29 Nov '12, 10am

Bitcoin Hits 10.5 Million - Mining Payment Halves #bitcoin

Bitcoin Hits 10.5 Million - Mining Payment Halves #bitcoin

We have just reached one of the points, the 10.5 million coin mark, where the reward reduces - now bitcoin miners only receive 25 bitcoins per verification rather than 50. If you take into account the fact that the difficulty of the proof of work problem is adjusted so that time-to-verify stays the same no matter how much the hardware improves, then you can see that miners are getting less for more work. However, if bitcoin miners give up mining then the time to solve a problem will increase and the problem will automatically get easier and hence mining will again be profitable after a period of instability.

Full article: http://www.i-programmer.info/news/202-number-crunching/51...

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