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Author Topic: Future "Mining"  (Read 649 times)
knightkon
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December 25, 2015, 12:08:03 AM
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From my understanding, once BTC reaches its max of 21 million, the miners will get paid from he fees collected when mining, confirming the transactions.  Do you think that the transaction pricing will go up because of this?  You know how greedy people will get; is there any chance that a large mining pool will only be willing to confirm for a certain fee in which the cost of doing bitcoin business will go up?  Just looking for some opinions.
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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franky1
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December 25, 2015, 12:35:37 AM
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there are thousands of posts from people over the last few years speculating this.

but firstly mining rewards will carry on for dacades. so relax for now. you have plenty of time to theorise your own speculation over the next couple dacades.

here are a few highlights:
mining will be so big that no one pool can have a single factory running. the electricity usage of just one building wont be enough. mining will become more distrubuted again.

the blockchain data limit (currently 1mb) will probably be 200mb in a few decades, allowing for 200x4000 tx every 10 minutes. afterall it was only 15 years ago that 3gb was a large hard drive, now we can have 512gb on a piece of plastic the size as a postage stamp. so data bloat wont be an issue.
the allowance of 800,000 tx a block even at 1cent a tx is $8,000 a block.. thus a nice lump..

if this nice lump is not enough, miners will stop mining, giving oppertunity for the little people to chip in and have a go.

right now mining fee's should not be 10000sats but 1000 sats and always be on par with preferable under 1cent, but at most 5cent before its then divided down by a decimal.

there is no reason to raise the sat amount. when the bitcoin system can either increase block limits to fit in more tx's or the miners hold off selling to cheap to help bitcoins fiat price rise so that the satoshi amounts add up to a nice fiat lump value

in short
we will not see a tx costing 100,000 sats ever again, and when the miners finally move down to 1000sats we then wont see 10,000sats tx fee ever again
the moving down to 1000sats should have happened when the price went over $100/btc, but definitely should happen before $1000/btc
and down again to 100sats before btc gets to $10,000/btc

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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December 25, 2015, 01:09:37 AM
 #3

From my understanding, once BTC reaches its max of 21 million, the miners will get paid from he fees collected when mining, confirming the transactions.  Do you think that the transaction pricing will go up because of this?  You know how greedy people will get; is there any chance that a large mining pool will only be willing to confirm for a certain fee in which the cost of doing bitcoin business will go up?  Just looking for some opinions.
It all depends on what happens in the future with Bitcoin.

If we have large amounts of adopters, so that at least 1/4 of the Earth's population uses Bitcoin, transaction fees likely will not change due to the amount of transactions that will occur per block.

There will always be more miners, and I highly doubt a single pool would take over the entire network. If it did, it would be a pool that 99% of users would agree on existing, and it would likely have no definitive leader.
knightkon
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December 25, 2015, 01:11:09 AM
 #4

there are thousands of posts from people over the last few years speculating this.

but firstly mining rewards will carry on for dacades. so relax for now. you have plenty of time to theorise your own speculation over the next couple dacades.

here are a few highlights:
mining will be so big that no one pool can have a single factory running. the electricity usage of just one building wont be enough. mining will become more distrubuted again.

the blockchain data limit (currently 1mb) will probably be 200mb in a few decades, allowing for 200x4000 tx every 10 minutes. afterall it was only 15 years ago that 3gb was a large hard drive, now we can have 512gb on a piece of plastic the size as a postage stamp. so data bloat wont be an issue.
the allowance of 800,000 tx a block even at 1cent a tx is $8,000 a block.. thus a nice lump..

if this nice lump is not enough, miners will stop mining, giving oppertunity for the little people to chip in and have a go.

right now mining fee's should not be 10000sats but 1000 sats and always be on par with preferable under 1cent, but at most 5cent before its then divided down by a decimal.

there is no reason to raise the sat amount. when the bitcoin system can either increase block limits to fit in more tx's or the miners hold off selling to cheap to help bitcoins fiat price rise so that the satoshi amounts add up to a nice fiat lump value

in short
we will not see a tx costing 100,000 sats ever again, and when the miners finally move down to 1000sats we then wont see 10,000sats tx fee ever again
the moving down to 1000sats should have happened when the price went over $100/btc, but definitely should happen before $1000/btc
and down again to 100sats before btc gets to $10,000/btc


I have found the same information and can agree with all you have said.  I do not think I made my intentions clear when looking for information and opinion, but what I am trying to speculate is whether or not mining will be worth the investment once it gets to the point that the mining will be backed by the fees paid?
franky1
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December 25, 2015, 01:53:29 AM
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I have found the same information and can agree with all you have said.  I do not think I made my intentions clear when looking for information and opinion, but what I am trying to speculate is whether or not mining will be worth the investment once it gets to the point that the mining will be backed by the fees paid?

if this nice lump is not enough, some miners will stop mining, giving oppertunity for the little people to chip in and have a go.

there will always be a rebalancing of the equilibrium between cost vs profit. some will lose some will gain.. but it will continue.

i personally see mining farms getting too big and ultimately failing, and as they do.. the difficulty will slow down, where others take the fee's

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
trendax
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December 25, 2015, 10:09:36 PM
 #6

Quote
I have found the same information and can agree with all you have said.  I do not think I made my intentions clear when looking for information and opinion, but what I am trying to speculate is whether or not mining will be worth the investment once it gets to the point that the mining will be backed by the fees paid?

If we think about how much mining changes every year along with other technologies, come 2140, the remaining super pools will be distributed networks working synchronously with the full bitcoin node and transaction validation software designed to operate on the same hardware all manufactured into one. A singular autonomously mining operating system potentially integrated with everyday circuitry. This new era of Bitcoin infrastructure refined with better production techniques and better efficiency will make transaction fee only mining for industry leading providers worth the investment.

Mitak
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December 29, 2015, 03:17:04 PM
 #7

The future is home electronics such TV , media boxes , routers etc to have a mining chip inside
notlist3d
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December 29, 2015, 04:37:17 PM
 #8

The future is home electronics such TV , media boxes , routers etc to have a mining chip inside

I don't fall for this some like that 21 inc or whatever say this... but they came out with a raspberry PI attachment.  Only two so far have been Bitfury lightbulb (never sold), and Bitmain R1 routers.

It's hard to beat a dedicated machine on mining.  Even if you attach chips in lots of household items, I think one modern miner will always win over all on efficiency and speed.
Yakamoto
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December 29, 2015, 05:30:55 PM
 #9

The future is home electronics such TV , media boxes , routers etc to have a mining chip inside
There is no point having every appliance in your house mining, it is far more efficient to have a single dedicated mining platform that will just churn out the coins.

You could argue that it is better to have mixed functions, but overall it probably isn't all that beneficial.
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