Am I right about this or not | Bitcointalksearch.org

safar1980

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Quote from: Wiwo on June 03, 2023, 04:00:18 PM

Quote from: safar1980 on June 03, 2023, 03:55:16 PM

The main reward of the miner decreases every halving by 50%.
The increase in reward can happen when a lot of miners go offline or network fees are high.
If 5% of miners leave to mine other coins or turn off mining, then this may not be noticeable for profit.

Even when a lot of miners pack up the mining farm and it result in higher rewards for the available miners it still balls down to one thing which is the winner will have to double their mining capacity since there will be computing twice the amount in transaction compared to a previous time where the number of minner are multiple.

So it's a chance that must keep rolling as long as rewards and mining kid concern, the lesser the block rewards the higher the value of Bitcoin so at that, we must be ready to make adequate accumulation plans.

I use average block rewards for a week or a month to calculate the payback of ASICs. Commissions in the block are 5-10 thousand dollars, and the reward for the block is 170,000 dollars.
If you mine on a pool, then within a week or a month you will have a stable average reward per day, which you will focus on.

suzanne5223

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Quote from: safar1980 on June 02, 2023, 04:53:02 PM

Quote from: suzanne5223 on June 01, 2023, 07:59:01 PM

Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business?

If miners go out of business who will manage the network and mine the unconfirmed transaction into the block? Miners will never go out of business but they will only depend on transaction fees and there's a chance for a huge transaction after the whole 21M BTC is mine and there's no more halving.

The Bitcoin blockchain is secure when there are many miners processing transactions. Each miner has its own cost of electricity and equipment maintenance. When the profit falls, those miners who have high costs will leave mining. If 50% of miners leave mining, then the other 50% who remain will receive 2 times more profit. The number of miners depends on the profit, I think few miners will work with minus profit.

In fact, the quantity of miners on the network has a significant impact on the security of the Bitcoin blockchain. In order to change the chain's content, a malicious actor would need to control the majority of the mining power, which is made harder to do when more miners there are on the network.

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Quote from: Wiwo on June 03, 2023, 04:00:18 PM

Even when a lot of miners pack up the mining farm and it result in higher rewards for the available miners it still balls down to one thing which is the winner will have to double their mining capacity since there will be computing twice the amount in transaction compared to a previous time where the number of minner are multiple.

In addition to block rewards, miners get the tx fees attached to tx's in the block they mine and add to the blockchain, just as the network is congested due to ordinals and people have to pay higher fees, miners get a higher total reward, but it doesn't have to do with the available miners or the current hashrate, but how much in tx fees that people are willing to pay.

Take note that it doesn't matter the number of miners available or the current hashrate, mining difficulty would always adjust automatically to ensure that blocks are mined ~ 4 minutes on average and miners cannot exceed the block size limit no matter the number of pending transactions, so if a miner increases their computation power it is only because they want to be at an advantage to add blocks to the blockchain.

Wiwo

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Quote from: safar1980 on June 03, 2023, 03:55:16 PM

The main reward of the miner decreases every halving by 50%.
The increase in reward can happen when a lot of miners go offline or network fees are high.
If 5% of miners leave to mine other coins or turn off mining, then this may not be noticeable for profit.

Even when a lot of miners pack up the mining farm and it result in higher rewards for the available miners it still balls down to one thing which is the winner will have to double their mining capacity since there will be computing twice the amount in transaction compared to a previous time where the number of minner are multiple.

So it's a chance that must keep rolling as long as rewards and mining kid concern, the lesser the block rewards the higher the value of Bitcoin so at that, we must be ready to make adequate accumulation plans.

safar1980

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Quote from: Wiwo on June 02, 2023, 05:49:18 PM

Quote from: safar1980 on June 02, 2023, 04:53:02 PM

Quote from: suzanne5223 on June 01, 2023, 07:59:01 PM

Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to Bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business?

If miners go out of business who will manage the network and mine the unconfirmed transaction into the block? Miners will never go out of business but they will only depend on transaction fees and there's a chance for a huge transaction after the whole 21M BTC is mine and there's no more halving.

The Bitcoin blockchain is secure when there are many miners processing transactions. Each miner has its own cost of electricity and equipment maintenance. When the profit falls, those miners who have high costs will leave mining. If 50% of miners leave mining, then the other 50% who remain will receive 2 times more profit. The number of miners depends on the profit, I think few miners will work with minus profit.

