The University of SydneyPage 43Mining and hashing power race–From CPU to GPU to FPGA to ASIC (application-specific integrated circuits)–ASIC mining lead to a giant leap in mining power, SHA256 function directly on silicon chips specialized for mining. First ASIC ship had more power than entire bitcoin network in 2010.–Hashing power growth–2009 -0.5 MH/sec–8 MH/sec (16×growth) –2010 -8 MH/sec–116 GH/sec (14,500×growth) –2011 -16 GH/sec–9 TH/sec (562×growth) –2012 -9 TH/sec–23 TH/sec (2.5×growth) –2013 -23 TH/sec–10 PH/sec (450×growth) –2014 -10 PH/sec–150 PH/sec in August (15×growth)