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Inaccurate title. The network still sets the difficulty every 2016 blocks ( i.e. 2 weeks) so that it takes 10 minutes on average to create a block.

Right now, however, people are adding so much computational power in that intervening two weeks, that by the end of those two weeks it takes 6 minutes to create a block, not 10.

This is presumably due to custom hardware mining rigs coming online since they just shipped.

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The title was accurate. Blocks are being found at a rate of 1 every 5 minutes. There's no way the next difficulty jump will be enough to bring the speed to 10 minutes since it takes the average time over the last 2016 blocks. It's likely in a couple weeks the time to find blocks will be even lower than it is now if the growth rate continues like this.

There's also a ceiling on the percentage increase and decrease possible.

It only averages to 10 minutes if growth is flat. Growth isn't flat.

This means that lots of ASICs are out there in the wild. This is a good thing for bitcoin and the bitcoin network.

The only thing this mean is that the ASIC companies are making a killing off of this.

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