Topic: Newbie All-Day - Ask All Your Bitcoin Questions Here! - page 6. (Read 7612 times)

You mean in the year 2140?  That's more than 100 years from now, and you're worried about it?

Regardless, the answer is: "As long as bitcoin still exists and is still in use, then yes people will keep mining."

While the process might be the same as it is today, it may not be called "mining" any more.  By then, they might just call it something like "transaction processing" or "transaction ordering".


To earn bitcoins.


No need to answer that question.  It has already been established that the answer is that the process that we currently call "mining" will continue.

Hi all, my question:
Will people keep mining BTC when all bitcoins (21M) have been created?
If yes, why? If no, how will the network be secured and transactions validated then?
Thanks

Participate in trades, (that you need, not only for the trust), be helpful around the forum and over time you will earn others' trust. It never happens overnight, it will take a few weeks to months to earn trust especially from a member who will make you 'green'.

Thanks DannyHamilton for contributing too!

Be a trust worthy person.  Trust is something you earn over a long period of time by acting in an intelligent, reliable, ethical, moral, and trustworthy person. It is not something given to you just because you want it.


Sure.  It has always been possible for people to earn the trust of others, for as long as people have been communicating.  I expect it will continue to be possible for as long as people exist.


Start by not making ridiculous and excessive use of large sized fonts and colors.  Next, get rid of the advertisements in your signature.  Carrying advertisements for others creates a financial disincentive to provide unbiased and honest feedback, and creates a financial incentive to spam the forum with useless and pointless drivel. Then participate in the discussions on the forum that you care about. Make sure that all of your posts are intelligent, reliable, ethical, moral, and trustworthy.

Help others that need help, because it is the right thing to do. Not because you expect to be compensated for the help or for the quantity of posts you create. Defend those that are unable to defend themselves. Report spam, scams, and posts that are in the wrong sub-forum.  Leave feedback for those that act in an exceptionally trustworthy manner and for those that act in an untrustworthy manner.

newbie Q :
how do i able to get trust ?
Is that possible for me to get trust,nowadays ?
Where do i make a first start ?

It only takes a miner (or a mining pool) a fraction of a second to "create" a block. To create a block, the miner (or mining pool) chooses a list of unconfirmed transactions and builds a merkle tree.  The merkle root is then used to build a block header. Doing all of that should take a modern computer less than a second.

It is the "solving" of the block that takes the entire network, on average, 10 minutes. The amount of time that it takes any individual miner or mining pool to solve a block depends on the total amount of hash power that they are using and how lucky they are.  If a miner (or a mining pool) has enough hash power to generate 92 petahash per second, then at current difficulty they will solve a block approximately every 20 minutes.  If a miner (or mining pool) has enough hash power to generate 500 megahash per second, then they will solve a block approximately every 7000 years.


Yes.  Block solving (mining) is a random process.  The protocol automatically adjusts the difficulty every 2016 blocks to try and keep the block solving average time close to 10 minutes, but it is possible for multiple blocks to be solved in a second or two, and it is possible for it to take a few hours before a block is solved.


Most pools provide their payout rules on their website.  If a pool doesn't say whether they include transaction fees in the payout, then you should assume that they don't include them.

Thanks,
 I can now see how it probably won't get out of hand. I just bought a couple BTC for offline storage and this makes me feel better about the future.

Thank you for answering my previous question.

Blocks are created every 10 minutes, but how long does it take for miners to solve a block?

Does this vary? {time}?

How would I know, if a pool adds the transaction fees to it's payouts? I am considering joining Ghash or the PBMining group.
 

The blockchain has limits built into it that limit how quickly it can grow.

Unless the protocol is modified int he future, currently a block must be smaller than 1 megabyte.  Any block larger than that would be considered "invalid" and would be rejected by all miners and nodes.

Blocks are created on average every 10 minutes.

This means that with the protocol the way it is today, the fastest that the blockchain can grow is a bit more than 144 megabytes a day or somewhere around 53 gigabytes per year.

