Does The end of mining lead to end end of innovations?

qwertyup23

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Quote from: mk4 on November 15, 2018, 02:31:28 AM

If mining 100% stops then bitcoin transactions will slow down to a halt. Is having zero miners possible though? I heavily doubt it. There's money to be made with mining hence why people are doing it, regardless if they actually think that bitcoin will succeed or not.

On the article that I read (link is below), it is estimated that by the year 2140 all bitcoins will be mined out. Although it may sound that bitcoin will have its inevitable death, that will not be the case. If all bitcoins are mined out, then the price will increase and mining fees would increase as time passes by. Not to mention, bitcoin protocol also provides transaction fees which will be utilized by most miners.
Do note that what determines the price of bitcoin is the law of demand and supply. Assuming that all have been mined out, then expect the prices to skyrocket in the market, which will be an opportunity for most people who hoard or keep their coins safely in their wallet.

Link: https://99bitcoins.com/what-will-happen-when-all-bitcoins-are-mined/

Zin-Zang

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

PoW mining has been an evolutionary dead end for years now.

The majority of New coins are PoS or some other Algorithm.

cryptario

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It feels like November 2014 all over again. Some miners survived, but there were definitely many that did not including some very big players.

blueteam09

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

Mining is the source of Cryptocurrency?
Your thinking is wrong to think about this, mining reached the bottom of the pool will stop? Uncoupling and increasing the amount of coin that is circulating on the market will lead to increased prices and increased demand. Do not worry about this because mining is not the source of existence.

mikeywith

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I have a few S9s running with free power and I have a diesel generator as a back up. those will never be turned off, there will be no end of mining you got my words Grin

Zin-Zang

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

When PoW Mining ends, Bitcoin Dies and other coins using alternative consensus methods begin to rise.

avikz

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

I doubt mining will ever end in the cryptospace. It's the powerhouse for cryptos. However, there is no relation between mining and innovation. Mining is providing the playground where players can play as per their wish and skillsets.

However, even if mining ends for some reason, there are other consensus mechanism which cryptos can adopt to. Innovation will never stop its journey because of mining!

bitvalak

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Miners will always be there, unless the internet is destroyed.
All the latest cryptocurrency innovations always try to adopt Blockchain and Bitcoin, so it's impossible if they can run without miners.

musharaf

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I think that mining is not innovations but it has many other things in the innovations but mining is useful when crypto use by all over the world so the transactions numbers will be large and then hashes rare will be high mining is a good way to make money with out any effort but to enhance bitcoin and blockchain network and mining now is not good as it was.

SnapDown22

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

I think so because if the miner has sold it but it doesn't sell it will affect him better to invest and even benefit and one more can be profitable

tegarp90

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

I think if bitcoin mining is stop, i'm sure people will move to another cryptocurrency pool that can be mined.
Crypto and blockchain is really helpful in the future and i'm sure everyone will use that

Amevalentine

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

I think that because weighing is not being sold and not profitable is better invested instead it is beneficial and profitable I think that's the thing

dothebeats

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No, not all innovation is confined within the mining industry as there are other cryptocurrencies out there employing the use of other algorithm's that don't need miners and machines. In fact, more and more innovations would certainly be seen as one less method of obtaining cryptocurrencies is removed. For the mean time, mining would remain a vital part of cryptocurrencies since it offers an unparalleled robust security compared to other algorithms available around. The end of mining isn't the end of innovation, and certainly not the end of cryptocurrencies.

kelaxo76r

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Once we get close to the end of minig, miners will then find the process unaffordable, leading to a reduction in the number of miners, a centralization process of the Bitcoin network, and numerous negative effects on the Bitcoin system. This argument assumes that transaction fees alone will not be enough to keep Bitcoin miners financially solvent once the mining process has been completed.

olubams

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Quote from: Ramya494 on November 15, 2018, 02:25:52 AM

If mining ends ,will new projects stop emerging in the space of crypto? How are ining and innovations related? If mining ends ,projects mostly adopt POA consensus model where mining is not necessary?

Mining is the engine room of everything that relates to crypto at this time and its better not to wish for it to end because of the effect that its going to cause for everyone. Even if release of additional currency is on hold, it is still needed for transactions to get confirmed which is the soul of every crypto coin out there without which the end is just around the corner. What I expect is that gradually, the mining process should be decentralised to a large extent that one person or group of people stopping their own process won't have an adverse effect on the entire market like we currently have it.

Msworld83

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The miner can always move to another coin if one finish mining and I believe more coin are coming as cryptocurrency is getting more and more informed while on daily basis we discover many thing and solution in line with that, so miner will always have coin to mine.

MainIbem

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Mining is a key part of the whole bitcoin ecosystem. In fact, if mining ends, it is reasonable to believe that bitcoin transactions also will end. but why will mining end? In this article, https://www.webopedia.com/TERM/C/cryptocurrency-mining.html, the writer noted that cryptocurrency activities, by extension bitcoin, are increasing. Miners are here to make money. Why will they quit when the market is expanding?

Marcel666

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Quote from: mk4 on November 15, 2018, 02:31:28 AM

If mining 100% stops then bitcoin transactions will slow down to a halt. Is having zero miners possible though? I heavily doubt it. There's money to be made with mining hence why people are doing it, regardless if they actually think that bitcoin will succeed or not.

I don't see mining stopping anytime, people are always available to take advantage of opportunities. And if not, establishments are. The system is designed as open source and is available to anyone with the capacity to do it.

Even when the total supply of Bitcoin has been mined, there would still be miners reward in the form of transaction fees.
It's such a long time away though, but maybe transactions would be costlier to compensate for the loss of Bitcoin reward per block.

378budiman

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If mining will stop, the bitcoin transaction will slow down. Is it possible to have zero miners? we doubt it very much. There is money that must be made by mining so why do people do it.

kalstarzz

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I don't think investment will end when mining ends. it is true that mining is something extraordinary in cryptocurrency, but we must not forget, the exchange also has a huge appeal in investment. so investment will continue even though mining has ended.

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