[ANDREAS] We have now achieved a situation in mining where we have gone from CPU to GPU to FPGA to ASIC [Those were] one hundred or a thousand fold increases in [processing] performance, until we accelerated into [a limit on] Moore's Law

That is a wall We are at 16 nanometers Now where do we go? We will slow down to 2x increases every eighteen months Everyone can get the same chip, there is no advantage in pre-ordering You no longer need to switch chips every three to six months Therefore, connections to silicon fabrication [won't] matter [as much] This has started happening at the beginning of the year

We will go into the Halvening with haves and have-nots: those who have 16-nanometer chips, and those who don't [have those chips] Those who do not have 16-nanometer chips will find themselves unprofitable, very quickly The rest will [be profitable] We shall see