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Keep in mind that the mining won't last forever. Bitcoin mining has already become all but unreachable[1] for normal household resources. Litecoin's blockchain
by smtddr 13y ago
Keep in mind that the mining won't last forever. Bitcoin mining has already become all but unreachable[1] for normal household resources. Litecoin's blockchain is still new enough that it hasn't reached that point yet. Just like BTC, LTC was first just CPU, now it's GPU, then ASIC will show up then finally it'll just be pools for 0.00003 LTC a week or you'll need a freakin' Pixar+Dreamworks+ILM SuperPowered-RenderFarm or something that no ordinary person can reasonably afford access to.
1. http://www.ibtimes.com/secret-bitcoin-mine-chinese-facility-uses-boiling-liquid-cool-massive-computers-generate-bitcoins http://www.ibtimes.com/secret-bitcoin-mine-chinese-facility-...
- galactus 13y agoDoesnt the bitcoin network need mining to work? As far as I understand it, mining needs to be done forever, even if its impossible to collect new coins.
- smtddr 13y agoI don't think it does. Bitcoin can be split to the eighth decimal place, IIRC. If bitcoins become hard to get, the price should go up, then needing one whole btc to buy something should get less common. Or maybe you're right and years from now it'll all collapse and some other improved crypto-coin will have to take its place. I guess we'll find out, because there is a hard-limit on how many btcs can be obtained(21 million to be exact) by mining, so when that runs out...
- empraptor 13y agoFrom what I understand, the work that the miners do currently needs to continue for transactions to be added to the P2P ledger. This is why whoever wants to process a transaction will need to pay a fee that goes to the miner once Bitcoins stop getting generated to reward mining in 2016 or something. Otherwise, people who are in it for the profit will stop doing the "mining".
- maxerickson 13y agoMining is fundamental to the operation of bitcoin. "Mining" just means finding a satisfactory hash for the next block of transactions. People pursue mining because of the rewards built into bitcoin, transaction fees are supposed to eventually replace that reward.
- drzaiusapelord 13y agoOkay then someone starts up some other crypto coin. It doesn't ever have to end. Boom, bust, and hopefully cash out before the bust. GPU shortages and breathing in extra coal emissions continues.
- wmf 13y agoBitcoin mining has already become all but unreachable for normal household resources. Sure, but the total energy being "wasted" by Bitcoin mining globally may still be increasing.