So the limited minner will receive x2 rewards if some high percentage exit mining, this is somewhat unbelievable and impossible for miners to exist on the network due to limited minimum reward resulting from a reduction in bitcoin block reward due to the scarcity of bitcoin, but the ultimate question is, would that likely become the reality i don't think so, things like fees and other may change but the reduction in the number of minners will not change rather it may increase in the future.

Bitcoin the question about Bitcoin halving i don't think this event will ever change as long as the Bitcoin network remains.

The main reward of the miner decreases every halving by 50%.
The increase in reward can happen when a lot of miners go offline or network fees are high.
If 5% of miners leave to mine other coins or turn off mining, then this may not be noticeable for profit.

Wiwo

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Quote from: safar1980 on June 02, 2023, 04:53:02 PM

Quote from: suzanne5223 on June 01, 2023, 07:59:01 PM

Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to Bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business?

If miners go out of business who will manage the network and mine the unconfirmed transaction into the block? Miners will never go out of business but they will only depend on transaction fees and there's a chance for a huge transaction after the whole 21M BTC is mine and there's no more halving.

The Bitcoin blockchain is secure when there are many miners processing transactions. Each miner has its own cost of electricity and equipment maintenance. When the profit falls, those miners who have high costs will leave mining. If 50% of miners leave mining, then the other 50% who remain will receive 2 times more profit. The number of miners depends on the profit, I think few miners will work with minus profit.

So the limited minner will receive x2 rewards if some high percentage exit mining, this is somewhat unbelievable and impossible for miners to exist on the network due to limited minimum reward resulting from a reduction in bitcoin block reward due to the scarcity of bitcoin, but the ultimate question is, would that likely become the reality i don't think so, things like fees and other may change but the reduction in the number of minners will not change rather it may increase in the future.

Bitcoin the question about Bitcoin halving i don't think this event will ever change as long as the Bitcoin network remains.

safar1980

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Quote from: suzanne5223 on June 01, 2023, 07:59:01 PM

Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business?

If miners go out of business who will manage the network and mine the unconfirmed transaction into the block? Miners will never go out of business but they will only depend on transaction fees and there's a chance for a huge transaction after the whole 21M BTC is mine and there's no more halving.

The Bitcoin blockchain is secure when there are many miners processing transactions. Each miner has its own cost of electricity and equipment maintenance. When the profit falls, those miners who have high costs will leave mining. If 50% of miners leave mining, then the other 50% who remain will receive 2 times more profit. The number of miners depends on the profit, I think few miners will work with minus profit.

suzanne5223

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Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business?

If miners go out of business who will manage the network and mine the unconfirmed transaction into the block? Miners will never go out of business but they will only depend on transaction fees and there's a chance for a huge transaction after the whole 21M BTC is mine and there's no more halving.

Quote from: Z390 on May 15, 2023, 07:18:55 AM

This is the question I was asked and I believe that miners are the reason why transactions are been processed, right? correct me if I am wrong though, I believe that even after all the 21 million coins are mined, Bitcoin miners will still be here because they are the reason why transactions are going through or am I wrong?

That's correct. Meanwhile, the miners that used the full node do two different things for the Bitcoin network that's making it stronger and also mining BTC.

KFC786

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Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business? This is the question I was asked and I believe that miners are the reason why transactions are been processed, right? correct me if I am wrong though, I believe that even after all the 21 million coins are mined, Bitcoin miners will still be here because they are the reason why transactions are going through or am I wrong?

There are rumors that when 21 million Bitcoin will.be mined than at that time they will collect fee for what they are doing on every transaction that happens. So they will be able to get a lot of money what they are doing.

dansus021

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Quote from: safar1980 on May 29, 2023, 06:46:15 AM

I am not sure that bitcoin will survive until 2050. What ASIC will be for Bitcoin mining in 2050?
100,000 Terahesh with an electricity consumption of 50 kilowatts.
I wrote what first came to mind, but only large companies can buy and serve such ASICs.

This is just an opinion but when the bitcoin don't reward for the finding block like today maybe we gonna see declining on difficulty since all they found block without reward. the Only reward is from the transaction fee.

The big miner might drop their farm and the small or home miner will come to get that Transaction fee. so yeah at this time we might see mining from home again.

bettercrypto

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Quote from: Z390 on May 16, 2023, 07:36:58 AM

Quote from: bettercrypto on May 15, 2023, 07:12:44 PM

Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business? This is the question I was asked and I believe that miners are the reason why transactions are been processed, right? correct me if I am wrong though, I believe that even after all the 21 million coins are mined, Bitcoin miners will still be here because they are the reason why transactions are going through or am I wrong?

