This might have been answered elsewhere but couldn't find it, if it has.
The miners get paid less and less as time goes on.
With the ledger also growing bigger and bigger, wouldn't the cost of mining start to exceed the profitability of mining? If no one would mine bitcoins anymore, wouldn't it shut the whole system down?
The miners get paid less and less as time goes on.
With the ledger also growing bigger and bigger, wouldn't the cost of mining start to exceed the profitability of mining? If no one would mine bitcoins anymore, wouldn't it shut the whole system down?
If the price stays same or goes lower, then yes. Miners would go bankrupt and the system would collapse. As long as the price climbs up, they will be happy.
There will always some people who'll mine btc with whatever device they got (cpu, gpu, asic whatever) without checking the prices and there will also some people who get their electricity for free (thieves) and as long as btc is become complete dog poo, it will keep attracingt these people.
