When the last Bitcoin is mined, its not necessarily a game over. Remember, transaction fees will still be there. Miners will still have incentives to validate transactions because they'd be rewarded with these fees. So, the Bitcoin network will still keep humming along.
However, the supply dynamics would change. The scarcity of Bitcoin might push the price upward, but it also might lead to hoarding behavior. People might become hesitant to spend their Bitcoins, knowing that no new coins will ever be created. This could stifle Bitcoin's utility as a medium of exchange.
Regarding interest in Bitcoin, I reckon people would still be interested. The finite supply aspect is one of Bitcoin's core attractions. It offers a hedge against inflation which cant be understated in our often turbulent economic landscape.
Topic: Bitcoin is done! Now this is what we are left with! (Read 297 times)
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Why would anyone offer their computing units if they get zero rewards in return?
Why would anyone offer their computing units if they get zero rewards in return?
Did you forget about transaction fees? Since the mining reward in the form of new coins is halved every four years, transaction fees will become an increasingly important factor for bitcoin miners in the future. If I am not mistaken, even today the total transaction fee per individual block is higher than the block reward itself.
It skipped my mind tbh. Thanks for the heads up btw. I haven't checked the tx fee per nlock recently but the last time I checked block rewards was still a major factor when it comes to miners incentivization. It would be an interesting time to see what happens when tx fee become the primary way miners gets compensated for all computing resources they dedicate to the network.
Most of the computing costs right now gets offset through the combination of block rewards and tx fees per block.
my knowledge is still lacking in this matter and i am also not a miner, but i am investor and i dare to invest in btc for the long term because i see btc in the future will be more valuable, just imagine by you, even though btc has not been mined everything, but the price is already expensive, especially if all BTC has been mined, then surely the price of BTC will be even higher because the supply of BTC is limited.
many people invest in btc for the long term because they see that the future price of btc is potentially higher.
many people invest in btc for the long term because they see that the future price of btc is potentially higher.
The process is actually gradual, so I don't expect a sudden impact. I don't think there will be a sudden change as to Bitcoin's price or the people's perception or interest of it primarily because we've already foreseen everything right from the start. Everything is already seen on the horizon, so there'll be no surprises. It isn't a sudden fall from, say, 1BTC to zero. It's more of an airplane landing. Before the block reward finally turns to zero, the reward is actually 1 Sat. Before that, 2 Sats, and then 4 Sats, and so on.
https://en.bitcoin.it/wiki/File:Controlled_supply-block_reward_halving.png
Contrary to its price, Bitcoin is actually predictable. We all know how many halvings will there be. We all know at which particular blocks will they take place. We all know the next reward. We even know at which block the reward finally dries up.
So, the day when miners will receive zero block reward is already taken into account before it even happens. But you're wrong that "Bitcoin mining will be over one day." It will continue even after the last Satoshi is mined.
https://en.bitcoin.it/wiki/File:Controlled_supply-block_reward_halving.png
Contrary to its price, Bitcoin is actually predictable. We all know how many halvings will there be. We all know at which particular blocks will they take place. We all know the next reward. We even know at which block the reward finally dries up.
So, the day when miners will receive zero block reward is already taken into account before it even happens. But you're wrong that "Bitcoin mining will be over one day." It will continue even after the last Satoshi is mined.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
- Will we be able to see stability in Bitcoin prices? Or price dump? how will this play out?
- Positive impact or negative impact?
- Will people still be interested in Bitcoin?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
You don't need to wait till 2140, if i'm not mistaken, almost all bitcoin could be mined by 2032.
Of course there will still be incentives, but the question is how big is the price of bitcoin that time? I don't see any negative impact if almost all bitcoin has been mined or the contrary, it's going to be limited and scarce so obviously there is speculation that we might see 7 digits = 1 BTC.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
1. Stability? I don't think so. Less volatile than now, very likely. Price dump? Why would the price go down after all the coins are mined?What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
- Will we be able to see stability in Bitcoin prices? Or price dump? how will this play out?
- Positive impact or negative impact?
- Will people still be interested in Bitcoin?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
2. We can't say anything for sure. Yeah, positive impact on the price because we won't be seeing new supplies of coins every block. There might be some negative impact too. Miners will have to completely depend on the transaction fees. Will that be enough to keep them motivated to mine?
