Bitcoin's miners face vanishing incentives; 19M+ of its 21M max supply are mined

[As it stands the post is flagged, 45 minutes in -- very likely by a fan or investor in the cryptocurrency who is unable to stomach a conversation about an obvious challenge facing the project. I will try to appeal the flag.] Bitcoin aims to give people self sovereignty and financial freedom (who otherwise couldn't attain it). That's a noble goal, but the project has always had a fundamental problem: Bitcoin only survives if enough miners continue to participate, who spend on electricity to keep the network's total hash rate high (enough to fend off a determined foe, including one focusing state-level resources in a short period of time to pull off a 51% attack). Miners do this in exchange for new bitcoin. Though miners' profitability has recently been challenged by the latest downturn, the market can adjust and is not in immediate jeopardy of collapse. But it will be

Kind

startup

Status

Shut down

Inventor

projectsforlife

Ended

2022

Source

hackernews