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When there are no more bitcoins to mine, will the power consumption drastically fall? There will be fees to mine, but I can't imagine everyone is going to be f
by legohead 9y ago
When there are no more bitcoins to mine, will the power consumption drastically fall? There will be fees to mine, but I can't imagine everyone is going to be fighting that much on fees, but I don't really know..
- petre 9y agoNo. They will flee to mining other crypto currencies. If all of this turns out to be e big Ponzi scheme or becomes illegal and just about everyone loses interest in mining crypto currencies, maybe then will power consumption fall.
- johnvonneumann 9y agoYou would hope that in 140~ years we have the power problem sorted out, if not, Bitcoin mining is probably the least of our worries.
- Grangar 9y agoAs difficulty rises bitcoin payouts will decrease asymptotically. The idea is to let the market do its work and have the price make up for it.
- Marazan 9y agoThe power expended on mining directly correlates to the value of bitcoins. If the amount of power expended on mining decreases to far then it becomes cost effective to attack the network. Power expended on mining must remain constant or ever increasing lest the whole thing collapse.
- jacobush 9y agoThis is where it gets interesting. Bitcoin miners only reward then are transaction fees. So these must go up.