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RE: ₿ Is Bitcoin Really Going Down? Mining Might Tell A Different Story
Once there are no more Bitcoins coming into circulation, is the difficulty for mining going to continue getting harder and harder?
If Bitcoin mining keeps getting more difficult over time, when the only rewards are transaction fees, I have a hard time imagining that Bitcoin is going to keep very many people mining and this collapse in mining could jeopardize people's faith in the coin.
Am I missing something?
Like a bouncing ball never theoretically stops bouncing....bitcoin blocks will always produce some amount of bitcoin, however small. Simply because you cannot half any positive number and ever get 0 or a negative number.
I thought that there was a total cap on Bitcoin at 21 million?
There is but you can never get an exact number for 21 million but it will be so close to 21 million that it be 21 million.
Because of half life. Got it.
x
I'm not talking about the value of the coins. I know the coins will have a fixed supply and that the value will fluctuate.
I'm asking about the difficulty of mining. Once there are no more Bitcoins in circulation, will mining continue to get more difficult?
Not only that Bitcoin scalability plans involve side chains were miners can merge mine the main chain along with the sidechain and earn more money.
When you say side chains, do you mean forks? If not, what do you mean?
Cough you should read some posts 😉 but in short their are separate chains that connected to the main chain by security aka hashpower and currency aka bitcoin.
Interesting. I’m more interested in alt coins, so I have spent less time investigating Bitcoin. I’ll investigate side chains further then. Thanks!
FYI, following you now as well.
I can help with the research part i made a post on it ;)
https://steemit.com/bitcoin/@sames/how-rsk-is-going-to-use-sharding
Yeah I now it old :)
Thanks
Most likely, hardware will continue to evolve to become faster and more efficient but in terms of how much bitcoin miners would get out of the system would be only fees however it will be a long time till we get to that point still
This claims the mining will likely end somewhere around 2140.
https://www.quora.com/How-many-bitcoins-are-mined-daily-and-when-will-we-reach-21-million
Do you agree?
x
Thats not true at all miners still have to do the transactions and secure the network but the only thing the miners get at that point are the mining fees