Bitcoin Mining Network Hashrate - Where is all this power?

[birds_tail]

If I look at the network hash rate and compare it to the summation of a bunch of the top pools (http://bitcoinchain.com/pools) the numbers do not compute. The hast rate is sitting at 30000 Th/s but the pools only account for maybe 2000 Th/s.

https://blockchain.info/charts/hash-rate

In addition it looks like the hash rate went from 10000 Th/s to 29000 Th/s in one month. Where is all this hashing? Who is running the systems? Where are the ASICs coming from?

Does anyone have some insight into this?

[ManeBjorn]

There is something missing here.
BTCGuild has over 5200 th/s itself.
I don't think all the stats are showing up for you.

[birds_tail]

Ok so the numbers from the pools are wrong, but can anyone explain how the network hash rate is increasing so rapidly when no ASIC companies are shipping new equipment right now?

[ManeBjorn]

It is a few things. 
One big one is that many of these companies mine with the gear they pre-sold before they ship it out thus making a double profit.
Also there are tons of companies shipping gear or that have recently shipping gear out.  Ant MinerS1's went out in droves over the last few weeks and have been getting deployed.
Also several hosting centers that have been busily building for months have now starting bring their farms online.
There has been a huge amount of hash coming on line recently.

Ok so the numbers from the pools are wrong, but can anyone explain how the network hash rate is increasing so rapidly when no ASIC companies are shipping new equipment right now?

[Biontic]

There are numerous private entities endeavoring to capture a slice of the 3,600 4500 BTC a day, being generated on the network.

One such crew is the secretive 21e6
as per these links  
http://www.formds.com/issuers/21e6-llc
https://bitcointalk.org/index.php?topic=334759.0
http://www.crunchbase.com/company/21e6

*edit* recalculated

[Warren]

One big one is that many of these companies mine with the gear they pre-sold before they ship it out thus making a double profit.

^^^Mainly this IMO.^^^

Have a look at the video in the link below for an exampleof this. It is KnC building a big server hall in the North of Sweden. Most likely filled with miners that mine for a few weeks before being shipped out to waiting customers...

http://www.gp.se/nyheter/sverige/1.2276893-datorhall-for-bitcoin-byggs-i-boden

[ManeBjorn]

I've seen allot of stories on KNC too and all of them fluff pieces.  No one really calls them to task for doing that or any other company for that matter.

One big one is that many of these companies mine with the gear they pre-sold before they ship it out thus making a double profit.

^^^Mainly this IMO.^^^

Have a look at the video in the link below for an exampleof this. It is KnC building a big server hall in the North of Sweden. Most likely filled with miners that mine for a few weeks before being shipped out to waiting customers...

http://www.gp.se/nyheter/sverige/1.2276893-datorhall-for-bitcoin-byggs-i-boden

[samsonn25]

Lots of backdoor shipping or ASIC products/chips.

Do you really think they dont make a ton of equipment not for retail sale and mine for themselves.  Bitfury:KNC;ASM

In a perfect world they would just use the customers money (pre-order examples) to make the equipment and use for a month or two before they sell them.  Or make their own equipment to use, then sell retail after their use has declined.

Lets not forget the clone chips too.

[DrG]

I've seen allot of stories on KNC too and all of them fluff pieces.  No one really calls them to task for doing that or any other company for that matter.

One big one is that many of these companies mine with the gear they pre-sold before they ship it out thus making a double profit.

^^^Mainly this IMO.^^^

Have a look at the video in the link below for an exampleof this. It is KnC building a big server hall in the North of Sweden. Most likely filled with miners that mine for a few weeks before being shipped out to waiting customers...

http://www.gp.se/nyheter/sverige/1.2276893-datorhall-for-bitcoin-byggs-i-boden

ManeBjorn, you're not looking in the right places obviously.  Go read in the Hardware thread.  Avalon got called out on it a long time ago even though they stated that they would never do such a thing unlike their competitors:
https://bitcointalk.org/index.php?topic=236348.0

BFL has also mined with their customers units, although the proof is not as damning as with Avalon which is blantantly obvious.

I do not own any KNC hardware currently.  The company seems as legitimate as we're going to see from a hardware manufacturer and they are admitting to mining.  Would you prefer they lie to you?

[ManeBjorn]

Nope I prefer them not to lie to us at all.
I was just referring to the KNC articles and news reports that had been out lately.  Not one of them had addressed the mining with pre-ordered miners. 
It is a grey area for sure.
I do like the fact that more people know about it now though.

I've seen allot of stories on KNC too and all of them fluff pieces.  No one really calls them to task for doing that or any other company for that matter.

One big one is that many of these companies mine with the gear they pre-sold before they ship it out thus making a double profit.

^^^Mainly this IMO.^^^

Have a look at the video in the link below for an exampleof this. It is KnC building a big server hall in the North of Sweden. Most likely filled with miners that mine for a few weeks before being shipped out to waiting customers...

http://www.gp.se/nyheter/sverige/1.2276893-datorhall-for-bitcoin-byggs-i-boden

ManeBjorn, you're not looking in the right places obviously.  Go read in the Hardware thread.  Avalon got called out on it a long time ago even though they stated that they would never do such a thing unlike their competitors:
https://bitcointalk.org/index.php?topic=236348.0

BFL has also mined with their customers units, although the proof is not as damning as with Avalon which is blantantly obvious.

I do not own any KNC hardware currently.  The company seems as legitimate as we're going to see from a hardware manufacturer and they are admitting to mining.  Would you prefer they lie to you?

[bitndx]

I would prefer that they not lie to us and ship our product!:D  Shouldn't selling something as new that is used a crime?


as far as network hash rate...I like this guy's view

http://organofcorti.blogspot.com/2014/02/february-23rd-2014-weekly-hashrate.html


 

[ManeBjorn]

Wow that is a great article.
Thanks for the link.
I have to reread this just to take it all in.

And yes I totally agree they should ship the products they have new and not used.

I would prefer that they not lie to us and ship our product!:D  Shouldn't selling something as new that is used a crime?


as far as network hash rate...I like this guy's view

http://organofcorti.blogspot.com/2014/02/february-23rd-2014-weekly-hashrate.html