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Anyone have a sense on when realistically mining becomes totally impractical for the reward? I seem to recall reading somewhere that with the current technology
by neom 3y ago
Anyone have a sense on when realistically mining becomes totally impractical for the reward? I seem to recall reading somewhere that with the current technology it would take till around 2100 to mine them all, but surely somewhere between 2030 and 2040 the reward to power consumption will get out of whack such that nobody will do it?
- SeanAnderson 3y agoThat depends on the valuation of BTC, no?
- psychlops 3y agoMiners make money from the transaction fees as well as the block reward. If fewer people mine, then the difficulty level drops and allows people with lower computer power to get the rewards.
- deleted 3y ago[deleted]
- redox99 3y agoIt will always make economical sense to mine, because difficulty automatically adjusts. The issue is when it becomes cheap enough to do a 51% attack.
- latchkey 3y agoIt will never be cheap enough to 51% attack either and even if it was attacked, it wouldn't matter. https://www.youtube.com/watch?v=ncPyMUfNyVM https://www.youtube.com/watch?v=ncPyMUfNyVM https://www.crypto51.app/ https://www.crypto51.app/
- Ferret7446 3y agoIt will never become cheap enough to do a 51% attack because there are multiple parties that all would be interested in doing a 51% attack competing against each other. Furthermore, Bitcoin is "self-healing" in the sense that an attacker does not gain persistent control; they lose control if they lose 51% compute vs the rest of the planet (unlike, say, Ethereum with proof of stake).
- yownie 3y ago2140 but network fees then take over as incentives.
- npoc 3y agoAs the popularity of bitcoin and it's stored value increases, so will the demand for transactions against its fixed transaction rate, driving up fees. Mining never becomes uneconomic because the difficulty adjustment makes mining easier and easier as miners drop out.