I had someone run some tests where ethash was accessing only 1KB rather than the whole 1GB of dag, and runtime fell by 40%. So that's roughly the fraction of ti

I had someone run some tests where ethash was accessing only 1KB rather than the whole 1GB of dag, and runtime fell by 40%. So that's roughly the fraction of time spent on memory latency in the single threaded cpu miner. That's less than the 67% measured for Cuckoo Cycle, but still rather high. So I should say that ethash is almost memory-bound, and certainly much more so than other memory oriented hash functions.