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Topic: Will mining will ever stop ? - page 44. (Read 4836 times)

legendary
Activity: 1564
Merit: 1027
January 09, 2018, 08:43:42 AM
#34
I think most people think that miners do just that: "mining coins". But the thing is that their role in the network of a coin is much bigger than that. Their role is to keep the network secure, and by keeping the network secure I mean, processing the transactions and making sure they are all valid. They get the coins and the fees as a reward for doing just that. So "mining" will never stop, because if it stopped then tx were not processed and verified. They will eventually stop receiving the reward when the coin limit is reached, but they will still receive the fees for making the transactions, and that should still be a good incentive. Don't know how things will be when the lightning network gets deployed, since fees would be minimal. But I guess that we would get huge adoption when the LN arrives, so even minimal fees would be very profitable for miners.

Glad to see someone understands how the systems works. Apparently most users here think of mining only as a way to get coins, period. You are absolutely right, mining will never stop as long as the PoW mechanism is in place.

However, in my view PoS is a far more advanced system allowing for a domestic user with a Raspberry Pi to be a full node. That is a much better solution and to prove it we already have a number of solid projects, namely the PoS v3 with masternodes.

If ETH follow the roadmap and transitions to Casper, then it will be a full PoS coin too. We'll see what happens then...
member
Activity: 140
Merit: 35
January 09, 2018, 08:36:55 AM
#33
I don't think that will be the case in the forseeable future, PoS is not very popular yey and even if it gains traction there will be hundreds of alts that will work in the PoW system.
newbie
Activity: 17
Merit: 1
January 09, 2018, 08:35:37 AM
#32
Hello people, i'm new in the crypto worlds , i have two questions please i need logic answers .

1 - will mining will ever stop Huh?

2 - what will happens when the cryptocurrency reaches it limits ( example : bitcoin 21M , ETH .... , and other curriencies ) ? will they win money after the currencies reaches its limits ?

thank you !

Mining will not stop because there will always a new coin that would appear aside from bitcoin. Even if the 21 Million is mined, the miners won't stop because they can still earn by processing the transactions. The only setback here is  that the transaction fee will increase.
full member
Activity: 137
Merit: 100
January 09, 2018, 08:23:47 AM
#31
Bitcoin mining fees are getting higher, and lesser people are using bitcoin as transactions. but lots of other coins to mine too, so i guess mining will be always there.
legendary
Activity: 1582
Merit: 1059
January 09, 2018, 08:13:19 AM
#30
I think most people think that miners do just that: "mining coins". But the thing is that their role in the network of a coin is much bigger than that. Their role is to keep the network secure, and by keeping the network secure I mean, processing the transactions and making sure they are all valid. They get the coins and the fees as a reward for doing just that. So "mining" will never stop, because if it stopped then tx were not processed and verified. They will eventually stop receiving the reward when the coin limit is reached, but they will still receive the fees for making the transactions, and that should still be a good incentive. Don't know how things will be when the lightning network gets deployed, since fees would be minimal. But I guess that we would get huge adoption when the LN arrives, so even minimal fees would be very profitable for miners.
full member
Activity: 375
Merit: 100
Adoption Blockchain e-Commerce to World
January 09, 2018, 08:13:13 AM
#29
no it wont stop because it wont stop because the supply of the bitcoin is still not sufficient because a lot of people are now want it and the demand is so high so the mining wont stop
sr. member
Activity: 343
Merit: 250
January 09, 2018, 08:06:22 AM
#28
Hello people, i'm new in the crypto worlds , i have two questions please i need logic answers .

1 - will mining will ever stop Huh?

2 - what will happens when the cryptocurrency reaches it limits ( example : bitcoin 21M , ETH .... , and other curriencies ) ? will they win money after the currencies reaches its limits ?

thank you !


I think mining will never stop because if Bitcoin mining reaches its 21 Million Bitcoin limits, you can go to other cryptocurrency and start mining again. On the second question, if Bitcoin reaches its limit, I think Bitcoin value will inflate much higher than normal because of scarcity and limits and we will gain more money. Just my thoughts because there is no cryptocurrency reaches its limits yet.
newbie
Activity: 24
Merit: 0
January 09, 2018, 08:02:49 AM
#27
Mining will be phased out when more people switch to proof of stake systems
member
Activity: 121
Merit: 11
January 09, 2018, 08:01:34 AM
#26
Hello people, i'm new in the crypto worlds , i have two questions please i need logic answers .

