Sentences with phrase «smaller reward for mining»

Critics say that a smaller reward for mining is complicated by the so - called difficulty bomb, which is a code in the ether chain that makes it incrementally more difficult to mine.

Not exact matches

However, the Bitcoin Network still may be used to execute instantaneous, low - value transactions without confirmation, because it is generally agreed that a malicious miner would be unwilling to carry out a double - spend attack for low - value transactions since the reward from mining would be higher than the small profit gained from double - spending.

And while journalists around the world searched for a scoop, one small story went uncovered - the reward for mining a block on the bitcoin blockchain had just halved.

Cryptocurrency mining involves using your computer to help perform the computationally intensive task of maintaining the global blockchain «ledger» that records all cryptocurrency transactions — in return for very small rewards of cryptocoin.

It has been theorized that this can occur for Bitcoin once the mining rewards are gone (after all 21 million coins have been mined), or potentially even sooner as rewards become increasingly smaller and miners are basically only receiving transaction fees.