Topic: If all Bitcoin has been mined, where does the miner get income from? (Read 193 times)
Maybe after 2140 all the 21 million bitcoins will be mined by miners. Here the question would be why people should keep mining if there is no more block rewards after mining each block. The answer is simple, whenever you transfer your bitcoins over the network you pay some amount of fee and this amount you pay will go straight to the miners, after 2140 when the last blocked was mined, miners will still get their income using the transactions fees.
June 25, 2020, 01:12:22 PM
Coins are 21M, although there is no fixed number for blocks. So after the last bitcoin is mined, transaction fees will be the reason of mining. I believe that the average fee will go too high in 2140, but if you think it clearly, even on 2080, the generation of bitcoins won't be anything big. So fees will play big a role then, too.
How exactly can you force everyone to move from PoW to PoS?
The issue here is the limit of coins, if we move from PoW to PoS that will not make bitcoin have more than 21M coins.
How exactly can you force everyone to move from PoW to PoS?
June 25, 2020, 12:39:09 PM
The issue here is the limit of coins, if we move from PoW to PoS that will not make bitcoin have more than 21M coins. But answering the main question if miners mine all the coin then their income will be only transaction fees... we will have to wait close to 100 years until the last bitcoin get mined, and we can be sure in that point the miners fees will be enough reward because the bitcoin price will be absourd.
June 25, 2020, 12:10:52 PM
You asked the question and answered it as well. Heard of this topic many times and suitable to the Beginners and Help section.
A Proof-of-Stake (PoS) consensus might be an option. Maybe not.
This is a good discussion and we can hear several opinions of experts with this transition. Ethereum has already made their steps into this transition but as per bitcoin, it's unlikely that we're going to see this. If we will, we don't know when. June 25, 2020, 10:40:26 AM
We have similar post like yours here: https://bitcointalk.org/index.php?topic=5191418.0;all
If you want you can lock this thread.
If you want you can lock this thread.
June 25, 2020, 10:14:04 AM
At present, as of June 24, 2020, the number of Bitcoin mined is 18,413,062 BTC. The remaining mined is 2,586,938 BTC.
The question is, if all Bitcoin is depleted, where does the miner get income? The answer is the transaction fee, also in the form of Bitcoin, as is currently the case, in addition to the new Bitcoin rewards.
Can miners cover mining production costs by relying only on transaction costs? If you can't, the miner can even close down.
But there is a relatively negative impact, namely the swelling of transaction costs, because miners practically prioritize greater transaction costs to cover operational costs.
But above all, we don't know about the future of Bitcoin. It could be that the majority of Bitcoin miners and developers agree to make changes to the core system of the Bitcoin blockchain so that Bitcoin can continue to survive. A Proof-of-Stake (PoS) consensus might be an option. Maybe not.
The question is, if all Bitcoin is depleted, where does the miner get income? The answer is the transaction fee, also in the form of Bitcoin, as is currently the case, in addition to the new Bitcoin rewards.
Can miners cover mining production costs by relying only on transaction costs? If you can't, the miner can even close down.
But there is a relatively negative impact, namely the swelling of transaction costs, because miners practically prioritize greater transaction costs to cover operational costs.
But above all, we don't know about the future of Bitcoin. It could be that the majority of Bitcoin miners and developers agree to make changes to the core system of the Bitcoin blockchain so that Bitcoin can continue to survive. A Proof-of-Stake (PoS) consensus might be an option. Maybe not.
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