No, miners will not go obsolete after all 21 million bitcoins have been mined. Miners collect all the transaction fees of all the transactions in each block they mine. So miners will continue being paid even after the last bitcoin is mined.
No, miners will not go obsolete after all 21 million bitcoins have been mined. Miners collect all the transaction fees of all the transactions in each block they mine. So miners will continue being paid even after the last bitcoin is mined.
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Awesome
What does this mean though for people who have mining contracts with Genesis Mining?
I think many cloud miners may stop running should the profits from transactions fees not be enough to stay in business, and possibly more individuals will start mining again at home rather than leaving it to the big miners. Just a guess...
The open ended contracts on genesis mining are exactly that, they will only continue to pay out as long as it remains profitable to do so. as soon as it costs more to keep the machines running than paying the customers, the contract becomes fulfilled and complete.
I understand the open ended part but I am not sure if once all BTCs are mined if the contracts will continue. It is my opinion at this point in time that the contracts are only for mining available BTC.
I should send an email to Genesis Mining, but I will wait until they catch up to their support requests and answer my last ticket. I hope my contract will continue beyond just mining available BTC and then be used to process network transactions.
I would be interested to know the answer too. Very good point
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STOPThe short answer is yes.