3. Why not? Why would they lose interest from bitcoin after all coins has been mined? Makes no sense at all..
It's not bad for a father to think about the future of his children. This thread portrays multiple similar correct answers, which not only is very useful, but helps the reader to memorize the knowledge here. Read about the halving as what will come to an end not mining, and that's just right. The creation of more bitcoin stops when it hits its limit. And it'll be hard for one person to control all the mined bitcoin, that's why its been circulated amongst a huge number of people and we are encouraged to hold. If bitcoin ends up being in the hands of few rich men, the end will be sad and the whole movement won't be a success story. Although, its almost impossible for that to happen, because lost wallets still have bitcoin in them and many traders or hodlers still won't give out their bitcoin for peanuts. Nobody can predict the future of bitcoin, the world and technology, hence no need to be bothered, it's all controlled by Men and nature.
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I don't believe that at the end, there will be no miners; even if all the Bitcoin is mined, there will still be some miners who will be confirming Bitcoin transactions on the blockchain, and they can still earn transaction fees. I just believe that transaction fees by then will be very high, but I don't think it will cause the price of Bitcoin to fall. But who knows? I cannot say for sure that I know what Bitcoin will look like in 2140; perhaps before then, I don't think any of us here would still be alive.
In 100+ years who knows what the state of computing would be in terms in power per hash. Most probably mining would move from the large farms back to home / hobby mining.
It's not something we can even contemplate dealing with today, because any plans would be a guess at best and would have to constantly be changed as mining tech changes.
More smaller miners? Fewer mega pools? Everyone has their own full node, because even though the blockchain is now 300TB you can pick up a 500TB drive for the price of lunch?
We can't even speculate. Think of the state of computing in 1973 (50 years ago) if anyone told you what would exist today back then, you would think they were watching too much SciFi
-Dave
It's not something we can even contemplate dealing with today, because any plans would be a guess at best and would have to constantly be changed as mining tech changes.
More smaller miners? Fewer mega pools? Everyone has their own full node, because even though the blockchain is now 300TB you can pick up a 500TB drive for the price of lunch?
We can't even speculate. Think of the state of computing in 1973 (50 years ago) if anyone told you what would exist today back then, you would think they were watching too much SciFi
-Dave
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
Don't worry you are long gone when that time arrives. Besides you should read the whitepaper about mining, it was stated there that when the mining block reward is 0, the miners can still mine the transaction fee. The fee might not be large today but imagine if Bitcoin is greatly adopted in every corner of the world and used as a mode of payment in the future. It is highly possible that miners can even mine more than 50 BTC worth of transactions fee if that happens.
that is true, how many people today do you think will be alive come 2100, 2140? so yeah, we won't see such event but in the coming years, we will see how the crypto or bitcoin market perform and where it is heading to. but with the supply and demand concept, the price will continue to increase if the supply is getting scarcer and people will continue to use this currency.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
Most of the time i wont really be making myself getting stressed or having that anxiety on minding on things which cant happen in my life time but for the sake of assumption about on how it would be What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
- Will we be able to see stability in Bitcoin prices? Or price dump? how will this play out?
- Positive impact or negative impact?
- Will people still be interested in Bitcoin?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
ending up then we would really be having different words into it but everything would really be that speculative and here's my possible things that might happen or not;
1. Transactions cost might be higher- Miners would be making income on pushing up transactions considering that all bitcoin had been mined
2. Stability? There's no such thing and this has nothing to do with miners, theyre processing or pushing transactions for money nothingless.
3. For sure if ever Bitcoin did reach out that year then i cant fathom on how much its value that it would be able to reach.
No one really knows on how it would play out or lasts on those future years which its really hard to give out those situations which it is really that too far away still.
Bitcoin could neither exist or not on that particular year which we cant assure if there's something more better that would be sitting on the top of the market.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
Your worries are misplaced, it is true that due to the halving that happens roughly every four years at some point the block reward will become zero and that incentive will disappear forever for miners, however you are forgetting that miners not only receive the block reward, they also receive the fees that we pay to get our transactions included in a block, so way before the block reward becomes zero miners will instead depend on those fees, and as long as they are profitable they will keep securing the network. What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
- Will we be able to see stability in Bitcoin prices? Or price dump? how will this play out?
