I know normally you would ask for a crash report but it is not a bug in my opinion just the version of the game.

I downloaded the new version of Minecraft 1.8 and now when i play with render distance 8 i get a fps of 45 between 58, 59 where before 1.7.10 and lower i would get about 120fps and this is fancy, clouds on all sorts,

Operating System: Windows 8.1
Processor: AMD A8-5500 APU with Radeon(tm) HD Graphics.
Graphics Card: Nvidia GT 600
RAM: 4GB (Set minecraft to take 3GB)
Java Version: Java 5 Update 65 both 32 bit and 64 bit and Minecraft has also been set to use 64 bit version since my computer is 64 bit