You are right, and bitcoin miners make money through block rewards, transaction fees, profitability and costs, remember this.

Just always remember that bitcoin miners are responsible for adding and verifying transactions on the bitcoin blockchain. And the purpose why they do this is because they solve complex math problems. so in return for what they do they are rewarded with bitcoin.

[1] Job of the Bitcoin Miners

This is cool, it means the excitement will always be here, I knew this before but I just wanted to confirm again, because someone threw this question to my face, and thanks for your answers, everyone. I believe Bitcoin is here to stay, miners will always have something to make from transaction fee at least which is a very good thing.

The only thing miners need to keep doing is upgrading their mining equipment, and the profit will be lower unless transaction fee increases, I hope this gets to new bitcoin miners that are worried about the uncertainty of mining in the future.

Your almost welcome, as long as no matter what others say negative for you about bitcoin, the important thing is that "You" yourself stick to the belief and vision of bitcoin and know more about it.

So even when the 21M supply reaches the point, we don't know what these developers can do, they can increase the supply of Bitcoin or we don't know if they can think of something better to do. Although my assumptions are impossible.

safar1980

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Quote from: dansus021 on May 21, 2023, 08:49:39 PM

Quote from: mindrust on May 20, 2023, 03:46:51 AM

Quote from: safar1980 on May 15, 2023, 03:33:30 PM

but I don't think we'll live that long.

See this guy? This guy gets it.

We don't even know if we will be alive by then.

1000% Agree Grin

We all be dead when the bitcoin reached its limit unless we have some of potion from alien to watch this moment hehehe.

The simplest answer I think

Miner will be there but they will have efficient mining and big farms might cease to exist only small miners who will get from the transaction fees. and the price of bitcoin might be crazy at that time or the community has new consensus system I don't no like move to PoS but without adding more coin but this is high unlike to happen

I am not sure that bitcoin will survive until 2050. What ASIC will be for Bitcoin mining in 2050?
100,000 Terahesh with an electricity consumption of 50 kilowatts.
I wrote what first came to mind, but only large companies can buy and serve such ASICs.

Yamane_Keto

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Quote from: philipma1957 on May 28, 2023, 06:15:38 PM

The reward to fee ratio has changed bigly.

50 reward .02 fees
25 reward .04 fees
12.5 reward .08 fees
6.25 reward .15 fees

I used to think the opposite, which is that bitcoin transaction fee per byte in the early days are expernsive because everyone was not know how bitcoin works, low currency value, bad software, which sometimes causes someone to send 50 bitcoins as fees.

today, they have become more aware of the value of bitcoin, and we do not pay a lot of fee per byte, or to be precise, fee per vbyte, but on the other hand, the number of transactions in each block has increased, and it has become rare to mine several empty blocks.

After the last Satoshi is mined, the blocks will inevitably be very full, and the average in dollars may be the same as the current average in currencies, because according to historical data, it is not affected by the price.

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

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Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business? This is the question I was asked and I believe that miners are the reason why transactions are been processed, right? correct me if I am wrong though, I believe that even after all the 21 million coins are mined, Bitcoin miners will still be here because they are the reason why transactions are going through or am I wrong?

The reward to fee ratio has changed bigly.

50 reward .02 fees
25 reward .04 fees
12.5 reward .08 fees
6.25 reward .15 fees

those are average fee numbers.

I think by 2056 we will have issues with very low rewards and fees will not cover the miners

Agbe

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The 21 millions bitcoin can not be mined at once and will be exhausted because people are buying and others are selling so there a transaction always in the mining field. If people stopped buying and selling of bitcoin then mining will also stopped. And before those bitcoin will be exhausted we will not live to see that day. It will become a story in another world. Bitcoin has come to stay and as a currency it will live forever.

dansus021

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Quote from: mindrust on May 20, 2023, 03:46:51 AM

Quote from: safar1980 on May 15, 2023, 03:33:30 PM

but I don't think we'll live that long.

See this guy? This guy gets it.

We don't even know if we will be alive by then.

1000% Agree Grin

We all be dead when the bitcoin reached its limit unless we have some of potion from alien to watch this moment hehehe.

The simplest answer I think

Miner will be there but they will have efficient mining and big farms might cease to exist only small miners who will get from the transaction fees. and the price of bitcoin might be crazy at that time or the community has new consensus system I don't no like move to PoS but without adding more coin but this is high unlike to happen

mindrust

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Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business? This is the question I was asked and I believe that miners are the reason why transactions are been processed, right? correct me if I am wrong though, I believe that even after all the 21 million coins are mined, Bitcoin miners will still be here because they are the reason why transactions are going through or am I wrong?

