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Author Topic: every 4 years halving  (Read 1734 times)
wyager
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March 17, 2012, 03:54:52 AM
 #21

In a similar vein, and maybe I'm totally ignorant here, but it seems that the end game for bitcoin will be kind of a mess.  When the day comes that mining a block only gives the transaction fees, miners won't be actually creating anything.  We'll (okay I use "we" very loosely, as I'm only CPU mining for about 3Mhash/S right now) just be shuffling around coins, and unless the price of a coin goes back up drastically and/or the energy cost to mine a block drops drastically, it won't be economically feasible to mine anymore.

So what am I missing?

A few things.

1. Block miners can choose to ignore transactions that won't make them any money.
2. The difficulty of creating a block can be adjusted to be very, very easy or very, very hard. No matter what, a new block will always be created every 10 minutes or so. If this means making the block very cheap/easy to produce, that can be done.
3. Processing power is always getting cheaper (not that it matters all that much, considering #2). Power-efficient miners (like the FPGA miner project) are gaining popularity as well.



For anybody that thinks there is some huge gaping hole in Bitcoin: Please, try and read as much of the Wiki as you can. Satoshi is a freaking genius, he thought of pretty much everything.

OTC-WoT: 1BWF66DuVqBCSFksUgkLtdYmHucpBgPmVm
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BBLotus
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March 17, 2012, 11:45:38 PM
 #22

I didn't even know about the fee's being a incentive to minning. That's something not very many people seem to be talking about right now. Looks interesting.

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March 18, 2012, 08:46:28 AM
 #23

SO BASICALLY AFTER 24 YEARS, we won't even be mining 1 bitcoin per block, does anybody else find this ridiculous?

No, not me!

You will not find me.
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