Bitcoin Network Speed 8 Times Faster than Top 500 Supercomputers Combined
The bitcoin network hashrate estimate on bitcoinwatch.com passed 1 exaFLOPS (1,000 petaFLOPS) this week – over 8 times the combined speed of the top 500 supercomputers. Experts will be quick to point out that this estimate is flawed, since no FLOPS are actually used in bitcoin mining. FLOPS stands for FLoating-point Operations Per Second, and is frequently used as a standard to measure computer speed. Bitcoin mining uses an integer calculation and almost no floating-point operations, so converting bitcoin network speed to this standard is somewhat clumsy.
The FLOPS estimate is based on the opportunity cost of computers using their hardware for mining instead of other applications. Miners are using their graphics cards to perform hashes instead of other FLOPS-based distributed computing. Therefore, a conversion rate of 1 hash = 12.7K FLOP is used to estimate what this hardware could be doing.
The estimate was created in 2011, before the production of ASIC hardware that now dominates the network. ASICS are custom designed chips that can only perform bitcoin mining calculations. The exaFLOPS estimate breaks down with ASICs, because they are not capable of floating-point operations, and therefore there is no opportunity cost associated with their use.
For the rest of the story: http://www.thegenesisblock.com/bitcoin-network-8-times-faster-than-top-500-super-computers-combined/