15 Sep '13, 4pm

Bitcoin Network Speed Breaks 1 Petahash per Second

Bitcoin Network Speed Breaks 1 Petahash per Second

As the bitcoin economy continued its newly-formed arms race, optimizations of GPU mining software became increasingly valuable. As modifications to the open-sourced code were created, developers saw a new opportunity for profits. An early optimization that increased GPU hash rates by approximately 25%, depending on hardware specs, was introduced in September 2010 and offered for a 5 BTC commission of each block mined using it (10% of each 50 BTC block found). Bitcoin evangelists ultimately pushed for open sourcing of the software for the benefit of the community. Jeff Garzik, one of bitcoin’s core developers, paid 10,000 BTC – approximately $600 at the time) to have the software open sourced. Naturally, high end graphics cards saw a sharp increase in demand among the bitcoin community, with top-of-the-line AMD cards achieving up to 700 MH/s.

Full article: http://thegenesisblock.com/bitcoin-network-reaches-1-peta...

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