When will Bitcoin network reach 1 PH/s?

[smoothie]

When will Bitcoin network reach 1 PH/s?

[theDF]

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

[solex]

Smoothie, I think you mean 2014 after dec

 November 2013
 December 2013
 January 2013
 February 2013
 After February 2013

[Bitalo_Martin]

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

[pedrog]

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

[smoothie]

Looks like we are already at 500 TH/s.

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

I disagree.

[CoinHoarder]

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? 

[thef]

No option for October?

[nwfella]

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

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)

[smoothie]

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

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. 

[bcp19]

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

[VolanicEruptor]

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.

[Miz4r]

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

[ravix5]

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

[gkm22d]

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.

[VolanicEruptor]

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..

[GigaWave]

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.

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

[Bitalo_Martin]

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.

[bbxx]

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.

[Taras]

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.