- Positive impact or negative impact?
- Will people still be interested in Bitcoin?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
Don't worry you are long gone when that time arrives. Besides you should read the whitepaper about mining, it was stated there that when the mining block reward is 0, the miners can still mine the transaction fee. The fee might not be large today but imagine if Bitcoin is greatly adopted in every corner of the world and used as a mode of payment in the future. It is highly possible that miners can even mine more than 50 BTC worth of transactions fee if that happens.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
If it happens today the impact will be felt across all cryptocurency as the market will dip repeatedly and crashing many alternative cryptocurency out of the market. Bitcoin market will also crash very bad and that's why the whole market will feel the impact as they always do
If it happens when it was supposed to happen, it won't be as bad as it happening today because by then the developers would had already worked out a solution or Bitcoin woud had been so widely accepted that the mining reward stopping won't affect the market.
Let forget about this as it isn't our problem to take care of, Satoshi has a reason for everything he put in place to happen to Bitcoin as he believed that was his best plans and we have to trust him that when the mining reward stop, the network won't be abandoned.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
This your thought is an imaginative work of art that cannot be realistic. Bitcoin mining will never end because it is a business people are doing and the total number of bitcoin will not finished because the demand and supply is moving in the market. If people buy and sell in the blockchain, bitcoin transaction will never end. Your thinking of one day that bitcoin end is not possible and I call you to wake from your dream.What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
- Will we be able to see stability in Bitcoin prices? Or price dump? how will this play out?
- Positive impact or negative impact?
- Will people still be interested in Bitcoin?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
There is no possibility that bitcoin is going to end. So those your three questions you ask become rhetorical questions. You are a Sr. Member in the forum and by now you would have understand bitcoin to some extent but... The question does not fit your rank, it is for below ranks.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
I know Bitcoin mining will be over one day. Many sources say that it will be over in the year 2140. So let's just imagine ourselves at that point in time and discuss how the situation will play out. That's why I am saying that it may happen today. How this will impact the whole crypto world?
- Will we be able to see stability in Bitcoin prices? Or price dump? how will this play out?
- Positive impact or negative impact?
- Will people still be interested in Bitcoin?
I can not shake off this curiosity in my mind. So let's talk about that. Tell me your thoughts. What this event is going to do to the crypto world.
Mining never stops. There is no day in which Bitcoin mining will ever stop. You are talking about the day of the last halving, when the mining coinbase reward goes away completely, dropping from 1 satoshi to 0 satoshis. Just that last sentence should show you what will happen: nothing. Mining rewards will simply drop by 1 satoshi for every block on that day. That's it. One less satoshi being sent to miners each block is not an event that will have an impact on anything.
I cannot guarantee my own existence until the point when all Bitcoin has been mined, so it becomes quite difficult to predict what will occur at that time. However, if Bitcoin does still exist at that point, its price is likely to soar. Miners will continue to earn mining fees from the transaction fee, which will be sufficient to cover their mining expenses and generate profits. This is crucial for maintaining the vitality of the Bitcoin blockchain.
This thought came to my mind today.
What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
If I ever come across any news like this I would be very surprised because Bitcoin is a Decentralized ecosystem and not under the control of anyone, so my question would go like this. Who made that order or who made that happen to bring out the end of Bitcoin mining. And who would go ahead to burn the left overs, this happens mostly on project that is in the control of their team.What if there's this news that says "Bitcoin mining is over. All the Bitcoin has been mined and all the leftovers are burned. We are left with what we have in our hand"?
Infact this imagination or perspective is not possible so there is no need to.worry over it .
- Will people still be interested in Bitcoin?
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Why would anyone offer their computing units if they get zero rewards in return?
Why would anyone offer their computing units if they get zero rewards in return?
Did you forget about transaction fees? Since the mining reward in the form of new coins is halved every four years, transaction fees will become an increasingly important factor for bitcoin miners in the future. If I am not mistaken, even today the total transaction fee per individual block is higher than the block reward itself.
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