BitCoin Network Hashrate

[erik555]

Hey guys, I've been reading a lot about the new ASIC BitCoin mining technology, and have been doing a lot of speculation on how the BitCoin network hashrate might increase.
Every chip (from BFL atleast) has about a max 7.5GH/z hashrate... and ButterFly Labs (the company i ordered my ASIC miner from) is meant to be releasing 20k chips to their customers in the upcoming month.
There are also other companies producing these ASIC chips.... and I've been really curious to find out what the possible network hashrate might be by April 2013 (mainly because I want to know how much my ASIC miner will be making me )
With all my calculations i found that it might be somewhere around the 300TH/s mark... but I've heard some people think it might even reach over 800TH/s!
What are your thoughts on how the new ASICs are going to effect the network hashrate in the short term?

I even set up a bet on Bets of Bitcoin to make it more interesting http://betsofbitco.in/item?id=1139

I personally think it will be just under 300TH/s by April 1st 2013

[1713568499]

1713568499

[1713568499]

1713568499

[BTCAviator]

Well it is April 28th now, and it looks like the network strength around 80TH/s. (Source: http://bitcoin.sipa.be/ ) As you can see, the trend is sharply upwards.

I am actually very happy that the ASICs are coming online, that means the system will become more robust as well as more energy efficient. The stronger our network is, the more secure. So even if my BFL miner doesn't show up in time to be very profitable, I will still gladly plug it in and do my part to keep the network secure.

[BTCAviator]

Did you factor in the gpu guys jumping over to litecoin? Hell I suspect some of the asic guys will start mining ltc because it's more proffitable too

Except, remember what ASIC stands for: Application Specific Integrated Circuit.

Translation: this device does one job and one job only - mining Bitcoins. I don't have enough technical knowledge to tell you if the Bitcoin ASIC can mine for LTC, but I highly doubt it.

[BTCAviator]

Did you factor in the gpu guys jumping over to litecoin? Hell I suspect some of the asic guys will start mining ltc because it's more proffitable too

But yes, anyone who is GPU mining will probably leave and mine some AltCoin, such as LiteCoin. But their combined hashing power will be nothing compared to the tidal wave of ASIC coming.

[Exoskeleton]

When I look back at old posts it is clear people have always over estimated where we would be today. ASICs will take a while still to raise the network hashrate above the 300TH/s mark.
 
As long as BFL doesn't go into multi hundred chip per day shipping. Im not going to hold my breath for BFL to flood the market like they should have long ago. They have only shipped about 50Gh/s in ASICs so far this month, mostly to developers/shills. 

[pro-bitcoin]

Hey guys, I've been reading a lot about the new ASIC BitCoin mining technology, and have been doing a lot of speculation on how the BitCoin network hashrate might increase.
Every chip (from BFL atleast) has about a max 7.5GH/z hashrate... and ButterFly Labs (the company i ordered my ASIC miner from) is meant to be releasing 20k chips to their customers in the upcoming month.
There are also other companies producing these ASIC chips.... and I've been really curious to find out what the possible network hashrate might be by April 2013 (mainly because I want to know how much my ASIC miner will be making me )
With all my calculations i found that it might be somewhere around the 300TH/s mark... but I've heard some people think it might even reach over 800TH/s!
What are your thoughts on how the new ASICs are going to effect the network hashrate in the short term?

I even set up a bet on Bets of Bitcoin to make it more interesting http://betsofbitco.in/item?id=1139

I personally think it will be just under 300TH/s by April 1st 2013

thoughts are complete voodoo, because no one knows when and hoe many avalon and BFL will ship.

[rosatambo]

We're up to 100 now.  BFL says they're shipping, so I see the hashrate jumping in leaps and bounds.  When I started looking into bitcoin opportunities, mining with asics seemed to be where it's at.  Then I started doing hashrate growth projections and suddenly it looked a lot less appealing. 

[bonsai99]

We're up to 100 now.  BFL says they're shipping, so I see the hashrate jumping in leaps and bounds.

They are shipping only very very slowly

[BTCoder]

We're up to 100 now.  BFL says they're shipping, so I see the hashrate jumping in leaps and bounds.

They are shipping only very very slowly

Super slowly! Like 1 a day..

[mineral]

And ETA are  ... years?

[jamesgarfield]

When I look back at old posts it is clear people have always over estimated where we would be today. ASICs will take a while still to raise the network hashrate above the 300TH/s mark.
 
As long as BFL doesn't go into multi hundred chip per day shipping. Im not going to hold my breath for BFL to flood the market like they should have long ago. They have only shipped about 50Gh/s in ASICs so far this month, mostly to developers/shills. 

Asics trulyare amazing.

[BTCoder]

Did you factor in the gpu guys jumping over to litecoin? Hell I suspect some of the asic guys will start mining ltc because it's more proffitable too

Except, remember what ASIC stands for: Application Specific Integrated Circuit.

Translation: this device does one job and one job only - mining Bitcoins. I don't have enough technical knowledge to tell you if the Bitcoin ASIC can mine for LTC, but I highly doubt it.

Do they really stand for that?