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The way I understand it, and in this realm I actually am less than a noob, the miners provide most of the processing power for the transactions of the coin due to incentives for processing payments while mining. But since these last 2 million coins have basically become unicorns (expected to be mined until 2140) won't the guys who have the server farms just move to a new coin to mine?

Is there an infrastructure to deal with the currently mined coins without miners adding their resources to the blockchain? And what happens to existing coins if the current server farms are not available? ELI5 this shit guys 'cause I really don't understand how people dump a bunch of their fiat into something that might not even function in the future.

Honk honk.

The way I understand it, and in this realm I actually am less than a noob, the miners provide most of the processing power for the transactions of the coin due to incentives for processing payments while mining. But since these last 2 million coins have basically become unicorns (expected to be mined until 2140) won't the guys who have the server farms just move to a new coin to mine? Is there an infrastructure to deal with the currently mined coins without miners adding their resources to the blockchain? And what happens to existing coins if the current server farms are not available? ELI5 this shit guys 'cause I really don't understand how people dump a bunch of their fiat into something that might not even function in the future. Honk honk.

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[–] • 1 pt

When coins are paid out then the traffic becomes the profit. You get paid for being a node.

[–] • 0 pt

But do you get paid enough is my question and what happens to the coin if miners leave?

[–] • 1 pt

Miners never have the coins.. coins go in wallets. Wallets never disappear unless the network is completely gone.

[–] • 1 pt

Should remain at about the same level of compensation. Which isn't a lot. BTC miners REALLY make their money by mining coins, yes, but the $$$ comes when those coins go up in value..

i.e: it costs you $10 to mine $11 worth of btc today.. But next week if btc is worth $13, you made extra $$ on top of mining.

If miners leave, the remaining miners make more $$. If LOTs leave, then they will lower the difficulty and speed up the smaller network.