Topic: Bitcoin is done! Now this is what we are left with! (Read 352 times)

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.

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.

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.

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.

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?

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.

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

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.

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
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.

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.

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.

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 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.
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.

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.

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.

Infact this imagination or perspective is not possible so there is no need to.worry over it .

As long as there are banks that control the money and the people and abuse the trust, there will be an interest in Bitcoin. As long as there are people who do not want to be controlled, there will be interest in Bitcoin. And greed is also something that drives people and that is why a lot of people are interested in Bitcoin and cryptocurrencies. And if, in more than 100 years, there is no more cash, someone Need maybe an alternative.

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 is very certainly that Bitcoin mining is going to stop one day and when that time comes, I think Bitcoin will become more useful and valuable because people will now see good reason to accumulate Bitcoin since they know that the can nit mine again. My problem is that when mining finally ends, the Bitcoin fee might increase just like the way we do see high congestion in Bitcoin transactions. It is still going to take some years for the Bitcoin mining to come to an end which is not even next few years coming. We are going to see huge value in Bitcoin when that time comes.

The price will not dump, bitcoin will become more valuable by then (2140) and more stable.

It will have both positive and negative impacts to me.
Positive impact - The other functions and uses of bitcoin will become more patronized. Bitcoin by then will then have people who will use it for transactions.
Negative impact - Bitcoin will no longer suitable for investment.

Yes people will be interested for the other functions it can serve.

I wouldn't imagine it - so let the next generation figure out how to do it. The current developer will switch to another developer - something good is to be expected, but if it's bad then obviously the impact will be really bad.

So far bitcoin will continue to grow and cases of its adoption will also increase along with the softening of government regulations. Bitcoin has become a means of payment in various places ^{[online and offline]} and will continue to grow from year to year. Just enjoy what you should have now and let the developer finish the work.

If mining stops - then nobody will process bitcoin transactions. But I believe that - as long as bitcoin have value then so long as miners will exist. Big miners might drop out if they can't turn a profit - but there will always be miners hoping to make a profit from their mining.

Welp. Here's the misconception about "miners and validators losing their jobs soon as all bitcoins are mined hurr durr" which could not be any farther from the truth. The fact of the matter is that not only do these miners get money from mining bitcoins, they also earn money through contributing computing power, which we then pay them through transaction fees. So just cause all bitcoins are mined doesn't necessarily mean these people who spent thousands of dollars on their rigs are left to eat in soup cans and beg on the streets. They'd have a prime avenue to take advantage of.

Furthermore, the economy will be even more empowered if all bitcoins are mined as there's nothing left to do by then but to hold, buy, and sell bitcoins, which will open more opportunities for people from outside the industry to get in and see bitcoin for themselves!

Plot twist: something happens (mass adoption of quantum computers etc) and 2140 turns into 2040. I'm not sure if this is possible though as Bitcoin algo adjusts in case the blocks start being found too frequently.

Ok, I got your point. So let's talk about an instant stop to the mining today. what will happen then? I am curious about that too.

Bitcoin mining serves two purposes, to bring new Bitcoins into circulation and to also confirm transaction fees. If there are no more new bitcoins to be mined it will still continue to be used to confirm transactions and keep the network operative.

The end to bitcoin rewards is not something that will be taken away instantly but will come gradually over many years if slow and paced reductions. If it will have a significant effect on the price or any other negative or positive one, we will notice them several years before the last satoshi is mined.

And Yes, people will still be interested in bitcoin.

- Jay -

The biggest concern I have about that time is if  we would still have enough miners to meet the transaction demand of users of the Bitcoin network when they're no longer incentivize to do so? Should be an interesting situation. I know there are people running nodes for test networks on alternative blockchain networks like ethereum out of the goodness of their heart but such networks have only a small fraction of Mainnet transactions.

Why would anyone offer their computing units if they get zero rewards in return?

1. No. I don't think that bitcoin will ever be stable the way fiat currencies are, but it doesn't have to be. Less stability makes it ideal for trades.
2. Positive. Scarcity is always good, as long as there's demand. Bitcoin is in demand, so if it becomes more scarce it will only increase its value.
3. Of course! Should you worry though? It's going to take decades until it's all mined out.

It was really hard to assume what will happen next and probably we can't witness that time. We'd forget that there are a lot of things that may change along its journey. In fact, who knows that Bitcoin will be dead before that time? Now, we only have trust that this will become long-term but can't assure forever. However, it was not the time to prepare for it and bothered us too much because I know that we can adapt to the situation when it comes and anticipated it before it happens. What we need is to keep updated and aware of the market situation.

mining will never end, there will be transaction fees. and by the year 2140 if BTC transaction fees are not enough to keep the chain going then i think its safe to say bitcoin failed and theres not reason to worry about it lol

Lol then what? I propose creating a list of every wallet holding at least 1 sat. That might take us until 2100.

