When will Bitcoin network reach 1 PH/s?

DrG

legendary

Activity: 2086

Merit: 1035

Quote from: smoothie on February 27, 2014, 04:40:27 AM

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

smoothie

legendary

Activity: 2492

Merit: 1491

LEALANA Bitcoin Grim Reaper

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...

VolanicEruptor

sr. member

Activity: 392

Merit: 250

Quote from: boozer on September 20, 2013, 01:12:04 PM

Quote from: thy on September 05, 2013, 09:46:17 AM

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 Tongue

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

5 years

boozer

sr. member

Activity: 309

Merit: 250

Quote from: thy on September 05, 2013, 09:46:17 AM

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 Tongue

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

thy

hero member

Activity: 685

Merit: 500

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.....

xstr8guy

hero member

Activity: 784

Merit: 1004

Glow Stick Dance!

Quote from: Morblias on September 04, 2013, 11:14:58 AM

Quote from: jamesc760 on September 04, 2013, 11:02:35 AM

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.

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

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.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

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

Morblias

hero member

Activity: 576

Merit: 500

Quote from: jamesc760 on September 04, 2013, 11:02:35 AM

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.

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

pedrog

legendary

Activity: 2786

Merit: 1031

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!

jamesc760

sr. member

Activity: 448

Merit: 250

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.

jspielberg

sr. member

Activity: 490

Merit: 255

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

FeedbackLoop

hero member

Activity: 742

Merit: 500

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.

Morblias

hero member

Activity: 576

Merit: 500

Quote from: bcp19 on August 26, 2013, 09:07:12 PM

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

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

Taras

legendary

Activity: 1386

Merit: 1053

Please do not PM me loan requests!

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.

bbxx

hero member

Activity: 728

Merit: 500

cryptoshark

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.

Bitalo_Martin

member

Activity: 81

Merit: 10

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.

GigaWave

full member

Activity: 239

Merit: 250

Quote from: gkm22d on August 27, 2013, 03:08:24 PM

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.

VolanicEruptor

sr. member

Activity: 392

Merit: 250

Quote from: gkm22d on August 27, 2013, 03:08:24 PM

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..

gkm22d

newbie

Activity: 28

Merit: 0

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.

ravix5

newbie

Activity: 11

Merit: 0

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

Topic: When will Bitcoin network reach 1 PH/s? (Read 4000 times)