[Humjob]

I have a question about bitcoin in general - how do transactions on the network get verified? Does it mostly happen through miners? If so, what happens when mining reaches the point where it becomes economically worthless to everyone except a few electricity thieves? Will there just be a massive backlog of unprocessed transactions?

Unless I'm wrong somehow, I could see this becoming especially problematic as bitcoin becomes more popular and the daily transaction volume grows. How does the bitcoin foundation/community plan to tackle this issue?

[rockyleal]

This is clearly not the place to ask this question about mining. This is a thread about a software development on a whole different side of Bitcoin. If you are genuinely curious about the theme of your question, and not just interested in derailing threads, you are very welcome to educate yourself at bitcointalk, the main Bitcoin forum. There have been thousands -if not millions- of man hours in thinking, development, research and debate about the topics you enquire about. Head there and find the answers, and if still in doubt don't be afraid to ask (on an appropriate thread).

[Arnavion]

>If so, what happens when mining reaches the point where it becomes economically worthless to everyone except a few electricity thieves?

The difficulty of mining is represented by a certain target number. The process of mining involves finding another number (the nonce) such that the hash of the transactions and that nonce together is less than the target. The smaller the target is, the less possible solutions exist, and the more nonces you'd have to guess before you find one that satisfies the condition.

This difficulty is self-adjusting based on how long it took to find the previous 2016 blocks (at an average of 1 block every 10 minutes this is 2 weeks). If the previous 2016 blocks were found faster than an average of 1 every 10 minutes, then the difficulty will be increased so that the next 2016 go closer to 1 every 10 minutes, and vice versa. (There is a clamp on the change of 25% if I remember correctly, so it won't change drastically.)

The assumption in the end is that these few electricity thieves will not have so much hashpower that they will be able to drive up the difficulty so high the rest of the non-thieves can get profits from their miners.

[gus_massa]

Transaction Fees: http://bitcoinfees.com/

> The fees go to the miners to incentivise them to keep mining, which in turn keeps the Bitcoin network secure. They already get a reward of 25 XBT for each block they mine, but this reward halves every 4 years. The plan is that as the block reward diminishes over the time, it will be replaced by transaction fees.