The Future of Mining

bitcoin network difficulty

Latest Difficulty Chart Courtest of TheGenesisBlock

What this chart displays to me is a little alarming. Within the past few months the hashing power of the network has seen significant growth.

Lets look back as far as July 1st 2013. The network had an approximate hashing power of 173 Terra-hashes per second. The mining difficulty was approximate 21 million at the time.

Now lets look at the numbers for September 1st 2013. The total hashing power on the network grew to 752 Terra-hashes per second. The mining difficulty grew to 1/4 million shy of 66 million.

In just two months the hashing power on the network grew by 579 Terra-hashes per second causing the difficulty on the network to increase by an approximate 44 million.

Mind you that this increase is just the beginning of whats to come.

You have bitfury, thats about to release 400 G/H mining rigs to the public. BFL is now promoting 600 G/Hs on a sole graphic card and theyre catching up with orders, Asicminer thats dropping prices to make their erupters more affordable. You also have xcrowd launching rigs that are cost appealing. KnC Miner releasing more rigs within the coming months.

What will the charts read once all this equipment hits the streets. Only time will tell.

The small rigs will no longer to be able to compete. Time to break the piggybank and prepare to buy yourselves a 1 T/H mining rig.

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