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Author Topic: If transaction per second increased dramaticaly does it solve miner crisis?  (Read 1663 times)
jeffersonairplane
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June 09, 2014, 04:23:33 PM
 #21

No it would still exist for the fact that they are not mining enough to meet the demand on transactions. Personally, when BTC's rate increased the miners fee will also increase.

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Harley997
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June 10, 2014, 02:04:06 AM
 #22

Even after the last reward block mining will continue. Transaction fees on what will by then be a huge volume will keep it going. We will probably see really cheap miners in the near future as well so it will be quite profitable.

In order for this to happen bitcoin needs to be much more widely accepted. In order for it to be possible for a huge volume of TXs there will need to be more of an incentive to run a full node.

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ShakyhandsBTCer
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June 13, 2014, 03:40:28 AM
 #23

The miner crisis will not occur for a very long time.

Technology will cause miners to become more efficient in terms of energy consumption. As of now miners are becoming more efficient at a faster rate then block rewards are halving.

a larger number of TX's per second will eventually be a possibility. This will likely happen when then is some kind of economic incentive to host a full node.

Technology already hit a cap on ASIC mining.

None of the miner will really have any incentive to have their miners running to confirm transaction soon.


Less efficient mining machine will shut off. And less efficient mining companies such as hashfast and cointerra will disappear.


The hashrate of the less efficient machines is much less then the more efficient machines. In general the vast majority of the new miners brought online are more efficient machines. Look at how fast the network has grown, only this year. Late last year the difficulty was well under 1 billion, and in 6 days the difficulty is estimated to increase by ~1.4 Billion to ~13.1 billion. In other words the network is growing every two weeks at a rate that is faster then the entire network late last year.
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