Of course at the moment we are not yet anywhere near the maximum growth rate of the blockchain.  After nearly 6 years of existence, the blockchain is currently less than 22 gigabytes. That's an average of less than 4 gigabytes per year.

While services that attempt to build on top of the blockchain may add a few more transaction to a block, they also increase the utility and therefore the value of bitcoin. Furthermore, to get those transactions confirmed quickly they need to pay transaction fees in bitcoins.  This adds to the bitcoin economy and increases the revenue for the miners.

Thank you for answering my earlier questions. One thing that struck me in an earlier post (and having listened to podcasts), was the fact that some other alt-coins ride the block-chain. I assume by using it, they enlarge it, making it harder to d/l and store. Isn't this a "tragedy of the commons" scenario?

A few of them depend on bitcoin and are built on top of the bitcoin network.

Most are fully running their own network.

Just for certainty, do other cryptocurrencies depend on the bitcoin network (as in nodes) or are they fully running their own network?

First of all, transaction fees are included with the 25BTC block reward that goes to miners.

Basically, it isnt worth it solo mining anymore and even with a large amount of hashing power worth several $100,000s many do not break even on their investment.


No one can answer that question. Personally I believe (with the recent news and such) it will crash to around $400 but 'bounce back' to $500. It will then remain there for a few months before a big movement (either up or down)

Yes.


Yes.  If you are solo mining, then you need to be lucky enough to solve the next block before the rest of the entire world.  If you a mining in a pool, then you will be paid a fraction of the block rewards of the blocks that the pool soves based on the fraction of total pool hashing power that you provide. Unless you have a very large amount of hashing power, the odds of solving a block through solo mining result in the very high likelihood that you will be mining for months, years, or decades without earning any bitcoins at all.  At current difficulty, if you are mining in a pool, you will earn approximately 0.0000000000000000000089447602 per hash that you provide to the pool (actually a bit less than that due to fees that the pool may charge for letting you participate).  However, if your computer is too slow and doesn't reach a minimum threshold of hashes in a given time (can't complete a share before a block is solved), then you won't receive any bitcoins at all.


With solo mining, the miner receives both the block subsidy, and the transaction fees from the block when they solve the block.  This is called the block reward.  With pool mining, it is up to the pool to decide how they will pay the participants.  They each have their own rules.  Some pools include the transaction fees in their calculations, and some don't.


No.


A transaction becomes confirmed when it is included in a block that is mined.  The miner (or pool) that solves the block receives both the block subsidy and the sum of all the transaction fees of all the transactions that they included in their block.

Will bitcoin eventually rise or it will fail and reach a value of zero dollars?

Your question has already been answered:


So, those that choose to get involved in "cloud mining" either believe that difficulty will stop increasing soon, or they are just bad at maths.

Ok, Sorry if this is a very newbie question for you.

Question : Why are people participating in "Cloud Mining" if all calculations shows, that it's not profitable at all?

Actually, considering the fact that he used the plural word "services", I suspect that he's looking for this list of escrow rankings:
https://bitcointalksearch.org/topic/list-bitcointalks-escrow-providers-ranking-blacklist-avoid-scam-276897

And not looking for either of you to be giving your personal opinions of the particular escrow provider that you prefer.

escrow.ms is on that list, but devthedev is not.

If you are looking for the unranked list of providers that includes devthedev, then you can find that here:
https://bitcointalksearch.org/topic/escrow-list-108716

You are not going to make money with cloud mining so better forget about that

First I am not completely new but by the time I got into bitcoin, I was under the impression that mining is too difficult to be profitable unless you have asics or a server farm.. Is this correct? I mean you have to be the "winner" or in a pool to receive bitcoin, right? Do all miners receive transaction fees, and is it worth it just for that if you try to cpu mine with one pc? I doubt I could make anything with trying to out mine anyone.

I'm afraid I don't fully understand transaction fees (I know they would be small but not sure how they are earned).