If we see the recent bitcoin situation, nowadays bitcoin have increased the popularity, more people interested to bitcoin, so the demands will increased when the supply decrease, then the price will increased.
If the miners have stopped their mining activity, the difficult will decreased, and there are the people who take benefit to still in mining activity, and he's will become solo miner with a lot profit. That's why mining industry nowadays more competitive.
Topic: If the mining profits decrease, will Bitcoin end? - page 4. (Read 3050 times)
Well. This catch my interest. Im wandering what will happen to bitcoin after 4 years or more? The reward on mining gets lower and lower due to bitcoin halving. I think may miners will stop mining because its getting harder and its not profitable anymore. And this could kill the mining industry. Im sure the price will increase. But what if we reacha the point that we cannot mine anymore? Can this be the end?
At the moment the miners for a block are awarded 12.5 BTC. Every 4 years this value will fall by half. For example, let's imagine that the prize value is 1.5 BTC for each block and that BTC's value against the dollar does not increase. In such a case, mining will not be very profitable.
If all goes according to plan the block reward will be replaced by fees.
At the same time, miners are also benefiting from the value of the fee. This time the fee values will increase. Then people will have to pay a high fee for bitcoin transfer. The biggest advantage of the Bitcoin system against banking systems was that they could shop without paying commissions to any brokerage house.
Bitcoins biggest advantage is that its trustless. Anyway the plan is that more transactions will be included per block thus the total reward from fees will increase without the need for the fee per transaction to increase (significantly).
If this happens, can bitcoin preference be reduced?
Can you rephrase that?
bitcoin will never end, there will always be someone who is going to use it.
also if reward drops, fees can be increased to cover the reward. also the price is rising pretty good and price has been covering the reward half even more than enough.
also if reward drops, fees can be increased to cover the reward. also the price is rising pretty good and price has been covering the reward half even more than enough.
Price will increase once rewards go down. As now each BTC is worth more and harder to mine. If minning stops difficulty drops, that way minning should be profitable all the time.
At the moment the miners for a block are awarded 12.5 BTC. Every 4 years this value will fall by half. For example, let's imagine that the prize value is 1.5 BTC for each block and that BTC's value against the dollar does not increase. In such a case, mining will not be very profitable.
At the same time, miners are also benefiting from the value of the fee. This time the fee values will increase. Then people will have to pay a high fee for bitcoin transfer. The biggest advantage of the Bitcoin system against banking systems was that they could shop without paying commissions to any brokerage house. If this happens, can bitcoin preference be reduced?
At the same time, miners are also benefiting from the value of the fee. This time the fee values will increase. Then people will have to pay a high fee for bitcoin transfer. The biggest advantage of the Bitcoin system against banking systems was that they could shop without paying commissions to any brokerage house. If this happens, can bitcoin preference be reduced?
No really, only the BTC reward will be lowered but the BTC price will increase due to the law of supply and demand, less BTC less supply more demand, high prices.
At the moment the miners for a block are awarded 12.5 BTC. Every 4 years this value will fall by half. For example, let's imagine that the prize value is 1.5 BTC for each block and that BTC's value against the dollar does not increase. In such a case, mining will not be very profitable.
At the same time, miners are also benefiting from the value of the fee. This time the fee values will increase. Then people will have to pay a high fee for bitcoin transfer. The biggest advantage of the Bitcoin system against banking systems was that they could shop without paying commissions to any brokerage house. If this happens, can bitcoin preference be reduced?
At the same time, miners are also benefiting from the value of the fee. This time the fee values will increase. Then people will have to pay a high fee for bitcoin transfer. The biggest advantage of the Bitcoin system against banking systems was that they could shop without paying commissions to any brokerage house. If this happens, can bitcoin preference be reduced?
Jump to: