Bitcoin Forum

When will Bitcoin network reach 1 PH/s?

Few more months up to 1 years, after CoinTerra shipped their ASIC miner
IMHO

Smoothie, I think you mean 2014 after dec :)

 November 2013
 December 2013
 January 2013
 February 2013
 After February 2013

Am I right that we now have already 0.5 phash? So doubling up will just take 2 months or so... we have exponential growth

Definitely after February 2013, I'll bet money on that!

Looks like we are already at 500 TH/s.

You guys really think it will take more than 6 months?

I disagree.

I agree with your disagreement.

See what I did there?  :'( :'(

No option for October?

LOL...I almost didn't catch the 2013 part!! Was just about to see if you wanted to wager a bit-nickle ;)

*I'm guessing we hit 1 petahash by end of October (this year)

lol good eyes. I didn't catch that either.  :D

There's no September 2013 option, which is my vote.

There's not even an October option, wtf???  Network hash rate has been doubling every month, so by the end of September it will be 1PH/S.  I would bet money on this.

First half of October this year we will reach 1 PH/s.

http://thegenesisblock.com/cointerra-expects-to-deliver-2-phs-of-asics-in-december/

1 PH/s in end of September 2 PH/s in end of October 4 PH/s end of Nov 8 pH/s end of Dec

Do you think that a $500 million investment in mining hardware over the next year would equate to a $500 price of bitcoins, or miners mining at a loss bothin terms of dollars and bitcoins?

$500 million is arbitrary number for example.

most mining equipment is bought with fiat, from my understanding..
manufacturers at the very top want the green stuff, not bitcoins..

Not at all. Mining hardware bought and hash rate DO NOT drive the price of BTC.

GigaWave, this is not true in my opinion. The difficulty HAS an impact on the price.


Scenario I:
Just imagine you are a newcomer to bitcoin, you are fascinated by the concept etc.

Now you want to get some coins, so what do you do:
You will analyse how could I get some coins
a) with mining
b) with buying

Assuming the difficulty is very high, there is no chance that he will go for possiblity a) and instead buy coins which will drive the price up.


Scenario II:

You are hardcore bitcoin hoarder and a big fan and you try to get as many coins as possible, be it because you think the monetary system will crash or simply for the pupose of speculation. Now you get more (FIAT) money to invest, for example from your monthly salary.

Now you want to invest into bitcoins, so what do you do:
a) Buy more mining hardware
b) Buy more coins


In case the difficulty is very high in comparison to the price you would also tend to buy which makes the price higher.




So bottom line: When difficulty goes up, price will go up and the other way round. This does not mean the price cannot drop or even crash, but the general psychology behind bitcoin always causes that difficulty will increase and price will increase over long term provided that more and more people enter the system.

please smothie add september and october!
bfl is shipping, bitfury is shipping, blades are cheap and avalon clones will flood the market!
i forgot knc, but they dont have chips yet.

Looking at the scale of a week;
http://bitcoindifficulty.com/
http://bitbet.us/bet/490/btc-network-difficulty-to-top-69-million-by/
I went all in on Yes.
The difficulty is increasing exponentially. We're at .65 PH/s now, after the coming difficulty change; projected +20M; we could see a staggering correction in hashrate. A petahash per second next week? Could be. That however isn't something I'd be comfortable putting money on... At first I was thinking a petahash was out of reach, but... By the end of 2013, I bet we'll see it.

+1. It won't be long from now before we hit 1PH/s

It's funny how people are vastly underestimating the amount of ASIC chips floating around.

A pool started August 25 for 1PH/s without, not only any October option but without any September option... We will be at 1 PH/s before the end of the first week of September.

 

Not that bullish on the growth... I am going conservatively with mid-September.

it took 9 days to go from 600 GH/s (Aug 26th) to 800 GH/s (today, September 4, 2013). Within the next 7-8 days (Sep 11 or 12th), we will reach 1 PH/s.

I propose a new voting:

When will the bitcoin network become sentient and try to kill all of us? hehe.


No joking, the network is getting ginormous!

Especially with NA BitFury orders expected to arrive within the next day or 2.

when it hits 1PH/s this year, i call it skynet  ;D

http://blog.ausweb.com.au/wp-content/uploads/2011/04/terminator_10.jpg

I love how the original thread was posted about 10 days ago but he didn't think to add September or October as an option.  We'll most likely be at 1PH/s by the end of this week.  ASICMiner dropped the price of Blades and Sticks, BFL is filling truck after truck with gear and Bitfury is delivering all preorders probably in just a few days.

We have already had 8h avg spikes up in the 950-980 TH region but if you mean more permanent avg at 1 PH/1000 TH i guess we will be there around the 2:nd day of KnC delivery, so i would say the 26 september.....

I'm voting for Sept. 15th 2013  :P

Next poll... when will the network reach 1 EH/s?

5 years

lol I totally underestimated the time it would take.

Now about 27 PH/s is on the network.


In 6 months will it be 450 PH/s?....likely...

Don't know about 450 but I suspect at least 200PH/s