http://www.coindesk.com/bitcoin-mining-can-longer-ignore-moores-law/
Copy pasting the interesting part for you:
Quote
The problem for bitcoin miners is the fact that overinvestment is starting to create an unsustainable trend. Demand, caused by ever higher difficulty, is outstripping development. Ideally miners would need chips capable of breaking Moore’s Law and then some. Over the past year the hash rate of the bitcoin network has skyrocketed from around 1,000,000GH/s to more than 200,000,000GH/s, briefly peaking at 231,138,370GH/s in late August. In roughly the same period the difficulty shot up from about 65 million to 27,428,630,902 on 31st August.
This is important for the price in my point of view; hashing rate (and difficulty) is coming to a point where we will have to deal with fundamental aspects of IT (Moore's Law). Except of course the mining companies have a hidden ace which we don't currently know (quantum ASICs? ). Equilibrium will come (according to the article) sometime within 2015. I personally expect some noise earlier than that, because miner's revenue is not anymore a positive number and many will go out of business.
I hope I'm right, because that means less miners, thus less btcs for sale, thus higher the demand/sale factor. If I'm wrong then it will be a bear's fest once more until sometime at the late $350-$380s. When this stops? Without a big catalyst for a proper CCMF, I'd expect sometime in 2016 when the block halving occurs. Until then, happy trolling...