1 - will mining will ever stop Huh?

2 - what will happens when the cryptocurrency reaches it limits ( example : bitcoin 21M , ETH .... , and other curriencies ) ? will they win money after the currencies reaches its limits ?

thank you !

Hello! This what I think in your questions.

On your first question, I think mining will never be stop if it reaches the limit for sure it will stop.

In your second question if all cryptocurrency's reaches its limits, I think miners will get a lot of money. But still, They need to transact so they will earn.
sr. member
Activity: 1246
Merit: 255
January 09, 2018, 08:01:01 AM
#25
Mining will always exist as long as coin exists, with the miners we are able to have constructive transactions and trade values here, I don't know what can be used to replace mining, though miners can be reduced with technology but mining itself will still be needed.
sr. member
Activity: 1652
Merit: 262
SOL.BIOKRIPT.COM
January 09, 2018, 08:00:31 AM
#24
I think mining will never stop, it will be more and more. see the advantages of the miners, everyone is also interested to mine. I am also interested to start mining, but still constrained capital. because for minning bitcoin or etherum, it takes a lot of capital.
hero member
Activity: 886
Merit: 510
January 09, 2018, 08:00:15 AM
#23
Mining will not stop, because the adaptive and increasing difficulty of crypto networks doesn't let all of the coins get mined fast, and also because there are many minable coins available.  Smiley
member
Activity: 602
Merit: 10
January 09, 2018, 07:59:18 AM
#22
Hello people, i'm new in the crypto worlds , i have two questions please i need logic answers .

1 - will mining will ever stop Huh?

2 - what will happens when the cryptocurrency reaches it limits ( example : bitcoin 21M , ETH .... , and other curriencies ) ? will they win money after the currencies reaches its limits ?

thank you !


Mining will not stop because a lot of crypto can still be mined, miners will keep running as long as crypto still exists. This will be an unlimited advantage.
jr. member
Activity: 88
Merit: 2
January 09, 2018, 07:58:03 AM
#21
It's always a way for the forks so literally mining may never stops. Bitcoin may reach it's maximum but the same we can tell to the gold by mining it out of the ground.
member
Activity: 196
Merit: 50
OMNI TOKEN PLATFORM FOR PAYMENTS
January 09, 2018, 07:57:50 AM
#20
I think mining is old and takes too much energy, just like focile fuel it will soon be thing of the past. Alot of new coins are pre-mined or simply dont need any mining. Smiley

It's because Bitcoin is decentralized, no one or any organization can get Bitcoin out of the deepest earth core stack, that means only miners can get new Bitcoin's in order for them to mine continuously. They awarded new Bitcoin's for their hardwork for processing all ledgers at a time. Indeed mining requires much speed and power that's costs too much energy and the concept is the same with actual mining that requires to much resources and efforts to get handful of gems out from earth's core.
Mining has been there since Bitcoin started to circulate.  
newbie
Activity: 30
Merit: 0
January 09, 2018, 07:54:38 AM
#19
Mining of bitcoin will stop in about 120 years...)
full member
Activity: 198
Merit: 100
January 09, 2018, 07:53:56 AM
#18
I don't think so, miners also don't want to stop cause they are earning also.
sr. member
Activity: 630
Merit: 263
January 09, 2018, 07:50:01 AM
#17
21 million is the limit of the number of coins bitcoins. There are many other cryptocurrencies, which constantly appear and disappear. Many of them have no restrictions on quantity. For the miners will work always. You only need to diversify their risks and not focus on mining only one coin.
newbie
Activity: 98
Merit: 0
January 09, 2018, 07:46:09 AM
#16
Unless all governments bann it.. than no
member
Activity: 196
Merit: 50
OMNI TOKEN PLATFORM FOR PAYMENTS
January 09, 2018, 07:44:12 AM
#15
21st Million Bitcoin when all fully circulated will happen somewhere year 2140, it means it is beyond of our lifetime so since today until we grow old and before we die there's still Bitcoin or Altcoin miners so that's what is all about.
Miners are the responsible for the blockchain of transaction ledgers so it won't stopped until nobody's using cryptocurrency.
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