Bitcoin Mining Apocalypse? Programmer explains.

in #bitcoin3 years ago

Bitcoin is a system based on incentives. A huge incentive for the miners is the mining reward. However, this reward is decreasing and in the future all of the 21M Bitcoin will be mined. What will happen then?

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just like mining any other commodities.... I hope that eventually POW will disppear and we will shift to more POS like ETH is doing. Less electricity burnt

Thx for your relevant comment ^^ Energy waste can't be more efficient long term.
It's like using slave or steam machine, you can be idiot by vocation but you will still lose long term.

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The estimated time for all 21M bitcoins to be mined is in year 2140, with the value of bitcoin increasing over time, mining will still be a profitable business for miners and recently a lot of bitcoins have been mined from Venezuela. Eventually China will stop mining and new countries will start doing this job.

Well the original goal was for the tx fees to eventually make up for the block reward, since in 100 years there'll be so much transacting on the blockchain that the mining reward is negligible compared to the tx fees.

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There are already technically better cryptos out there than Bitcoin and I will be astounded if Bitcoin does not lose its market dominance in the next 20 years, let alone 100!

But hypothetically there is always the possibility that if the miners are crumbling due to block halving, there may be a new Hard Fork proposed to remove the block halving and stabilise the mining reward. It sounds like sacrilege now to remove the 21 million limit but it can happen and if the alternative is a collapsing network with fewer nodes and security compromise it may be a lesser evil.

We have a lot of time to figure it out. Lets just make sure we survive the 2017 Hard Forks first! :)

I honestly don't see that ever happening. Bitcoin can't even agree on scaling solutions, so there's no way there will be consensus on removing the main thing Bitcoin maximalists all agree on.

There doesn't need to be a consensus. Just take a look at the recent forks. It just takes a faction to decide they want to change the code and they can break away. Then if the original Bitcoin fails because of miner apocalypse and/or compromised security then the ones left standing are the fork who killed the block halving.

100 years is a long time to see something happening. 100 years ago we didn't even have TV, let alone the internet....

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Good info than you ;)

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Interesting hypothetical issue but I don't think it will ever be tested. If miners are forced to have income from transaction fees only, and there are far more users transacting, there's a chance that the difference will be made up and one just shifts from block rewards to transaction fees.

Also any increase in transaction fees would likely be offset by the superior SOV. Hashing difficulty adjustments and Moore's Law will probably have caused mining decentralization by then.

But I think with all the new proposals, Lightning Network, EOS, the Tangle of Iota, Cicada DDD, that in 20 years time this will all be moot.

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I met Bitcoin in 2013, but in 2014 I was 100% on Alts. I think in 10 years from now not many people will use BTC. Besides, BTC is not and will not be the best investment in crypto-space. Even STEEM is better in every way than BTC.

The BTC value comes from the miners, not from usability.
Bitcoin is for miners.
Let us give Caesar what belongs to Caesar.

Most active blockchains:

http://www.blocktivity.info/

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Very good video, very informational.

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very informative would like to resteem @shohana

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Has anyone looking into the HydroMiner ICO? They are using hydro power stations to power mining in Austria. You can use your H20 coins to save and sell or use them to buy mining contracts. I'm not sure about the long term of this project, but the short term should yield a nice ROI IMO. Below is the website.

https://www.hydrominer.org/

Also they have a 10% bonus right now that adds to your contracts i believe.

Dude did you check the ROI? And compare that to genesis mining? They're cloud mining anyway. Hydrominer blinds you with token that buy Kwh but promises you less return actually. DO the calculation man.

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Ivan, you're a rock star man I love your videos so informative, and I've learned so much from them.

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Thank you for the insight.

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I was a little sad when I realised it's only the video, and no written part to describe it. I can't use sound right now so it would have been helpful. But I guess I will watch later the video, I'm sure that you have worked a lot at it :D

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oh, let me send you my money!

nice post... follow me and upvote my post

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Hardware will be a LOT faster and efficient, hundreds of times. Mining could be even faster than today, even with more difficulty.

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Thanks for Your Good Information.

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if the price of bitcoin stays or hobbles around the same area yes the miners will all go away and the remaining coins will never be mined. However, in theory from a supply and demand point the coins should go up. With all that investment coming in, it does look like it is still on the positive and it ain't going anywhere anytime soon.

I don't think Bitcoin will remain the dominant blockchain for 100 years, but it wont disappear because of the block reward getting too low. There's just too much money in Bitcoin for it to just die.

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Thanks for the free ebook. I am relatively new to all this but would like to learn it. I am sure your book will help. Sharing this post on twitterfor you as my vote would not make much of a difference.

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They will not be all mined, it's a misunderstand from the start.

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Great information
Thanks for sharing

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