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> The network hash rate is only so high because the ROI is there, but without it, people would still be mining. Can you expand on that? What would be the incen
by tdhttt 6y ago
> The network hash rate is only so high because the ROI is there, but without it, people would still be mining.
Can you expand on that? What would be the incentive for the miners then? What happens when all blocks are mined?
- trixie_ 6y agoYou never mine all the blocks, and regardless of the reward there is always a transaction fee which incentives mining. Regardless though my point about space heaters was that 'being warm' is enough incentive for some people to mine crypto.
- tdhttt 6y agoSorry for not being clear, I meant when all 21 million bitcoins are mined. The transaction fee is pretty small compared to the reward from the new coin, right? Also, since many cryptos have addressed the incentive issue. Maybe let's just focus on bitcoin specifically?
- rodonn 6y agoIf ROI goes down, fewer miners will mine. When all blocks are mined, transaction fees will be the main source of incentive to mine.