In the early 2000âs, Ausoni and Rognes initiated a program to study the arithmetic of structured ring spectra. In particular, they conjectured that algebraic K-theory should take ring spectra of chromatic telescopic complexity n to ring spectra of chromatic telescopic complexity n + 1, generalizing the number theoretic Quillen-Lichtenbaum conjecture. To verify this conjecture, it is necessary to do computations. However, only a few algebraic K-theory computations of ring spectra which are not Eilenberg-Mac Lane, have been completed. The iterated algebraic K-theory of a finite field of order q, where q is a prime power generator of the p-adic units, is of special interest because, after p- completion algebraic K-theory of these finite fields is equivalent to the connective cover of the K(1)-local sphere, when p is odd. This computation therefore fits into an old program of Waldhausenâs, where he suggested computing algebraic K-theory of suitable connective covers of certain localizations of the sphere spectrum.In my talk, I will describe a method for computing topological Hochschild homology, a linear approximation to algebraic K-theory, using a multiplicative Whitehead tower of a connective commutative ring spectrum as a filtration. I will also show how certain height two classes in the homotopy groups of the Smith-Toda complex V(1) map nontrivially to the circle homotopy fixed points of mod (p,v_1) THH of p-complete algebraic K-theory of fields of order q. As a consequence, I can show that the β-family, a periodic family of height two in the homotopy groups of spheres, is detected in mod (p,v_1)-homotopy of the iterated algebraic K-theory a finite field of order q. I will also provide some evidence indicating that it may be infinitely generated as a P(v_2)-module, which would imply that iterated algebraic K-theory of finite fields does not have telescopic complexity two. This means that the red-shift conjecture may need to be reformulated for it to hold in this case, even though it certainly holds in spirit.