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Moore’s law observes that the number of transistors in electronic circuits doubles about every two years. This roughly translates to a doubling of processing power in the same timespan.
Moore’s law is not a law of physics or mathematics, but an observation of the rapid pace of electronic innovation. Since the 1960s, when Moore’s law was proposed, real world technology has closely followed Moore’s predictions, yielding incredible growth in the electronics industry.
Moore’s law states that hardware capabilities will improve exponentially. These advances allow ever larger, more complex, and more intensive software to be developed and deployed without exhausting the abilities of available hardware.
Absent the rapid rate of innovation, we would not be able to run the intensive machine learning, artificial intelligence, or Bitcoin mining programs that Bitcoin and other high-tech industries rely on.