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so ive been reading the whitepaper, the bitcoin standard, and trying to onboard to the bitcoin-core codebase as part of learning about bitcoin.

my main concern around hodling bitcoin was quantum, but it seems that there is already a BIP in progress to address this.

now i am wondering about free energy and moore's law... what happens when the cost of energy goes to zero and/or asics reach 1000x current efficiency. can mining difficulty increase infinitely? maybe by now this doesn't even matter because the vast majority of bitcoins are already released?

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Discussion

Evan 1y ago

I think I answered my own question and this is in the realm of very hypothetical since getting to whatever a "maximum difficulty" looks like is hard to define and it doesn't even really matter since most of the supply is out there.

Eporediese 1y ago

Well … even when all the bitcoin is mined, miners will still be competing for transaction fees. I think one way to look at it is as long as the cost of energy + compute + land … is not actually zero, the mining difficulty will adjust accordingly.

sudocarlos 1y ago

Checkout the genesis book and the blocksize war

Kosmosis 1y ago

If the cost of energy goes to zero that means the available energy goes to infinity. If that happens we will have little need for money.

And probably much larger problems to worry about than the $ price of Bitcoin.

Tim 1y ago

dont fall for the quantum fud

Evan 1y ago

It is likely coming one day no? Even if that’s in 50 years, it’s still a potential problem for bitcoin right?

Tim 1y ago

ya then just fork it with a new cryptographic hash function and public/private key algorithm. satoshi even said the day would come

Tim 1y ago

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SuiGenerisJohn 1y ago

If I had the article at my fingertips, but I had a similar question and the answer is 1000x is zero problem because the difficulty is extremely low compared to the theoretical maximum difficulty.

Evan 1y ago

Thank you makes sense! I’ll search around for articles around it

SuiGenerisJohn 1y ago

Absolutely, lots out there, just distracted at the moment and can't deliver, if you dont find it let me know ill dig it up.