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At some point mining will stop and energy use will only amount to running the blockchain nodes. How far are we from the total number of Bitcoins the system all
by pier25 6y ago
At some point mining will stop and energy use will only amount to running the blockchain nodes.
How far are we from the total number of Bitcoins the system allows?
- foota 6y agoThat's not how it works. As the number of coins minted nears the maximum the difficulty and reward for mining coins increases exponentially.
- mgerullis 6y agoApparently it is still more than 100 years before block rewards stop, unless the protocol is being changed. Wondering if quantum computing will break it beforehand
- poundofshrimp 6y agoIf you mean the hashing will stop - it won’t, because that’s how the system is secured. The creation of new bitcoins is irrelevant as far as energy use goes.
- varajelle 6y agoThe creation of new bitcoin is what incentives miner to spend so much. When the reward go down, the miners would presumably spend less energy. (But it has so far been offset by the increase of value of bitcoin itself.)
- X6S1x6Okd1st 6y agoThe next halving is in 1100 days when the subsidy drops to ~3 BTC. Total reward has been ~10-15% composed of tx fees recently. Waiting for reward to drop off by halving will take a long time and if current trends persist will be nicely padded by tx fees. https://btc.com/stats/fee https://btc.com/stats/fee
- X6S1x6Okd1st 6y agoSome day the miner subsidy will stop, if mining stops the network stops
- globular-toast 6y agoMining can't stop. It's required to keep the ledger true. The block rewards will stop, but miners will still earn the transaction fees.