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Author Topic: Future of Bitcoin mining ?  (Read 1570 times)
TheAce
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March 17, 2013, 08:03:39 PM
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Hi fellas,

after some days stucked in this forum reading a lot of info about bitcoin mining i have some questions?? hope some admin might answer me Wink

First i see there is a big change going to happen right now, with asic's going in to the game. If i understand it right, theese asic's are going to affect growth of hashing difficulity. i read that if all avalons from batch 1+2 starts mining difficulity will be doubled, or more.
But imagine that all about 20k orders in bfl will be send and pluged to network, how does this affect minning?
Does this difficulity growth just mean longer time to make a block? and how much does this difficulity growth affect minning? will be time for making a block doubled or so??
i think that those users who was there when miners moved from cpu's to gpu' can easily predict what is going to happen right now.
and what about price of bitcoin? does this super faster hashing speed means gorwth of bitcoin price?

Last qouestion is: as i know, now is about 50% of bitcoin mined, it took about 4 years from 2009. now with that asic's qoing in game i thing that rest 50% might be mined out till end of 2013, or maybe later.
thats not the point.. point is what then? what after all bitcoins are mined out? does it make some sense to keep all those asic's and other mining rigs run? i understand that reason to run then, is to make this great network alive, but will be those miners rewarded somehow?

thaks for answers and sorry for my poor english Roll Eyes
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zeocrash
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March 17, 2013, 08:26:13 PM
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My understanding is that as the overall processing power of the bitcoin network increases, the difficulty to mine bitcoins increases to keep the overall rate of bitcoin production constant. so all these ASICs coming online will just increase the difficulty level, but the rate of overall bitcoin production stays the same
TheAce
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March 17, 2013, 08:31:39 PM
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yeah, thats sound realisrtic. so ok, speed of minning maybe wont grow up that much.. but question is still the same.. what after all bitcoins are mined out? what will be the reward?
zeocrash
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March 17, 2013, 08:37:18 PM
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i believe that the reward will come from transaction fees after all the bitcoins are mined
SZD
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March 17, 2013, 08:41:17 PM
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What do you mean by the reward? Reward for what?
Newscastix
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March 17, 2013, 08:49:18 PM
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yeah, thats sound realisrtic. so ok, speed of minning maybe wont grow up that much.. but question is still the same.. what after all bitcoins are mined out? what will be the reward?

After all bitcoins are mined (will take many years till we get there) miners still get the transaction fees. So mining will always bring some income more or less...
TheAce
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March 17, 2013, 08:59:59 PM
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What do you mean by the reward? Reward for what?

reward for mining. for that encrypting of network.. for having that asic's hashing machine at home and paying ot for electric consumption.
TheAce
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March 17, 2013, 09:01:30 PM
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yeah, thats sound realisrtic. so ok, speed of minning maybe wont grow up that much.. but question is still the same.. what after all bitcoins are mined out? what will be the reward?

After all bitcoins are mined (will take many years till we get there) miners still get the transaction fees. So mining will always bring some income more or less...

yeah, but those transaction fees are very low as i know.. so rewards will aslo be very low?
Newscastix
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March 17, 2013, 09:04:01 PM
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yeah, thats sound realisrtic. so ok, speed of minning maybe wont grow up that much.. but question is still the same.. what after all bitcoins are mined out? what will be the reward?

After all bitcoins are mined (will take many years till we get there) miners still get the transaction fees. So mining will always bring some income more or less...

yeah, but those transaction fees are very low as i know.. so rewards will aslo be very low?

We'll see .. by then we will have x-times the transactions that we have today and these fees add up.. and a lot more computing power by then.

So it might even out.
minedeep
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March 17, 2013, 09:09:20 PM
 #10

There will always be something to mine.  Cryptocurrencies are just starting to come into the mainstream.  To limit yourself to just bitcoins would be foolish.  I found this video that explains it perfectly.  Kinda gotta watch the whole thing to understand it though.

http://www.youtube.com/watch?v=FTsNEUZx8v8

“Genius is the gold in the mine; talent is the miner who works and brings it out.”
TheAce
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March 17, 2013, 09:10:09 PM
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yeah, thats sound realisrtic. so ok, speed of minning maybe wont grow up that much.. but question is still the same.. what after all bitcoins are mined out? what will be the reward?

After all bitcoins are mined (will take many years till we get there) miners still get the transaction fees. So mining will always bring some income more or less...

yeah, but those transaction fees are very low as i know.. so rewards will aslo be very low?

We'll see .. by then we will have x-times the transactions that we have today and these fees add up.. and a lot more computing power by then.

