Bitcoin Network Doubles to 2 PH/s in Four Weeks; the First 1 PH/s Took 4.7 Years!!!
Update 14 Oct 2013:
22,215 Petaflops
2000 PH/s
http://thegenesisblock.com/bitcoin-network-doubles-2-phs-four-weeks-first-1-phs-took-4-7-years/
In mid-September, after 4.75 years in existence, the bitcoin network reached an estimated hash rate of 1 petahash per second. Remarkably, the second petahash took just one more month, pushing network speed over 2 PH/s this past weekend, or 80x the speed on January 1 of this year. This growth is primarily attributable to new ASIC bitcoin miners from KnCMiner and BTCGarden recently being added to the network, and is a trend that is not expected to stop any time soon.
Topic: Bitcoin network passed 4000 Petaflops (Read 4596 times)
exahash here we come!
Well, you know there's alot of banking infrastructure that needs to be replaced.
This is truly an extraordinary story.
And underappreciated.
And underappreciated.
In a month we'll be talking about 10000 Petaflops.
This is truly an extraordinary story.
And underappreciated.
And underappreciated.
Today's news:
"The bitcoin network reached another historic milestone milestone today, achieving an estimated total computational speed of 1 petahash per second (1 PH/s = 1,000,000 GH/s). The current speed is 40x faster than where we began the year, faster than 79% of the bitcoin community expected as of just seven months ago. The path to this point goes back to the genesis block itself and offers insight into the foundations of the world’s first digital currency."
Complete article here: http://thegenesisblock.com/bitcoin-network-reaches-1-petahash-per-second/
"The bitcoin network reached another historic milestone milestone today, achieving an estimated total computational speed of 1 petahash per second (1 PH/s = 1,000,000 GH/s). The current speed is 40x faster than where we began the year, faster than 79% of the bitcoin community expected as of just seven months ago. The path to this point goes back to the genesis block itself and offers insight into the foundations of the world’s first digital currency."
Complete article here: http://thegenesisblock.com/bitcoin-network-reaches-1-petahash-per-second/
This means that the Bitcoin network has almost doubled its calculating power just in the last 30 days
Some people are predicting this to continue for the next two years.60 days ago the hashrate was 4.5 times lower.
This means that the Bitcoin network has almost doubled its calculating power just in the last 30 days
Some people are predicting this to continue for the next two years. UPDATE: after just one week, the network has passed 5300 Petaflop (+1300 in one week).
Ok you may not like measuring the network in Petaflops...
here you are, one week ago the network was capable of an Hashrate of 380 Terahashs/s while now it's up to 420 Terahashs/s..
which means an increase of roughly 10% in a single week time..
Ok you may not like measuring the network in Petaflops...
here you are, one week ago the network was capable of an Hashrate of 380 Terahashs/s while now it's up to 420 Terahashs/s..
which means an increase of roughly 10% in a single week time..
UPDATE: after 1 month from my last update, here are the amazing figures, testifing a huge amount of mining power being delivered in the last few days:
Bitcoin network PetaFlops (even if not appropriate): 5300 to 9966
Bitcoin network Hashrate (more accurate): 420 to 784 Terahashs/s
This means that the Bitcoin network has almost doubled its calculating power just in the last 30 days, or that in the last month the same amount of calculating power has been added than in the last 4 years!
Part of my job is training and Bitcoin, together with other payment methods, is one of the modules I teach. To explain how powerful the network is, I compare it with the most powerful supercomputer. The last time I updated that slide, 2-3 months ago, the Bitcoin network had a "calculating power" of 1700 Petaflops, while the fastest supercomputer (Tianhe-2) had (and still has) an average of..... 33 (http://www.top500.org/lists/2013/06/) !!
Tonight I checked it again (http://bitcoinwatch.com/) and found out it has grown to ... 4327 !! Yes, exactly 4327 to 33..
Insane..
[edit] that's also a comparison I like to tell to people when I describe what bitcoins are!
Tonight I checked it again (http://bitcoinwatch.com/) and found out it has grown to ... 4327 !! Yes, exactly 4327 to 33..
Insane..
[edit] that's also a comparison I like to tell to people when I describe what bitcoins are!
With all the Asics in process that number will not look so high. Let's see in another 2-3 months.
Bitcoin network does exactly 0 FLOPS. Comparing int and flops is pointless.
Measuring computing power in flops is like measuring how a car is good in altitude. Pointless, it is not a plane.
