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Marco2
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June 29, 2011, 05:17:41 PM
 #1

Hi everyone, I've read Satoshi Nakamoto's paper, and I have a concern
on the increasing computation cost of transactions.

If every transaction is verified by a miner, and mining is to be
more and more computationally intensive.. will it reach
a point where transactions would take huge amounts
of time?

Thanks.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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JoelKatz
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June 29, 2011, 05:31:16 PM
 #2

Hi everyone, I've read Satoshi Nakamoto's paper, and I have a concern
on the increasing computation cost of transactions.

If every transaction is verified by a miner, and mining is to be
more and more computationally intensive.. will it reach
a point where transactions would take huge amounts
of time?

Only mining a block has increasing computation costs. The cost of validating transactions isn't high at all. Mining works like this:

1) Sync to the network's block chain.
2) Sync pending transactions.
3) Form a block body, including whatever valid transactions you want.
4) Try to mine that block by finding a header for that body. <- hard part

The protocol is designed to adjust the difficulty so that on average a block is created every ten minutes. So the rate at which transactions can be committed and verified shouldn't change.

I am an employee of Ripple.
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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