This is due well-known mathematical property, called birthday problem or
birthday paradox. As a result of that property for ideal hash function
of size N bits you only need 2^(N/2) random inputs to generate a
collision with sufficient probability. Therefore, for 64 bit hash
function you will get one collision for approximately every 2^32 inputs.
http://en.wikipedia.org/wiki/Birthday_attack
-Maxim