Measuring computing power in flops is like measuring how a car is good in altitude. Pointless, it is not a plane.
http://www.youtube.com/watch?v=A6ZklI4D5Ko
Just look at bit operations? Also a FLOP is LESS than a hash so Bitcoin is 12.4 K larger?
That's impressive.
UPDATE: after just one week, the network has passed 5300 Petaflop (+1300 in one week).
Ok you may not like measuring the network in Petaflops...
here you are, one week ago the network was capable of an Hashrate of 380 Terahashs/s while now it's up to 420 Terahashs/s..
which means an increase of roughly 10% in a single week time..
Ok you may not like measuring the network in Petaflops...
here you are, one week ago the network was capable of an Hashrate of 380 Terahashs/s while now it's up to 420 Terahashs/s..
which means an increase of roughly 10% in a single week time..
Surely the best comparison is to compare the hash rate achievable by supercomputers with the hash rate of the network? Then you are comparing like with like. In other words, to achieve the same computing (hashing) power as the Bitcoin network would require a supercomputer of X (peta)flops.
People. People. Calm down. The bitcoin hash rate is big, and that car is on steroids. 
Comparing the bitcoin network with supercomputers is stupid,
Insted you should calculate the cost of buying 400,000 Ghash/s that the bitcoin network got right now:
Assuming that you buy ASICs it would cost you about 20 million dollars.
Lets say you want 80% of the network to be sure you can manipulate the blockchain, it would "only" cost you 80 million dollars, which is a fraction of the cost to do the same mainipulation with super computers. Such manipulation cannot be profitable so only governments would potentially be interested in investing that money to harm the network. My conclusion: the bitcoin network is safe as long as governments and banks dont feel threatened.
Insted you should calculate the cost of buying 400,000 Ghash/s that the bitcoin network got right now:
Assuming that you buy ASICs it would cost you about 20 million dollars.
Lets say you want 80% of the network to be sure you can manipulate the blockchain, it would "only" cost you 80 million dollars, which is a fraction of the cost to do the same mainipulation with super computers. Such manipulation cannot be profitable so only governments would potentially be interested in investing that money to harm the network. My conclusion: the bitcoin network is safe as long as governments and banks dont feel threatened.
Thank you for your politeness Gollum! That's very kind of you, although the parallel I did doesn't sound so stupid to me.
Try and make the example you mentioned to a group of people with an average age of 50 and computer literacy=0.. you will lose them almost immediately. It's already difficult to explain what a "network" of computer is, how many days you would need to get them through hash functions, ASICs, 51% attack, etc.?
As I said already several times, the parallel doesn't pretend to be accurate at ALL, it's just meant to give a vague but understandable idea to the average Bitcoin profane of the size and power of the Bitcoin network.
Anyway that's just my idea based of my experience of a few years of teaching about Bitcoin.
Comparing the bitcoin network with supercomputers is stupid,
Insted you should calculate the cost of buying 400,000 Ghash/s that the bitcoin network got right now:
Assuming that you buy ASICs it would cost you about 20 million dollars.
Lets say you want 80% of the network to be sure you can manipulate the blockchain, it would "only" cost you 80 million dollars, which is a fraction of the cost to do the same mainipulation with super computers. Such manipulation cannot be profitable so only governments would potentially be interested in investing that money to harm the network. My conclusion: the bitcoin network is safe as long as governments and banks dont feel threatened.
Insted you should calculate the cost of buying 400,000 Ghash/s that the bitcoin network got right now:
Assuming that you buy ASICs it would cost you about 20 million dollars.
Lets say you want 80% of the network to be sure you can manipulate the blockchain, it would "only" cost you 80 million dollars, which is a fraction of the cost to do the same mainipulation with super computers. Such manipulation cannot be profitable so only governments would potentially be interested in investing that money to harm the network. My conclusion: the bitcoin network is safe as long as governments and banks dont feel threatened.
The only universal measure is the number of transistors. It wouldn't even be that hard to estimate that if we get the numbers from Avalon & Co.
It's easy to compare to CPUs, GPUs & so on, and it's a "fair" measure factoring in efficiency improvements.
It's easy to compare to CPUs, GPUs & so on, and it's a "fair" measure factoring in efficiency improvements.
Well, other projects too does not use only FLOPS. Every scientific project uses both int and floating operations. Point is that measuring computing power in FLOPS is mostly a marketing things, like when it looked like the performance of cpus depended only on megahertz or how manufacturers try to advertise GPUs by their memory.
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