Topic: Bitcoin digs out 4/5 (Read 143 times)

Well if you think about it, there is going to have to be a large change in order to make this worthwhile for people. Electricity price is going to have to decrease, mining difficulty must decrease as well, and mining must be better in new machines. If all of this happens, then TX fees will be able to handle paying the miners and they won't have to be supplemented by the creation of coins.

Wow - welcome to the noob channel.

First, you can't mine out the coins you are creating genesis blocks for new coins.
Second, by increasing the hashpower of computers, you aren't going to mine the remaining coins in half the time, there is a difficulty adjustment that makes it more difficult to mine blocks if more hashpower comes online.
Third, miners will soon become less concerned about the new coins mined, since the fees will probably overtake the block reward in 2020 unless a scaling solution is found. There have been a few blocks where the reward from fees was greater than the 12.5 BTC already so miners will always be interested in mining regardless of the block reward.

Welcome to bitcoin noobs

mining will still be around because transactions can only be mined/confirmed by miners
though I'm not sure if most miners would still stick around because the base block reward would be none
and the miners would depend solely on the tx fee included in each transaction
let's just hope before that happens, developer can figure out what to do beforehand for the continuous survival of bitcoin

Lols 2140? I am sure I am already dead that time.

 

Never imagined it would take that long. Always knew I will see the 21 millionth or the last coin being mined. There would be celebrations and lots of events and stuff. Even my grandchildren might not see it. But I think, with enough miners, we can reach it at half the time. With future bitcoin mining equipment evolving, I'm pretty sure it's possible.

By then, if Bitcoin still exists and is popular, then miners could profit off transaction fees.  No one can really say how that will play out, though.  By then ... 2140? ... who knows what computer power will be like. 

What will happened if all coins were mined.  Will the price collapsed?  Will mining still profitable?

Interesting, who knows how mining will be by year 2100+ and farther, if mining or bitcoin will even exist.

Currently, bitcoin mines have been dug out 4/5, We have dug up all 16.8 million bitcoins. Experts predict that by 2140, a 21-million-foot mine will be depleted.

The world's most popular codec, bitcoin, has just surpassed a milestone in its history. 80% of the total amount of excavated bitcoin has been "unearthed". Recently 16,800,000 coins have been mined - ie 80% of the total 21,000,000 was created.

Bitcoin is different from other coding currencies in that it is limited in number of exploits. No matter what, we will only have 21 million bitcoins. Later on, the bitcoin mining level is even harder, with fraud, bitcoin stealing increasing dramatically.

The first bitcoin block was created by its parent, Satoshi Nakamoto in 2009. At that time, each block corresponded to a 50-bitcoin (BTC) reward.
For every four years or 210,000 blocks established, the bonus will be reduced by half, first 50 BTCs (2009) then 25 BTCs (2012), and now at 12.5 BTC. Currently, bitcoin mines have been mined 4/5, the total amount of bitcoin can be exploited to 20%.

Experts predict the 21 millionth copper will be dug in 2140, and they are not sure what will happen to the transaction costs at the time, as it is the main source of income for diggers, unlike today. - they can still "earn" thanks to the block excavation.
Other codecs such as Ethereum, Monero, ... are not limited in quantity, meaning that diggers can exploit as much as they like as long as they are worth the money.

The difficulty in exploiting the last bitcoin is increasing, while the reward is reduced. The speed of new digging will slow down and it is difficult to predict how much the bitcoin will be worth. Not to mention the fact that many owners have thrown away their belongings when they lose their wallets (such as  a guy threw his hard drive  and are trying to find it again) or send it to a virtual wallet without anyone having his key. .
The bitcoin's own shortage is one of the reasons why this codec has gone up sharply over the past few years. Bitcoin is also the highest value encoding, both in terms of capitalization and exchange rates.

Thus, bitcoin mines have been dug out 4/5. By the beginning of 2017, Bitcoin emerged as a force once its value rose to $ 1,000 a month, and peaked at $ 10,000 in November at about $ 7,900.