Miners are paid via a reward for finding a block yes, but they're also paid transaction fees - you pay a fee whenever you send bitcoin and this gets rewarded to miners.
This fee on it's own has been fairly big, the last block had 0.023btc in fees - which seems smaller than it has been: https://btc.com/btc/block/711888
That's still $1.5k (today, potentially a lot more if bitcoin continues into the 2100s) and an incentive enough for some people to mine/keep mining.
This fee on it's own has been fairly big, the last block had 0.023btc in fees - which seems smaller than it has been: https://btc.com/btc/block/711888
That's still $1.5k (today, potentially a lot more if bitcoin continues into the 2100s) and an incentive enough for some people to mine/keep mining.
That's not what I'm saying. The computing power that guarantees your bitcoin is authentic is what the hashing power used to "mine" the bitcoin is doing.
Every transaction is part of the block chain.
Every miner is verifying the blockchain is intact and complete.
Every transaction that gets processed is crunched so the entire bitcoin network knows how many bitcoins are in which wallet. It is how the bitcoin network prevents "counterfeit" coins. It is also what prevents a coin from being spent twice by the same owner. That is what the hashing is doing.
Once their is no more reason to mine, the hashing stops.
The transaction, the transfer of one bitcoin to another is what the hashing is doing by the miners. The miners are the ones that keep the network moving. When the hashing stops, when the mining stops, when there is no more bitcoins to mine, the system falls apart.