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The guy doesn't grasp the basic premise of PoW schemes. Yes, it costs close to a Bitcoin to make a Bitcoin. That Bitcoin, once created, is a REUSABLE PROOF OF W
by nazgulnarsil 12y ago
The guy doesn't grasp the basic premise of PoW schemes. Yes, it costs close to a Bitcoin to make a Bitcoin. That Bitcoin, once created, is a REUSABLE PROOF OF WORK.
- api 12y agoThe real question is: how much does it really cost to clear a transaction? And how much of that cost is being hidden via being subsidized through a speculative mining frenzy? What happens to real-world TX costs when mining isn't a hot thing anymore?
- icebraining 12y agoThe real question is: how much does it really cost to clear a transaction? Anywhere from a fraction of a cent to millions of dollars. Bitcoin transactions don't have a fixed cost, it depends on how many people are mining. More miners => increased difficult => higher costs.
- akira2501 12y agoSo, what happens when they hit 21m bitcoin and mining no longer offers a reward?
- wmf 12y agoEverybody sells their now-worthless miners for scrap and the difficulty falls to a reasonable level.
- gfody 12y agoThere is an intrinsic cost associated with hashing and rehashing the blockchain to secure the transaction. In terms of cpu time, electricity, etc.
- icebraining 12y agoYes, but if there were no more miners, you could process all transactions on a single cheap laptop, which probably costs less than $1/day to run.
- wmf 12y agohow much does it really cost to clear a transaction? One way to look at that is (25 BTC / block) / (# of transactions / block). About 60 mBTC/transaction given https://blockchain.info/charts/n-transactions-per-block https://blockchain.info/charts/n-transactions-per-block Fortunately the transaction itself does not have to pay for its own processing.