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Author Topic: A noob question.  (Read 3512 times)
bitart
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October 28, 2015, 10:00:21 PM
 #61

And what about the miners' equipment? Today it doesn't worth to mine with graphical cards anymore, only with special equipment. If you mine the same time, use electricity, and you find half quantity of bitcoin, the price should increase to let miners stay in business.
What about transaction fees? Will they increase as well after the halving as well?

There is no need for the price to rise for the miners to stay in business. The miners will just switch off 50% of the miners.
And what about the transaction fees? If there will be 50% less miners, they have to process the same amount of transactions like before halving. Transaction fees should rise or the process time should get longer if transaction fees doesn't change.
Today if you want to urge your transaction you can choose priority fees or if you have time to wait you can choose economy fees, there is a difference that is noticeable already.
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The block chain is the main innovation of Bitcoin. It is the first distributed timestamping system.
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October 29, 2015, 12:46:10 AM
 #62

And what about the miners' equipment? Today it doesn't worth to mine with graphical cards anymore, only with special equipment. If you mine the same time, use electricity, and you find half quantity of bitcoin, the price should increase to let miners stay in business.
What about transaction fees? Will they increase as well after the halving as well?

There is no need for the price to rise for the miners to stay in business. The miners will just switch off 50% of the miners.
And what about the transaction fees? If there will be 50% less miners, they have to process the same amount of transactions like before halving. Transaction fees should rise or the process time should get longer if transaction fees doesn't change.
Today if you want to urge your transaction you can choose priority fees or if you have time to wait you can choose economy fees, there is a difference that is noticeable already.

If there will be 50% less mines, it only mean that blockchain is more vulnerable for an attack. Transactions will be still made. When number of transactions will increase that much to not fit in a block developers will increase the block size. there was lots of talks about that already, to make right timing and how much to increase size.
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