the rise of asic mining, will it be the end of bitcoin?

[chefwaffles]

So after 21 million bitcoins have been mined, no more can be created.  This really wasnt a problem because until recently, mining for bitcoins takes a long time to mine with a gpu setup.  With the rise of asic mining, which will mine bitcoins 100-1000x faster than "normal" mining, at the rate asics mine bitcoins, we will reach that 21 million bitcoin mark way faster than the predicted year.  So once we reach the the 21 million mark, what do you guys predict will happen?  will the bitcoin collapse?  a new virtual currency?

[crypTrade]

You have a misunderstanding about how bitcoin mining works. Faster hashing won't mean a higher rate of bitcoins relased in any significant way.

[John (John K.)]

You have a misunderstanding about how bitcoin mining works. Faster hashing won't mean a higher rate of bitcoins relased in any significant way.

This. More hashing speed = greater security for the network. A block will still be released every 10~ minutes or so.

[coollio]

the network adjusts how hard the difficulty is, so that it works out to about 1 block every 10 minutes. So nothing changes with ASICs entering the picture except they take a greater %

but the amount stays the same.... 10(an hour) * 24(hrs in a day) * 25(coins) minted per day

[salihno71]

Exactly. Only GPU mining will not make sense anymore.

[Kazimir]

So after 21 million bitcoins have been mined, no more can be created.

As has been said many times before: 21 milllion bitcoins will never be mined, and new ones will always be created. In increasingly smaller portions, yes. But new (fractions of) bitcoins will continue to be mined, forever.

With the rise of asic mining, which will mine bitcoins 100-1000x faster than "normal" mining, at the rate asics mine bitcoins, we will reach that 21 million bitcoin mark way faster than the predicted year.

The title should be: the rise of asic mining, will it be the end of GPU mining (and the answer is: yes, just like GPU mining was the end of CPU mining).

As for Bitcoin itself, it will only flourish more thanks to asic mining as it merely strengthens the network further.

[Explicit]

This. More hashing speed = greater security for the network. A block will still be released every 10~ minutes or so.

By all means yes, this is true. BUT! ASIC miners are MUCH faster that GPU miners, and will force GPU miners out of the game. Will GPU miners still hang around. Some of them might move to ASIC, some might not. Please do mind that Bitcoins are worthless without the community to support them. Well, this is my personal opinion, for what it is worth.

[coollio]

This. More hashing speed = greater security for the network. A block will still be released every 10~ minutes or so.

By all means yes, this is true. BUT! ASIC miners are MUCH faster that GPU miners, and will force GPU miners out of the game. Will GPU miners still hang around. Some of them might move to ASIC, some might not. Please do mind that Bitcoins are worthless without the community to support them. Well, this is my personal opinion, for what it is worth.

they will move to litecoin

[Explicit]

they will move to litecoin

Most likely. I hope that this will not affect Bitcoin community.

[kjh]

I heard somewhere that Bitcoin is designed to be produced past 2100.

[mutikainen]

or some other cryptocurrency that hasn't been created yet

[Kazimir]

I heard somewhere that Bitcoin is designed to be produced past 2100.

Actually, new bitcoins will be produced forever. At the current precision in the clients (up to 1/100,000,000 of a bitcoin) the block reward would reduce to zero somewhere in 2140. But the software's precision will be increased long before that time.

So, yes, definitely past 2100. Until the end of time is more like it.