Dash’s network hashrate has crossed the petahash line, indicating strong potential for future growth.
Over the last few months, Dash’s mining hashrate has risen significantly. During most of August, the network averaged under 20 terahashes, ending the month at around 30. Near the middle of September, the hashrate experienced a sharp rate of increase, growing from about 40 terahashes to over 10 times that by the end of October. Since then, it has crossed the petahash barrier.
Antminer D3 responsible for the growth
The rise in hashrate can be attributed to the recent shipments of Antminer D3s. Produced by Chinese mining giant Bitmain, the D3 Dash ASIC is a powerful mining solution, and makes the Dash mining field much more competitive and professionalized. Several recent shipments of these miners over the last couple months have led to the recent exponential hashrate increase, edging out smaller mining operations with less specialized hardware and industrializing Dash mining.
Parallels with Bitcoin mining in 2013
Dash’s rise in mining hashpower has similarities to Bitcoin in 2013. In mid-September, the hashrate similarly crossed the petahash barrier. Around that time Bitcoin’s price was around $130, less than half of what Dash is now. Within a couple months, however, that price was over $1,000.
A surging network hashrate indicates a lot of investment, both in time/effort and resources, in Dash’s network and long-term viability, including a significant amount of entrepreneurial risk from miners purchasing hardware which may not turn a profit for some time. In particular, present hashrate makes Dash not very profitable to mine (possibly even profit-negative), meaning that many miners are counting on a significant price increase in the near future. While many other factors are at play here, a strong hashrate could mean that a Dash price surge is on the horizon.