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re: Official CryptoTalk Thread
Posted on 12/7/18 at 3:02 pm to PearlJam
Posted on 12/7/18 at 3:02 pm to PearlJam
quote:
there is a value of btc below which there is no incentive to mine. Is that true?
Yes, but as that happens more and more miners drop off the network which reduces the mining difficulty. As mining difficulty goes down the cost to mine goes down with it as there is less hashing power on the network to compete with.
quote:
what happens to the system when mining dries up?
Theoretically, the network would continue simply by fees added to transactions. Realistically, Bitcoin will be effectively dead before then.
1
Posted on 12/7/18 at 4:55 pm to Douglas Quaid
The last block of bitcoin is estimated to be mined in 2140.
So we’ve got a while for it to continue. But it’s possible it becomes so expensive to mine, it may never happen. Or tech could speed things up. Or everything could change and it not be needed.
Dunno. A few variables have to sort themselves out along the way.
But it’s setup for the long run.
So we’ve got a while for it to continue. But it’s possible it becomes so expensive to mine, it may never happen. Or tech could speed things up. Or everything could change and it not be needed.
Dunno. A few variables have to sort themselves out along the way.
But it’s setup for the long run.
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