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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?

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Discussion

VelvetBlue_art 1y ago

Oligarchy is what will happen.

SoupBox 1y ago

transfer of wealth to a whole different group?

VelvetBlue_art 1y ago

Yes.

captjack 🏴‍☠️✨💜 1y ago

#[2] energy man

Rewards <<<< Keep Reducing

ESG Pollution <<<< Far less than now

Theory is $Fiat price >>> Energy Cost

7% of total supply remained to be mined

4 yr reward reducing cycle

SoupBox 1y ago

if this all about carbon emission, great stuff, but I am not entirely sure what is the benefit after all the bitcoins are mined?

captjack 🏴‍☠️✨💜 1y ago

miners collect onchain fee on top of reducing block rewards so input cost energy in fiat n higher price will still incentivize miners - that's theory

Hope Rising 1y ago

Correct me if I’m wrong, but once all the bitcoin is mined, wouldn’t miners still be collecting fees to confirm transactions?

SoupBox 1y ago

that adds another layer of questions!?!?! what are fees exactly??

Hope Rising 1y ago

It’s the fee you pay the miners to have your transaction included in the next block. The transaction is settled when it’s added to the blockchain

SoupBox 1y ago

ok so the blockchain technically can go on forever?

Hope Rising 1y ago

According to investipedia- 😅transactional blocks will continue

Hope Rising 1y ago

There are so many bitcoin experts on here; I’m probably the last one that should be trying to explain it😆

SoupBox 1y ago

well i appreciate your input. ty very much!

Hope Rising 1y ago

Np 😁 wish I understood more 😂

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.

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.