Am I right about this or not - page 2.

safar1980

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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? In order to earn high fees from those that want their transaction to be confirmed and don't run a node of their own.

Miners do not set transaction fees. In addition to large mining pools, small mining pools also work, which will confirm transactions. Mining pools do not own all the equipment, and any action by the pools that will mess up the network with the cost of transactions will result in an outflow of miners from such pools.

Nwada001

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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? In order to earn high fees from those that want their transaction to be confirmed and don't run a node of their own.

safar1980

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Quote from: joniboini on May 16, 2023, 11:18:53 AM

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

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.

At the end of the day, those who find mining unprofitable will quit. I don't think things will change that much even after block rewards are gone. I wouldn't be surprised if we see a drop in hash rate or something similar though. You can't force people to mine just for the sake of keeping the network secure since most people are here for profit. Will this going to be a problem? I do see the possibility of some problems happening, but it is definitely not unsolvable. CMIIW.

Unfortunately, it is impossible to support the bitcoin network if you start mining on a computer. And ASICs in the apartment are also difficult to use. Therefore, I do not know now any owner of an asic who supports the bitcoin network for the sake of the idea. All my acquaintances miners consider only profit and want to recoup their ASICs as quickly as possible.

joniboini

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

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.

At the end of the day, those who find mining unprofitable will quit. I don't think things will change that much even after block rewards are gone. I wouldn't be surprised if we see a drop in hash rate or something similar though. You can't force people to mine just for the sake of keeping the network secure since most people are here for profit. Will this going to be a problem? I do see the possibility of some problems happening, but it is definitely not unsolvable. CMIIW.

Z390

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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.

bettercrypto

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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?

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

safar1980

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Quote from: paid2 on May 15, 2023, 01:50:08 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?

Sure, miners will still be there, blocks need to be found for the transactions to be confirmed. Otherwise, transactions would be stucked in the mempool forever.

But I think it is not going to happen before the year 2136 (or 2140, not sure of the exact date)

After this date, as IIrik11 said, they will no longer receive block rewards, but only transaction fees. The fees are not negligible for the miners, even if the price doesn't go up much more. It's more the adoption and usage of the blockchain that counts, recently we saw blocks with a reward (block reward + fees) that went from 8 to 11 BTC. Huge reward per block, even with fees only. Imagine the same reward with a BTC at 60 or 100k

However, the real question is, will BTC still be needed and useful in 2140? And for the time being, I don't think anyone will be able to answer that question with any guarantee.

Even after the 9th halving in 2043, the block reward will be 0.09765625 BTC. This is already significantly small, and then 0.04882813 then 0.02441406. The rewards are no longer significant and miners will receive the main income from commission fees.
In 2122, the block reward is 0.00000009, but I don't think we'll live that long.

paid2

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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?

Sure, miners will still be there, blocks need to be found for the transactions to be confirmed. Otherwise, transactions would be stucked in the mempool forever.

But I think it is not going to happen before the year 2136 (or 2140, not sure of the exact date)

After this date, as IIrik11 said, they will no longer receive block rewards, but only transaction fees. The fees are not negligible for the miners, even if the price doesn't go up much more. It's more the adoption and usage of the blockchain that counts, recently we saw blocks with a reward (block reward + fees) that went from 8 to 11 BTC. Huge reward per block, even with fees only. Imagine the same reward with a BTC at 60 or 100k

However, the real question is, will BTC still be needed and useful in 2140? And for the time being, I don't think anyone will be able to answer that question with any guarantee.

safar1980

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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?

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.

BitMaxz

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Block halving is coming.

There are so many similar topics that discuss this sample this one How will Bitcoin survive after all 21M coins have been mined?
Or this one 21.000.000 Bitcoin!

It would be better to read each post from these threads so that other questions in your mind are also answered

Miners are one of the Bitcoin transaction life cycles including nodes without them Bitcoin transactions will never be confirmed.

IIrik11

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yes, they'll be here.

they will collect the tx fees for their services.

Z390

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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?

Topic: Am I right about this or not - page 2. (Read 378 times)