Nostr Web Client

I am putting this here because I am watching talks at madeira and I have a random question that may have been answered at some point, but wanted to say it in case i do not get to it.

Lets say everyone does adopt mining to use the wasted energy and this happens globally...when all the bitcoins are claimed, would this avenue of revenue be obsolete? So the small towns that are rebuilding their cities would be left without anything to create any wealth or do they now have that limited supply of bitcoin? I guess what I am asking is what happens when it is all claimed?

Nic 1y ago

Fees would incentivize miners to keep going. If the fees aren't worth the work and miners disconnect from the network, the difficulty adjustment would adjust.

The difficulty adjustment would be important to learn about next, if you haven't already.

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Discussion

SoupBox 1y ago

I thought it was only mining for bitcoin, not working to keep the blockchain going, so as someone who knows absolutely nothing about bitcoin, if i was told "keep the blockchain going and collect the fees for work" then I would have understood better. Because everyone says there is a finite amount of bitcoin and that is what I was basing my assumptions on. A little rewording for the newbies like me....now I want to mine because of this new info.

Nic 1y ago

Depending on where you are located, there are companies who connect the miners to your home durnace, to both mine and heat.

https://jouleport.com/

SoupBox 1y ago

and i will look into it!

Nic 1y ago

In my opinion, it is the most important feature, when it comes to mining. If the hash rate goes up, the difficulty adjusts up. If the hash rate goes down, the difficulty adjusts down.