    let a,b,t,p = loop_ (1.0) (1.0 /. (sqrt 2.0)) (1.0/.4.0) (1.0) iters in
    (a +. b) *. (a +. b) /. (4.0 *. t)

Lastly, how about some pi golf (800 digits)? 160 characters!

int a=10000,b,c=2800,d,e,f[2801],g;main(){for(;b-c;)f[b++]=a/5;for(;d=0,g=c*2;c-=14,printf("%.4d",e+d/a),e=d%a)for(b=c;d+=f[b]*a,f[b]=d%--g,d/=g--,--b;d*=b);}

I really like this program, because it approximates π by looking at its own area.

IOCCC 1988 : westley.c

#define _ -F<00||--F-OO--;
int F=00,OO=00;main(){F_OO();printf("%1.3f\n",4.*-F/OO/OO);}F_OO()
{
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}

Here's a general description of a technique for calculating pi that I learnt in high school.

I only share this because I think it is simple enough that anyone can remember it, indefinitely, plus it teaches you the concept of "Monte-Carlo" methods -- which are statistical methods of arriving at answers that don't immediately appear to be deducible through random processes.

Draw a square, and inscribe a quadrant (one quarter of a semi-circle) inside that square (a quadrant with radius equal to the side of the square, so it fills as much of the square as possible)

Now throw a dart at the square, and record where it lands -- that is, choose a random point anywhere inside the square. Of course, it landed inside the square, but is it inside the semi-circle? Record this fact.

Repeat this process many times -- and you will find there is a ratio of the number of points inside the semi-circle versus the total number thrown, call this ratio x.

Since the area of the square is r times r, you can deduce that the area of the semi circle is x times r times r (that is, x times r squared). Hence x times 4 will give you pi.

This is not a quick method to use. But it's a nice example of a Monte Carlo method. And if you look around, you may find that many problems otherwise outside your computational skills can be solved by such methods.