Bitcoin Mining in 10 Years?

[Rob768]

What happens when the amount of bitcoins you can mine drastically decreases?  Won't there be a lack of computer power to encrypt things and thus mess the whole system up?

[1715482908]

1715482908

[1715482908]

1715482908

[Brushan]

The price will probably be alot higher than now. Just look at how price increased after the first reward halving. The next one is at the end of 2016 so you should be ready for a big price increase after that.

[mantler]

No, there is a mining difficulty which changes approx. every two weeks.  When the network rate goes up, it becomes harder to mine BTC, when it goes down it becomes easier to mine.  The difficulty rate adjusts so that a new block is added to the blockchain every 10 minutes, regardless of network speed.  So if it becomes less profitable to mine BTC, people will drop out making it easier for the remaining miners.  Also, the more transactions there are, the more transaction fees go to the miners as well as mined coins.  The transaction fee's can be voted on with your bitcoin-qt client.

[Seccour]

Maybe the price go up, and/or a new money like bitcoin will born.

[Brushan]

Oh i thought he meant block reward in the future.

[dancupid]

The fees paid to miners are growing exponentially - currently a 10 fold increase in usd every 6 months:

http://blockchain.info/charts/transaction-fees-usd?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=1&address=

At some point , long before the block reward makes it not worth the effort, the fees will make it worth the effort.

Edit: actually its 100 fold every 6 months on this chart.

[Rob768]

Ahh, I never even thought about fees

[iPaulito]

Do you think that it will be possible to make around $2K a month in the future?
If I undertand it correctly the fraction (percentage) of transaction fees stays the same and will stay in the future.?
Can you point me out to some good resource about transaction fees with bitcoins?
thanks

Ok let´s start with https://en.bitcoin.it/wiki/Transaction_fees

[Stephen Gornick]

Won't there be a lack of computer power to encrypt things

Just to clarify, ... miners don't encrypt anything.  They do use cryptography, but not encryption.

[glendall]

Probably going to end up that AI's will start harvesting humans to mine BTC. The human slave minds will be processing information that is sent to them rendered as holographic simulations, but in fact, are actually hashing algorithm translations that ASICH's are really good at working out.

Hey actually I think that explains 'The Matrix',come to think of it.

[fsk]

Probably going to end up that AI's will start harvesting humans to mine BTC. They'll be process information that is sent to them as holographic simulations, but in fact, are actually hashing algorithm translations that ASICH's are really good at processing.

Hey actually I think that explains 'The Matrix',come to think of it.

Makes more sense then "humans are batteries".

[Minor Miner]

The fees paid to miners are growing exponentially - currently a 10 fold increase in usd every 6 months:
http://blockchain.info/charts/transaction-fees-usd?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=1&address=
At some point , long before the block reward makes it not worth the effort, the fees will make it worth the effort.
Edit: actually its 100 fold every 6 months on this chart.

How much does mt gox pay when they move bitcoin?  Any idea since they (and satoshi dice) are probably the major cloggers of the block chain.

[CRkfx1]

Any idea since they (and satoshi dice) are probably the major cloggers of the block chain.

Major cloggers is right...9 of top 10 most popular addresses belong to Satoshi Dice, crazy.
http://blockchain.info/popular-addresses

I guess we're all a bunch of gamblers at heart.   

[Minor Miner]

Any idea since they (and satoshi dice) are probably the major cloggers of the block chain.

Major cloggers is right...9 of top 10 most popular addresses belong to Satoshi Dice, crazy.
http://blockchain.info/popular-addresses

I guess we're all a bunch of gamblers at heart.   

Yes, but my point was this:  Do the parties that benefit the most from bitcoin pay a fair freight to the miner's when they transact?   ie.  what does satoshidice and mt gox pay per transaction while they are clogging up the pipe?