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What happens when rewards for mining a block halt or the price of Bitcoin drops to a point where it’s no longer economically viable to pay for electricity and m
by mikeodds 6y ago
What happens when rewards for mining a block halt or the price of Bitcoin drops to a point where it’s no longer economically viable to pay for electricity and mining rigs?
- londons_explore 6y agoFewer people buy rigs. Fewer people mine. The remaining people get paid more. It's a self balancing system.
- mikeodds 6y agoI guess the follow up question would be, how much would Bitcoins hash rate have to drop before a 51% attack is viable?
- jqpabc123 6y agoIs it self balancing or self defeating? Time will tell but the answer should already be obvious. Mining fees decrease over time and eventually disappear --- taking security with it. It is not only possible but also likely that at some point, the majority of remaining miners will be controlled by one entity.