So, what's the deal with max daily Bitcoin mining? 🤔 Like, we know no new BTC will pop up after 21 million, but how many can actually be mined in a single day?
Daily Bitcoin Mining and Transaction Limits
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It's more complicated than just a day, honestly. The Bitcoin network runs 24/7. So, there’s no strict daily mining limit. It all depends on the halving and the number of blocks confirmed.
Right, the block mining happens about every 10 minutes, but that can change a bit. So it’s not easy to pin down an exact daily number.
cryptodefiMember
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#4May 8, 2024, 02:57 AM
Exactly. A miner makes money from the block reward plus transaction fees. If they find a block, they're looking at 3.125 BTC plus whatever fees are bundled in.
But isn’t it risky to assume all this about 2140? What if the mining rewards get stopped way earlier?
Nah, by 2140, there's gonna be no more BTC to mine. Just fees left. I don’t think we’ll make it to 2140, but even in 2044, it'll be super low rewards.
cryptodefiMember
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#7May 9, 2024, 08:40 PM
You guys are missing the point. There’s a limit on how fast blocks can be mined, but it’s not set to a specific time for one block. It’s all about the 2016 blocks, right?
The 10-minute thing is just an average. Sometimes it takes longer, sometimes shorter. It adjusts every 2016 blocks. Not exact science at all.
cryptodefiMember
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#9May 11, 2024, 02:13 PM
In 20 years, mining might become exclusive for big firms with data centers. Those small setups are likely to vanish.
Or maybe it’ll go back to the hobbyists. Just like it was at the beginning when big companies didn’t rule everything.
Stats from earlier show how coins were left and prices fluctuated over the years. So if that trend continues too long, mining could really drop off.
If BTC price stays low, miners won’t update their rigs, and older equipment becomes useless. Big companies will always have that lower energy cost though.
I think miners care more about USD value than actual Bitcoin price. If BTC stays below a certain price after halving, that could be the end for a lot of miners.
Exactly! Once profits dip, a lot of miners might start bailing. And who knows, maybe they’ll need a new model like Ethereum's to survive.
Sounds reasonable. It's all about whether electricity stays cheap or if BTC prices shoot up.
ben.matrixNewbie
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#16May 14, 2024, 07:01 PM
Totally get you there. If we hit a good BTC price, things could get wild for miners. But if it stalls, it’s gonna be rocky.