Why are people still investing thousands of dollars?
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@ccminer said in Why are people still investing thousands of dollars?:
@Gadrah_ Let's hope the price will rise accordingly during these 4 years othewise I really do not think that the transactions fees will be enough for the miners as incentive to keep mining and keep the network secure
I too hope the prices will increase. However, I believe HDD miners will still mine if rewards are low, because it costs so little to have your hardware running, compared to people who are mining other coins with ASIC or GPU monster farms. They are the ones who have to constantly worry about profitability and electricity prices. Also, think about the cumulative effect when you mine burstcoins and then invest them into assets (in the case of low income from burstcoin mining, choose assets that are based on something else), and maybe even reinvest your profits. This makes HDD mining of Burst a unique case compared to mining most other coins.
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@Gadrah_ Not exactly... there will be still be an extra mining reward (without Transactions fees) of 30 Burstcoins each Block till 2024 and going on (edit: going on decreasing 5% every month).
2"Now everybody can see that da wallet is empty, empty." ->
The Burst Foundation: BURST-7BXU-TTFG-Z2JF-8QUZP (Development Fund)
2 Replies
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@ccminer I'm not really afraid of that :) also, by 2021 I will have way more than doubled my investments on burst thanks to asset dividends and asset speculation :)
@daWallet Oh, I did not know that the other graph was cut out ! Thanks for the clarification
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@daWallet So there will be always a 30 BURST block reward?
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@ccminer It decreases 5% every month. I added it to the diagram.
1"Now everybody can see that da wallet is empty, empty." ->
The Burst Foundation: BURST-7BXU-TTFG-Z2JF-8QUZP (Development Fund)
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@daWallet I see
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@BURSTguy I added an arrow indicating that 2024 is not the end but even today we often have blocks over 30 Burst mining reward in fees.
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@daWallet said in Why are people still investing thousands of dollars?:
@Gadrah_ Not exactly... there will be still be an extra mining reward (without Transactions fees) of 30 Burstcoins each Block till 2024 and going on (edit: going on decreasing 5% every month).
Just as a comparison: Bitcoin, after its recent halving, yields approximately 12.5 coins per block. If Burst becomes a top coin in the future, there is no reason to be afraid of having 30 coins per block by year 2024. We are just spoiled right now since we are getting so many coins per block, being early adopters and all.
@gpedro you were looking for this graph I think, but I send you the cut-off version. Here's the whole thing.
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@mathew @Gadrah_ @ccminer @Propagandalf @BURSTguy @anyone who's interested
180 generating months (30 days a month, 4 min per block, so 10800 blocks per month), that's the spreadsheet, notice that mined+unmined burstcoin number from burstcoin.biz is equal to the total burstcoin in circulation at the end of month 180, I also added an estimated end date for coin generation (May 2029):
https://docs.google.com/spreadsheets/d/1Z2ocMGiN8RpcICT2oUXi2b1tCzV6w2HzBvN6SFbWgzo/edit?usp=sharing
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@Propagandalf said in Why are people still investing thousands of dollars?:
@daWallet said in Why are people still investing thousands of dollars?:
@Gadrah_ Not exactly... there will be still be an extra mining reward (without Transactions fees) of 30 Burstcoins each Block till 2024 and going on (edit: going on decreasing 5% every month).
Just as a comparison: Bitcoin, after its recent halving, yields approximately 12.5 coins per block. If Burst becomes a top coin in the future, there is no reason to be afraid of having 30 coins per block by year 2024. We are just spoiled right now since we are getting so many coins per block, being early adopters and all.
@gpedro you were looking for this graph I think, but I send you the cut-off version. Here's the whole thing.
Wow, did not know about this 5% per month structure. That reduces the block reward at an insane rate.
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@nox it is the same rate than bitcoin ... just in smaller steps ...
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@luxe I thought that Bitcoin halves once per year with is equivalent to 50% decrease annually.
Doesn't Burstcoin have a 5% reduction per month 5 * 12 = 60% decrease annually.
Or are you saying they have the same time frame of available coin to be mined as Burstcoin has more than Bitcoin
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The 5% are substracted from current/last block reward, so it is not 60% a year ... too late to do exact math here right now :-)
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@luxe ah, yes my bad it's negative compounded got it yup I understand
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So to be honest there is still a chance to mine Burst for 5 years and have profit from it?
1( ͡° ͜ʖ ͡°) - BURST-78CY-UKQ5-ZERZ-FJ3DV
1GB = 4,096 nonces
1TB = 4,194,304 nonces
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@pr0cesor said in Why are people still investing thousands of dollars?:
So to be honest there is still a chance to mine Burst for 5 years and have profit from it?
From what I have heard people believe mining will stop at year 2029, profitibility will still probably be there just not as much
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@mathew said in Why are people still investing thousands of dollars?:
@pr0cesor said in Why are people still investing thousands of dollars?:
So to be honest there is still a chance to mine Burst for 5 years and have profit from it?
From what I have heard people believe mining will stop at year 2029, profitibility will still probably be there just not as much
I see, I don't seek to have a crazy profit to buy a house or be a rich guy but I would not mind having few hundred box in my wallet every month just from mining. So I guess still 2017 is a good start for amateurs like me, I guess it's not too late to play around and have some little profits :)
1( ͡° ͜ʖ ͡°) - BURST-78CY-UKQ5-ZERZ-FJ3DV
1GB = 4,096 nonces
1TB = 4,194,304 nonces
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@mathew Well to be precise mining will never stop as long as there are miners and transactions on the blockchain. Profitability can be lower, same or higher, depends on network difficulty, mass adoption, and Burst price :)
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@Gadrah_ said in Why are people still investing thousands of dollars?:
@mathew Well to be precise mining will never stop as long as there are miners and transactions on the blockchain. Profitability can be lower, same or higher, depends on network difficulty, mass adoption, and Burst price :)
Lets say we rich 2022 and some people will crush away from mining, will they come up with another currency that we could mine from Storage Drivers? I heard storage drive mining is the future of all digital mining since BTC and other coins are mined on CPU/GPU or ASIC.
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@pr0cesor said in Why are people still investing thousands of dollars?:
@Gadrah_ said in Why are people still investing thousands of dollars?:
@mathew Well to be precise mining will never stop as long as there are miners and transactions on the blockchain. Profitability can be lower, same or higher, depends on network difficulty, mass adoption, and Burst price :)
Lets say we rich 2022 and some people will crush away from mining, will they come up with another currency that we could mine from Storage Drivers? I heard storage drive mining is the future of all digital mining since BTC and other coins are mined on CPU/GPU or ASIC.
I am guessing there will be multiple coins in the future that will be created to be mined on storage once they see how large burst has become, I just hope I see the coin before everyone else and mine it!
