Once equilibrium is reached, we can expect hashing rates to bottom out. A similar rush will occur over time as the cadence of Bitcoin hashing technologies approaches more regularity, not unlike how new generations of CPUs and GPUs are released on a timely and predictable basis.

This will be the pattern of Bitcoin hashing -- waxing and waning with each new generation of ASICs and the lull between each release.

One has to wonder what will happen to all the surplus ASIC hardware as well-financed miners regularly upgrade their hashing infrastructure.