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How will transactions get confirmed in the block chain if there's no longer any blocks worth mining? Won't most people stop mining blocks to save money? Or is
by admax88q 13y ago
How will transactions get confirmed in the block chain if there's no longer any blocks worth mining? Won't most people stop mining blocks to save money?
Or is the hope that enough people will continue mining out of goodwill to keep the economy flowing?
- DougWebb 13y agoMiners get bitcoins two ways: 1) A reward (currently 25 BTC, cut in half at regular intervals) 2) Transaction fees: a percentage of each transaction in the block, typically with a 0.01BTC minimum currently. Once the rewards are gone, miners will be competing over who can include the most transactions in their blocks in order to capture most of the fees.
- quotha 13y agoat the point, the miners will collect fees for processing transactions.
- abdullahkhalids 13y agoFor large transactions, you typically 'donate' a small bit to the miners, which is earned by the person who mines the next block. It is expected that as the number of transactions keep going up, the reward from transaction costs will eventually outstrip the block reward. P.S 1 might have messed up terminology P.S 2 too small transactions (typically by Sastoshi Dice) even today are not being accepted by miners unless accompanied by a donation.