So it might even out.

yoe are right.. that all looks so good that i still cant believe, that this bitcoin thing is hapenning.. its great.
thanks for your answers..

another one is.. how long is expected to be all bitcoins mined out. if its 50% now, it might be another 4 years?
TheAce
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March 17, 2013, 09:12:00 PM
 #12

There will always be something to mine.  Cryptocurrencies are just starting to come into the mainstream.  To limit yourself to just bitcoins would be foolish.  I found this video that explains it perfectly.  Kinda gotta watch the whole thing to understand it though.

http://www.youtube.com/watch?v=FTsNEUZx8v8

 Grin Grin Grin

yeah i heard something about namecoins and litecoins.. is there any other curency?
Newscastix
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March 17, 2013, 09:14:08 PM
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another one is.. how long is expected to be all bitcoins mined out. if its 50% now, it might be another 4 years?

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

and

https://en.bitcoin.it/wiki/File:Total_bitcoins_over_time_graph.png

MeatPopsicle
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March 17, 2013, 09:16:57 PM
 #14

Bitcoin
Devcoin
Ixcoin
Litecoin
Namecoin
Ppcoin
Solidcoin
Terracoin

I'm sure there's more.
TheAce
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March 17, 2013, 09:26:02 PM
 #15

Oh, thanks .. great support here, even in newbie area   Shocked
TheAce
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March 17, 2013, 09:34:09 PM
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another one is.. how long is expected to be all bitcoins mined out. if its 50% now, it might be another 4 years?

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

and

https://en.bitcoin.it/wiki/File:Total_bitcoins_over_time_graph.png



looks like starting now till 2017 the mining should same difficult.. great.. i have to buy some mining power  Smiley
Newscastix
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March 17, 2013, 09:36:45 PM
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another one is.. how long is expected to be all bitcoins mined out. if its 50% now, it might be another 4 years?

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

and

https://en.bitcoin.it/wiki/File:Total_bitcoins_over_time_graph.png



looks like starting now till 2017 the mining should same difficult.. great.. i have to buy some mining power  Smiley

Not so fast... difficulty still adapts to the hashing power. afaik.... So once ASICs ship in numbers everything will change... But the number of mined coins should stay constant.
TheAce
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March 17, 2013, 09:41:47 PM
 #18


another one is.. how long is expected to be all bitcoins mined out. if its 50% now, it might be another 4 years?

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

and

https://en.bitcoin.it/wiki/File:Total_bitcoins_over_time_graph.png



looks like starting now till 2017 the mining should same difficult.. great.. i have to buy some mining power  Smiley

Not so fast... difficulty still adapts to the hashing power. afaik.... So once ASICs ship in numbers everything will change... But the number of mined coins should stay constant.

yeah i understand.. but after many asic's are going to run this year.. difficulity wont be raising so fast till 2017  ..
so i need asic's Cheesy hope bfl will start shipping soon.. after first user put some evidence of having bfl mining rig.. i'll make some purchase too
georgeu2000
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March 17, 2013, 10:30:45 PM
 #19

The difficulty increases just as fast as the production of bitcoins. So it doesn't matter how much new hashing power comes online.

This year, about 1 million bitoins will be mined.

The last coins will not be mined until 2033.



http://en.wikipedia.org/wiki/File:Total_bitcoins_over_time.png
minedeep
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March 17, 2013, 11:07:16 PM
 #20

I've been mining litecoins all weekend and its been a good move.  Bitcoin will always be big brother and litecoin will be its little brother.  When someone joins the forums, usually they have a bitcoin address posted in the footer of their message.  After another week, you'll more likely than not see a LC address posted right under it.  This is a trend I've been observing for months here (yea, i lurked for a while).  

My thoughts are, GPU mining isn't going anywhere.  As soon as ASICs start running into technical difficulties such as hardware and software issues (remember, ASICs are still pretty beta), theres going to be a balance.  If your hardware goes bad with an ASIC, you can't just quickly throw $100-$400 at the issue to make it go away (price of a mining GPU).  You have to deal with your supplier whos dealing with 100's (if not 1000's) of the same issues with other customers.  A dead GPU is a quick fix on the hardware forum here as theres always good cards relatively cheap and quickly delivered.  Hell, you might even be able to find something at a local shop.  More miners are going to be needed, not just better hardware.  I've seen plenty of people with the money to get into a bleeding edge business, screw it all up because it was beyond them.  If you think just because somene got an ASIC they can mine at max GHash/s for extended periods of time, your wrong.  

What I'm getting at is, people have been talking ASIC since the middle of last year, with next month being the month its gonna ship.  I'd rather get in now while the bitcoin is under $50 USD.  High for last year, but theres way more room for it to go up.  Shit just went mainstream (talking bitcoins on bloomberg? wtf!).  All the hipsters with disposable money want 'coins cause its cool and the rest want the freedom that it brings.  Theres a demand.  When demand rises beyond supply, so does the price.  

Thats just my two cents.  Sorry for ranting.  

I got all my info from this video  Cheesy
http://www.youtube.com/watch?v=WdrSP0V-KLg

“Genius is the gold in the mine; talent is the miner who works and brings it out.”
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