Why bother with tomorrow's problems while you can live the moment? Like the other guy above me said, when that time comes it will be year 2140 or smth... Nearly 20 years... In 20 years lots of stuff may change. Maybe there will be some other crypto that's better than bitcoin... Who knows?

Quote from: safar1980 on May 15, 2023, 03:33:30 PM

but I don't think we'll live that long.

See this guy? This guy gets it.

We don't even know if we will be alive by then.

so98nn

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Quote from: safar1980 on May 15, 2023, 11:34:49 AM

Quote from: Z390 on May 15, 2023, 07:18:55 AM

Guys correct me if I am wrong, somebody ask me a question about what will happen to bitcoin miners after all available bitcoin have been mined and no more halving every four years, will miners go out of business? This is the question I was asked and I believe that miners are the reason why transactions are been processed, right? correct me if I am wrong though, I believe that even after all the 21 million coins are mined, Bitcoin miners will still be here because they are the reason why transactions are going through or am I wrong?

Every 4 years (approximately) there is a halving and the block reward for miners is reduced. Soon we should see that the block reward will be less than the transaction fees in the block. There will always be miners, if the algorithm does not change, but their number will be regulated by the profit from mining. The more miners, the more secure the blockchain.

I am really not sure if you have read the question correctly or not but they are asking about the future of miners when they are done mining 21 million bitcoins which is the limited number of bitcoin we could have. In reality, miners do have the job of confirming our transactions and the confirmation is unlimited times, from one peer to another peer, the cycle goes on and that is why we keep seeing old transactions with thousands of confirmation done already. Thats because they were confirmed by that many times with high confidence level.

Miners will still continue to confirm the transactions because of the PoW algorithm of the bitcoin. If in theory bitcoin turns into PoS then miners will be done forever other wise they would still exist.

safar1980

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Quote from: KiaKia on May 17, 2023, 06:38:29 AM

Quote from: Nwada001 on May 16, 2023, 03:04:09 PM

Thank you, @Z390, for this thread. It was just about creating a similar thread for clarification about the mining reward for the last Bitcoin halving and possibly all Bitcoin mined. I don't know how long they will be, but out of curiosity, I always wanted to ask about it.

I still have one of my curiosity questions unanswered. To some point, I always think that there might be a greater reward for miners since they will only be earning from transaction fees. Can't they be tempted to increase the amount they can charge per transaction? To earn high fees from those that want their transaction to be confirmed and don't run a node of their own.

That's not the miner's duty, they existed to only make transactions from one to another block successful, there is no way miners can give senders fee they should pay, this would have cause a disrupt in Bitcoin since the beginning.

Bitcoin miners will be fine with the fees only, the reward may be lower but I doubt, if Bitcoin survives to the very end it means there will be over 10 million users already using Bitcoin so the higher the number of Bitcoin users the more transactions will be needed to transact per day and that's more rewards for miners.

It's no doubt, Bitcoin miners will be in safe hands.

It depends on how bitcoin is used. Cryptocurrency trading does not require transaction confirmation. If custodial services become popular, then bitcoin may live for a long time. And a large number of users will make small payments unprofitable.

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Quote from: Nwada001 on May 16, 2023, 03:04:09 PM

Thank you, @Z390, for this thread. It was just about creating a similar thread for clarification about the mining reward for the last Bitcoin halving and possibly all Bitcoin mined. I don't know how long they will be, but out of curiosity, I always wanted to ask about it.

I still have one of my curiosity questions unanswered. To some point, I always think that there might be a greater reward for miners since they will only be earning from transaction fees. Can't they be tempted to increase the amount they can charge per transaction? To earn high fees from those that want their transaction to be confirmed and don't run a node of their own.

That's not the miner's duty, they existed to only make transactions from one to another block successful, there is no way miners can give senders fee they should pay, this would have cause a disrupt in Bitcoin since the beginning.

Bitcoin miners will be fine with the fees only, the reward may be lower but I doubt, if Bitcoin survives to the very end it means there will be over 10 million users already using Bitcoin so the higher the number of Bitcoin users the more transactions will be needed to transact per day and that's more rewards for miners.

It's no doubt, Bitcoin miners will be in safe hands.

Topic: Am I right about this or not (Read 378 times)