Topic: Newb Question :P (Read 573 times)
No worry. Transaction fee helps.
expect a flood of amd cards at your ebay 
Thanks guys, I think I get it now 
hero member
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It's all fun and games until somebody loses an eye
Earn BTC by processing transactions. I'm more concerned near term with the consolidation of computational power in the hands of a few asic cartels.
If this has you concerned, there is a simple solution: go build some asics and hand them out for free to bitcoin community members ;P
Newb here, I was wondering what would happen to miners when the hard limit is reached? Would they all have to shut down because they wouldn't generate anymore BTC? Who/what would process transactions?
I'm pretty sure I've got it at least a little wrong here, if so, please explain
Thanks,
-Jet
I'm pretty sure I've got it at least a little wrong here, if so, please explain
Thanks,
-Jet
The search box at the top of the page (or using google site search) are your friends, this question has been asked and answered in hundreds of threads already.
Earn BTC by processing transactions. I'm more concerned near term with the consolidation of computational power in the hands of a few asic cartels.
Newb here, I was wondering what would happen to miners when the hard limit is reached? Would they all have to shut down because they wouldn't generate anymore BTC? Who/what would process transactions?
I'm pretty sure I've got it at least a little wrong here, if so, please explain
Thanks,
-Jet
When the hard limit is reached, miners can live on the transaction fees. I'm pretty sure I've got it at least a little wrong here, if so, please explain
Thanks,
-Jet
2140 even your grandkids wont see it.. well maybe
The hard limit won't be reached until the year 2140, so I'm really not personally worried about it. Even so, the block reward that miners receive is the sum of the block subsidy (currently 25 BTC) and all the transaction fees from all the transactions that the miner chooses to include in the block they mine. Over time the subsidy will be slowly reduced (cut in half every 4 years). Meanwhile, as bitcoin gains popularity, the value of the transaction fees will increase. Eventually the transation fees will be a larger part of the block reward than the subsidy. Perhaps at that time, we'll start calling them "transaction processors" rather than "miners". Regardless, they'll still be doing the same work. By the time the subsidy is gone, miners will be entirely supported by the value of the transaction fees.
It's like the Matrix
If BTC becomes ubiquitous and thus expensive, transactions fee business will be huge and only large corporations with powerful hardware will be able to profit. If BTC doesn't gain popularity and required price, mining will stop at some point. Pretty soon actually.
Newb here, I was wondering what would happen to miners when the hard limit is reached? Would they all have to shut down because they wouldn't generate anymore BTC? Who/what would process transactions?
I'm pretty sure I've got it at least a little wrong here, if so, please explain
Thanks,
-Jet
I'm pretty sure I've got it at least a little wrong here, if so, please explain
Thanks,
-Jet
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