The script actually calculates strings, then counts the bangbangs. The 7th iteration took about 4 GiB RAM (temporarily, and 2 GiB in the end). Using this approach, I don't think there's enough RAM for the 8th iteration on this planet.
The algorithm would have to be optimized quite a lot before it could calculate the exact 8th value.
I am still skeptical for this . . the basic approximation formula gives a ballpark .. and when I put 159 million in the formula it gives me 12640500079500000 which is 12 quadrillion ... http://www.tools4noobs.com/online_tools/number_spell_words/
Reason I say this is - let's assume all 159 million bangs are expanded then 159*159 millions = 25 quadrillion