To anyone following the bitcoin hash rate of the mining network, and to anyone with mining equipment on pre-order or “old generation”, this graph from blockchain.info will either bring a tear to your eye, or drop your jaw to the floor.
The exponential growth of the network will likely reach 1 Petahash per second (1,000,000 GH/s) by the end of September 2013.
The rise in bitcoin mining difficulty makes old equipment far less efficient and will earn the miner a fraction of the bitcoins they received just a few months ago mining on the same equipment.
This exponential growth surely can’t continue, can it?
Bitcoin Hash Rate Growth
For the foreseeable future, it seems highly likely that the bitcoin hash rate will continue it’s exponential rise, taking mining difficult skyrocketing along with it.
The reason behind this phenomenal growth is the intense interest and manufacturing capabilities of ASIC mining equipment.
With many companies planning to get ASIC equipment in the hands of customers by November/December, we may very likely see 2 PH/s on the bitcoin network by the end of the year, at the least Jan/Feb 2014.
That would account for a doubling of network hash rate in a matter of 3-6 months.
Bitcoin’s block chain was started on January 3rd, 2009 by Satoshi Nakamoto.
While the first Petahash was achieved within 5 years, the next Petahash will take 6 months at most.