Topic: bitcoin transactions costs in the future - page 7. (Read 1786 times)

Not immediately of course.
But when gear that was sold for 400$ a few months ago can earn 720$ a month even at 10 cents per kwh every bitcoin mining chip maker will be able to go to TMSC and make them an offer that would take 1st place in the queue.

Abut air conditioning..common, we have stocks for that for tens millions of homes and businesses it won't be a problem to a few thousands small farms or a few hundred huge ones.

And I wasn't talking about 100x, but the price reaching 100k.

Not only the energy is not free, but in most places, you can even sell that energy so it's not like you get it for free and you have no use for it. Even if you use it to mine and generate profit you must first check and subtract what profit you would have had if you would have sold the energy directly to the grid without the headaches of monitoring bot miners and bitcoin price.

Unfortunately, in my opinion, Bitcoin now has a very significant negative factor that governments of many countries are drawing their attention to. The point is that the cost of maintaining the activity and performance of the Bitcoin network is currently too high. Too much energy at this point in time is going to ensure the stable operation of the Bitcoin network.

it  just be a dream for citizen from developing countries.they government need much fund to provide infrastructure.so if they give subsidy it difficult to happen.meanwhile mining need low cost electricity to able generate profit from current price.

cheap electricity resources will be very difficult for developing countries. only developed countries can do so with an established level of welfare. of course if that happens, it will be a good mining for minner, of course the cost will be reduced

It can never be "free" even the energy evolution of solar energy is not free. Running that place costs money, even if its less than the original ways its still has a operational cost, from salaries of people who run those places to maintenance and stuff we don't know. So it can never be free, it could totally be clean and cheaper but not free. That is one part, on top of that bitcoin miners needs to profit as well, so even if electricity gets really cheap we need to put miners profit on top of that as well and we have a cost at our hands.

Now miners do mine bitcoin in return so that could mean they will be paid in the bitcoins they mine but the transactions could be free but looking at how the halving is getting close I am pretty sure just the bitcoins mined can't be enough, its a possibility but a very low one at that. We already have only 3 million bitcoins left to mine so I doubt it will be feasible but even if it is not going to last too long.

Which is real, the setup will already burned you as hell when you do this mining business, not everyone can afford that only those who have huge investment capital and have a good source of cheap or free electricity will manage to proceed and do this business, its a risk to take even value of
bitcoin will increase to that level.

A large part of the expenses incurred by the miners can be attributed to the capital costs. Setting up a mining farm can be very expensive, with all those mining rigs and air conditioners. Right now, there are only a few manufacturers that produce the mining rigs. And they don't have the spare capacity to increase the production 100x.

it is true that in all countries, especially in my country, there is no free electricity. surely the cost of the opera is very expensive for the power of the sun

Of course all this turns out to be a problem, now more than ever because everything depends on the price of bitcoin, that is, if the price of bitcoin increases the fee rates they will also do it, it is something that does not make sense but due to this only for the mining part but for the Exchanges, this always happens, in some way they want to take advantage of the opportunity.

In Venezuela electric power is almost given away, however now due to power cuts is a serious problem, unless you reside in the Country Capital, now if we see it from the point of view of being a good business, it is , as long as the bitcoin is on the rise, so the energy goes free, many miners are not only worried about the price of energy, but the performance of their machines, even if they are machines, they can be damaged, your cards as some part of the hardware that should be replaced immediately, if we take into account these costs, the rate of profit is increased much more in negative, but now the spcial market is having a good upward turn, which means that it is in a very good run for the miners that they leave a little more expensive electric power service.

If solar energy is used to make it function, it must be taken into account that the voltage must be generated to start and keep the machines running without loss, and without risking the flow of operation of the same.

In that hypothetical case, you miss the fact that one bitcoin is going to be worth 500 million, and all the bitcoins in the world are going to be worth ~10 000 trillion, or about 120 times the GDP of the entire world. If that would happen in the next ten or 20 years a coffee cup would have to be 100 or 200$, so no point breaking satoshis.

And even in that case, there is still a possibility, a fork to further split satoshis in smaller denominations.

