I've understood for a while that bitcoin mining was a process that required computers to solve increasingly difficult problems in order to mine a block.

It wasn't until now that I realized those "problems" are actually the act of keeping track of all bitcoin transactions, updating the block chain.

Before this, I thought every bitcoin client on earth did that work to keep trackof the block chain together.

With this new understanding, I have to ask:

When all bitcoins have been mined, and there is no more reward for this computation by butcoin miners to update/keep track of the block chain, why would people continue to spend the resources to accomplish that task?

  • Perhaps a dynamic bitcoin transaction fee based not on the size of a transaction but on the value of the bc will be used to continue to reward miners for their hardware's work in keeping the bc network going? – Jonathan Apr 19 '15 at 17:05
  • There are some transactions in one block. Miner will collect all transaction fee as reward. – moshaholo Apr 20 '15 at 14:28