I don't know why this kind of questions or thoughts come up with something that's so far in the future that any prediction is basically pointless. Humans mess around with so many things that we can call us lucky if we haven't started at least another global war or so within more than hundred years to come. Wo knows what kind of financial and/or economic crisis will emerge. A lot of this will have influence on the fate of Bitcoin.

Miners can still earn transaction fees with new blocks, we might have free energy when fusion kicks off, who knows. Dust off your crystal ball and good luck with your predictions.

If bitcoin mining is ended, there will still be transaction validation and miners will depend wholly on transaction fees. Bitcoin will still be in circulation as there will still be demand and supply. The major difference is that many will be unwilling to sell and many will be willing to buy. This gesture will try increase the price of bitcoin and also the price will be somewhat stablized.

I have long stopped thinking about bitcoin future because it is now in the hands of the people and the people will do whatever they want to do with it. Bitcoin has passed the stage of skepticism. We should just concentrate and enjoy it.

One day this will surely happen and this topic is discussed several times. Then miners will not get block rewards and they will get only transection fees for every confirmed transections. Then transection fees are expected to rise. But the demand will surely increase as the adoption will grow over time.

1. Halving manipulate price of Bitcoin and push up harder but it's not the only reason why Bitcoin is volatile. It's volatile because of its demand and usecases, user sentiments and hype. So we can't say how the situation will be in that time.

2. We will face both positive and negative impact. Because then probably transection fees will be much higher and also the demand will increase.

3. You just imagine about the advantages of Bitcoin and how much secure it is. It's still illegal in almost every counties but still people have too much interest. And if governments start legalizing Bitcoin then it will create new Era of Currency system.

None of us will be around by 2140 so it doesn’t really matter. Bitcoin devs will probably switch to PoS or something similar way before than 2140 and save bitcoin. Billions of dollars at risk. Thousands of businesses depend on bitcoin. Bitcoin will find a way to survive.

If it doesn’t, we will learn from our mistakes and make a better one. This is how the tech evolves in the end.

First of all that thing is not going to happen in our life because most of us will already be dead by 2140 because no body is yet known to live over 120+ years and that's why I think almost all of us will be resting in peace before 2140. However, if we just want to make a scenario to predict that what's going to happen if that day happens in the life of our grand-children then still that's not possible because things will be very different in 2140's, and who knows that humans will still be using this finance system or they will have moved even beyond quantum computing.

Let's still make a prediction for curiosity only, I believe that if all bitcoins are minded then things will be different in crypto market. In that time the price of a single Bitcoin would be over $10 million in value, and anyone who holds a Bitcoin would be among the richest people of the time. The value of $10 million will be of this day, and not of the time where the value of fiat would go so down that $10 would not be sufficient to buy the good that it can but now.

There won't be any miners, and that's why everyone would be able to send and receive bitcoins without any issues. There won't be any mining fees for the transactions and that's why anyone could be able to send/receive bitcoins without any  delay issues. There is a chance that the miners will live with the transaction fees because they won't be able to mine any more blocks or bitcoins. However, if the mining fee is gone then the fees of transactions could be somewhat higher than today's rates. Other than that nothing will be changed in the ecosystem of Bitcoin, and anybody would be able to use it like today's time.

They mean the reward, not the actual mining, and that is determined by the code. Unless something out of the ordinary happens in terms of difficulty adjustments, it's also nearly set in stone.


Then you're going to have a hard life since you're going to be stuck with it till you die and even on death bed, you won't find the answer.
Now, till then, let's make a list of the 1056 topics that have been discussed this already since the beginning of this forum:

1. what happened to bitcoin after mining of 21 million
2. After mining all bitcoin
3. When will bitcoin mining run out?
4. What will happen in the mining world with Bitcoin once all coins are mined?

...
1055.
1056.

Jumping off to the day when mining is over. Assuming that Bitcoin's network is still fine and clear as crystal. That only means that there's still interest from the people and money is still there. Miners will keep on mining because they have to confirm the transactions. The price will still be dependent to the demand of the market. At the end of the day, the answers will just give you satisfaction from knowing what could potentially happen but then, we won't be existing by that time if we tick in the reality.

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?

• 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.

Edit: This topic has already been discussed many times as many of you guys told me. So let's skip that "all will be mined one day". Can you guys share your thoughts on what will happen if mining stops today? What kind of sentiments will it bring to the market and those above questions remains the same.