Yes. Though it would be hard to just out-compute the hashes without the community noticing. Just to put it into perspective: currently the network is crunching

Yes. Though it would be hard to just out-compute the hashes without the community noticing. Just to put it into perspective: currently the network is crunching away at 16344 TeraFLOP/s ( http://bitcoinwatch.com/ http://bitcoinwatch.com/ ).