But I doubt we will ever reach that point.
Even at 1 cent/Satoshi, we're still talking about a bitcoin being worth 1 million, I can still an insane price level where it's still pretty much feasible to deal with it


Better miners don't make transactions happen faster and that efficiency is not what about the green environment but how many green bills you get for the power burned:P

If Bitcoin reaches 100k tomorrow, there will be 180 million to be earned, miners would be happy to spend 150 million a day on energy to get that.

At a price of 5 cents per kwh....you're not going to like the result  

but if electricity is free, it will certainly cause new problems. where to sort between electricity for production or electricity for households. it is impossible for electricity for production to be free, such as factories. because it means that many foreign investors enjoy it

Nobody will ever supply electricity for free that is impossible in this world we live in and even if you can be talking about the power of the sun there will always be generation and operational cost. Now even if the electricity is free, you have a big investment with the equipment and other related expenses. The most important here is that there is always the development of better mining equipment that hopefully will do things faster and most importantly more efficient in the use of power (this is a big concern for many especially environmentalists). I am looking forward to many good innovations and changes soon in the bitcoin mining industry.

Now thats a great idea. They can also add more renewable sources since its a plus for the environment. But the thing is these renewable resources don't usually operate on its own. It also needs people to work on it since our civilization isn't that dependent on robots yet.

You may know basic economy rule: If there is demand, there will be someone who will have supply. But when demand is very high, in any way it creates opportunity to sell your product in high prices without any problem and this is an opportunitu that no one wants to hang on.
Also when you consider free electricity, there is one problem too. People are against using electricity for mining, that free electricity can't cover things and it can also increase difficulty, make it impossible for individuals to mine.

I think mining fee normally increases when network is congested.
Besides, Bitcoin Blockchain has some limitation. This is why an increase in transactions volume normally makes the network congested. This will hopefully be improved with Lightening Network.

I don't see how cheap/free energy would improve the situation or make transactions faster.

The biggest problem any renewable sources of energy platforms are and will be facing are the people who make their income from the electricity. I can tell that they will not agree and will make sure to make their business stay in its position.  Because once these renewable sources will be offered to the public, they will not earn money anymore and they will lose everything they have.

It is the same problem Elon Musk is facing with his Tesla Automotives. The people from the Gas reserves industry and electric industry doesn't let him do what he wants because he will step to them for sure. They would also do anything to stop Elon Musk and would get Elon Musk's life. In Gas and Electricity, there are a lot of them committed in syndicates because they are too rich to have a problem like this.

I don't think that 1 satoshi will ever be worth so much, either

However, it doesn't mean that extremely high prices should necessarily screw up the Bitcoin ecosystem as this ecosystem mostly consists of speculators and their likes (read, fees are irrelevant in this context). In other words, such prices and fees as high will only affect real-life use of Bitcoin. But given that it is virtually nonexistent anyway, it is not a big deal in itself. Fees had already been on the insane before but did it stop speculators from speculating?

I still believe that in 2017 there was also a spam attack ongoing, probably from BCH supporters and maybe with the help of some pools too.
If you look around better, you see now that there are periods with high fees and periods with low fees, only a couple of hours apart.
I've sent myself a transaction with 5 sat/byte a few hours before your post and got confirmed in less than one hour.


I think that it's counterproductive to worry for such scenarios.
There's still quite some time until Bitcoin will become so expensive. And if that'll happen, maybe only companies will send on-chain transactions. For off-chain there will be LN and most probably other solutions too.
5$ for one satoshi.. maybe until then maybe the fees will be calculated in a different way. After all, there were times when the min fee was not ties to transaction size. Things do change over time.

I don't think that if we use free electricity, we will not pay any fee because every transaction will have the fee and that was included in the transaction itself.
So even if we use renewable energy that will replace electricity that we know, we still use the fee to make a transaction of sending the bitcoin reward from the mining process.
But for how much the fees, I am not sure about that.
And yes, right now, the fee cost too high, and it's more than $2 for one transaction, but it depends on how much money you want to send to the recipient wallet address.

free energy system? how do you mention the free energy system if it requires a lot of money, until whenever I think nothing will be free. to make a profit you have to spend money. whatever it costs definitely.