Topic: anyonw knows about when mining bitcoin will end - page 2. (Read 2933 times)
Looks like there is something missing,no one thinking about when mine ends,to the fees get more value means that on the next years bitcoin must raise in value fees will be get by all miners in that time i guess but how much would cost a house in 2100 or others stuff like an apple?Is wizzard we being talking about near future and most of us wont reach such time to see what will happen,most of us will have to let our child know about bitcoin ,otherwise they will sell and moove on.
Mining is the continuous process for bitcoin network. Now people mine for block rewards+fees. when block rewards go below 1 milli BTC, at that time 1 satoshi would cost more so people would mine for fees alone.
Mining will never end. I have heard something about the amounts of rewards beeing real low around the year 2140
In about 2030 the rewards will be so small that it will be next to negligible. This can only mean that if Bitcoin survived, the price of 1 Bitcoin will be high, very high, enough that small rewards keep miners happy. Satoshi himself said in 2010, if Bitcoin is alive in 10 years, it will either be nothing or very big.You have forgotten about transaction fees. When the subsidy is gone, either the transaction fees or the block sizes will have to rise significantly in order for a block to continue to be worth 25 BTC to a miner.
If the blocks remain at 1 MB, then the transaction fee will need to rise to 0.0250 BTC per kB (currently the typical fee is 0.0001 per kB).
If the transaction fee remains at 0.0001 BTC per kB, then the size of a block will need to be 250 MB.
this would surely destroy the whole "bitcoin is better than fiat because of low fees", but on the other hands miners will not mine without a reward
it seems that something it's flawed here or not perfect
Theritically Bitcoin mining will automatically stop in 2140 but None of us will be alive at that time to see the result of bitcoin and what will happen to it in the future
yes they can get the fees since without mining bitcoin is vulnerable and well soo the industry will go into another step collecting fees,main question is will those fees enought to keep miners running ,how much in fees blockhain collects? i guess isnt enought to run those miners.
All depends from the bitcoin value comparing to fiat at that time, if it is high enough then miners will profit, if it is low then the fees will be very very high!
yes they can get the fees since without mining bitcoin is vulnerable and well soo the industry will go into another step collecting fees,main question is will those fees enought to keep miners running ,how much in fees blockhain collects? i guess isnt enought to run those miners.
When block rewards become less than the average fee per block, mining should be renamed to "block confirming". That is when mining will end, which should occur well before 2140.
mining doesn't end in 2140. technically it goes on forever. Assuming that Bitcoin will not die, in 2140 the issuance of Bitcoin ends, but mining will go on. It will continue to maintain and secure the network. Miners will no longer "mine" bitcoin but they will still be awarded the fees.
Mining will end on Tuesday because of economics and stuff.
its insane to invest any money into farm bitcoins now,like were on the half of the road,who made some money mining were the firts.Now the currently farms,well they have to manage and improve all ways to be able to roi,and on their case to earn some hundreds more dollars that would earn if the money were invested at something.
I want to say 2016 after the Halfing, because many of the miners with the expensive electricity, might not make enough profit to stay in the mining game. The thing is, there will always be some miners doing it for the pennies. As these guys leave, the difficulty will decrease and it will become more profitable to mine again, and some will come back. The whole protocol function like the flu virus. It adapts to the changes in the environment around it.
Some people might even do it, without any profit to sustain the network for their other businesses based on the Blockchain.
Some people might even do it, without any profit to sustain the network for their other businesses based on the Blockchain.
Mining will never end. I have heard something about the amounts of rewards beeing real low around the year 2140
Correctly said. Mining will never end. Now people mining for new bitcoins, after 21 million bitcoins dug, people will mine for transactions fees. So, mining is the part of bitcoin networks which assures the security and movement of bitcoins.
Mining will never end. I have heard something about the amounts of rewards beeing real low around the year 2140
In about 2030 the rewards will be so small that it will be next to negligible. This can only mean that if Bitcoin survived, the price of 1 Bitcoin will be high, very high, enough that small rewards keep miners happy. Satoshi himself said in 2010, if Bitcoin is alive in 10 years, it will either be nothing or very big.You have forgotten about transaction fees. When the subsidy is gone, either the transaction fees or the block sizes will have to rise significantly in order for a block to continue to be worth 25 BTC to a miner.
If the blocks remain at 1 MB, then the transaction fee will need to rise to 0.0250 BTC per kB (currently the typical fee is 0.0001 per kB).
If the transaction fee remains at 0.0001 BTC per kB, then the size of a block will need to be 250 MB.
Mining will never end. I have heard something about the amounts of rewards beeing real low around the year 2140
In about 2030 the rewards will be so small that it will be next to negligible. This can only mean that if Bitcoin survived, the price of 1 Bitcoin will be high, very high, enough that small rewards keep miners happy. Satoshi himself said in 2010, if Bitcoin is alive in 10 years, it will either be nothing or very big.
even without mining really end and those 21 milion bitcoins because at some point the big farms may be left before end since the ROI on the last coins wont be possible.What i mean is to has 2 pentahash into it that will generate 2 bitcoins in 7 days.... the bills will be at red ,farms turned on to roi and avoid any loss not to be richy at this moment,can generate new thousands maybe .
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Mining will never end. I have heard something about the amounts of rewards beeing real low around the year 2140
2140.
http://www.barnesandnoble.com/w/crisis-in-2140-by-h-beam-piper-h-beam-piper/1110919791#productInfoTabs
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There's some reaction these days that holds scientists responsible for war. Take it one step further: What happens if "book-learnin'" is held responsible...? A black market in forbidden knowledge!
We will all be long dead and bitcoin price will be above 10k. Gold will be very very rare and we'll have flying cars. 2140.
Lol... 2140 is more than a century away. By then, either the Bitcoin will cease to exist, or it will be worth millions of USD. Let's assume that the world population will be 10 billion by 2140. And now let's assume that 20% of them uses BTC. So there will be 21 million coins, for 2,000 million people. That is 0.01 coin per person.
When block rewards become less than the average fee per block, mining should be renamed to "block confirming". That is when mining will end, which should occur well before 2140.
2140.
We will all be long dead and bitcoin price will be above 10k. Gold will be very very rare and we'll have flying cars. 2140.
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