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Mining and the Hashing Race Bitcoin mining is an extremely competitive industry. The hashing power has increased exponentially, every year of bitcoin’s existence. Some years the growth has reflected a complete change of technology, such as in 2010 and 2011 when many miners switched from using CPU mining to Graphical Processing Unit (GPU) mining and Field Pro‐ grammable Gate Array (FPGA) mining. In 2013 the introduction of Application Specific Integrated Circuit (ASIC) mining lead to another giant leap in mining power, by placing the SHA-256 function directly on silicon chips specialized for the purpose of mining. The first such chips could deliver more mining power in a single box than the entire bitcoin network in 2010. • 2009 - 0.5 MH/sec to 8 MH/sec (x 16 growth) • 2010 - 8 MH/sec to 116 GH/sec (x 14,500 growth) • 2011 - 16 GH/sec - 9 TH/sec (x 562 growth) • 2012 - 9 TH/sec - 23 TH/sec (x 2.5 growth) • 2013 - 23 TH/sec - 10 PH/sec (x 450 growth) • 2014 - 10 PH/sec - 150 PH/sec in August (x 15 growth) In the chart below, we see the bitcoin network’s hashing power increase over the past two years. As you can see, the competition between miners and the growth of bitcoin has resulted in an exponential increase in the hashing power (total hashes per second across the network): Figure 8-7. Total hashing power, giga-hashes per second, over two years Mining and the Hashing Race | 209PDF Image | Mastering Bitcoin
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