"And the smoke of their TORMENT goes up forever and ever; and they have no rest day and night,
Individually, these people received the mark of the beast (Revelation 13:16); now collectively they face a forever TORMENT.
Fire and smoke are associated with Hell (Mark 9:38-50) and the "wood" (persons who chose the mark) is being stacked up waiting for the breath of God (Isaiah 30:27-33). Yes, there is a Hell, or spiritual burning place. These individuals get there in this verse, followed by the beast and false prophet (Revelation 19:19-21), and finally the devil himself is confined there FOREVER (Revelation 20:10).
Note: while on earth the believers were tormented and persecuted. Now the roles are reversed (see verse 13). As a believer, I am willing to suffer now for only a lifetime rather than make the wrong choice and be TORMENTED FOREVER. Also, from the physics of this illustration, smoke going up forever may be an indication of the infiniteness of the physical universe.
those who WORSHIP the beast and his image, and
Recall this was caused by the 'earth beast' - Revelation 13:12-17.
and whoever RECEIVES the MARK of his name."
This concludes the third midheaven angel's pronouncement (verse 9).