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1 sat \ 3 replies \ @nerd2ninja 22 Nov 2022 \ on: 😱 How to rape bitcoin bitcoin
Question for you. Will mining be profitable for corporations? The miner subsidy won't last forever and Peter Todd even believes there will be a crisis in the fee market that could create a security issue for Bitcoin.
Meanwhile, I'm seeing ASIC water heaters and ASIC central heating systems. Slightly more expensive up front, but use the same electricity and mine Bitcoin. So over very long periods of time maybe pay for themselves.
I see the hashrate at some point being way way WAY above the profit motive due to innovative solutions that make mining as a business infeasible.
It's really hard to say..
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Incorrect.
"The miner subsidy" is actually composed of two parts:
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The block reward, which is cut in half every 4 years, and its newly created BTC.
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The transaction fees from the transactions the miner includes in the block.
The block reward will eventually reach zero.
The fees go on forever.
You're worried about a flawed system that exists only in your mind. Bitcoin is perfect.
The transaction fees alone will be sufficient to secure the network against all attacks in the future forever.
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Firstly, transaction fees are not part of the subsidy, they are part of the block reward. You have your terms mixed up.
The subsidy is initial distribution of Bitcoin. Inflationary monetary policy
The fees are payment for services
Both make up the block reward
Secondly, I am not that worried. Peter Todd who does Bitcoin core testing and things, is worried and you can read that here:
In which he references this paper: https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf
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