On: Bitcoin Hash Rate Rapidly Growing Despite Price

[ballenf]

And the delayed effect of R&D into better ASIC design has an even longer delay than purchasing or manufacturing of existing designs.

An article about an ASIC startup that made HN mentioned an 12-24-month lag, IIRC, between design and mass production at scale.

So we're not even past the point of seeing the effect of the peak bitcoin value.