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Title: Newb Question :P Post by: Jeteroll on May 06, 2013, 11:51:12 PM 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 Title: Re: Newb Question :P Post by: realrover on May 07, 2013, 01:14:42 AM 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.
Title: Re: Newb Question :P Post by: BitcoinBarrel on May 07, 2013, 01:27:27 AM It's like the Matrix
Title: Re: Newb Question :P Post by: DannyHamilton on May 07, 2013, 01:45:27 AM 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.
Title: Re: Newb Question :P Post by: anyroll on May 07, 2013, 02:04:50 AM 2140 even your grandkids wont see it.. well maybe
Title: Re: Newb Question :P Post by: Leojane on May 07, 2013, 02:14:55 AM 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? When the hard limit is reached, miners can live on the transaction fees. :DI'm pretty sure I've got it at least a little wrong here, if so, please explain :) Thanks, -Jet Title: Re: Newb Question :P Post by: whitefeather on May 07, 2013, 02:34:59 AM 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.
Title: Re: Newb Question :P Post by: Peter Lambert on May 07, 2013, 02:38:50 AM 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 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. Title: Re: Newb Question :P Post by: Jeteroll on May 07, 2013, 11:29:21 AM Thanks guys, I think I get it now :D
Title: Re: Newb Question :P Post by: PrintMule on May 07, 2013, 11:30:52 AM expect a flood of amd cards at your ebay :)
Title: Re: Newb Question :P Post by: spartacus_ on May 07, 2013, 12:00:12 PM No worry. Transaction fee helps.
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