if bitcoin can no longer be mined - page 2.

jostorres

hero member

Activity: 2618

Merit: 586

Quote from: dunfida on April 28, 2020, 07:09:59 AM

Answering on the topic, miners would still continue to work since they're primarily needed into the network on processing or pushing transactions and as said above they would instead increase up the fee for them to make money.

No need to increase the fee!

We are definitely going to mine out all the bitcoins one day (probably after ~150 years) and then still miners will continue their process of mining as usual. Why and how possible?

We need to consider two factors here : Price of one bitcoin and block size (or number of transaction going to happen every 10 min) after ~150 years.

Let's assume,
One bitcoin may value one billion dollar or at least 500 million dollar after 150 years and block size may remain same 1MB but segwit or anything similar enhancement may allow a block to carry some 10k number of transactions per block.

So, miners will get some 5X more fees than what they earn today and its worth may value 50,000X more than today (and block reward is obviously zero new bitcoins).

So, in rough calculations mining will be profitable at 250,000 more times than today.

So, I never think about miners to increase the tx fees or about stopping due to non-profitable after all 21 million bitcoins to be mined out.

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: turkandjaydee on April 27, 2020, 08:44:42 PM

Quote from: pixie85 on April 27, 2020, 07:25:19 PM

Most of us don't have to worry about it because Bitcoin will either be worth a lot of money or nothing before it's mined out completely.

Why don't we have to worry? After all, it's an investment and we should care about it. We don't just throw our money into bitcoin, at least for me.

I said not to worry about what will happen after all coins have been mined because it's going to take many years and you'll have more than enough time to rethink your investment by then.

You'll be out of it with a lot of money or a big loss I can tell you that already.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: ayueee98 on April 27, 2020, 10:17:09 AM

Hi, I just joined this forum. I have searched various articles on bitcoin, altcoin, and the use of cryptocurrencies. In every article it is mentioned that bitcoin is only 21BTC to be mined. then my question is, What happens if all bitcoin (21 BTC) has been mined? Are miners going to mine alt? or supply will be added? please explain to me so that I can understand more.

Dont worry that much because the last bitcoin would be mined wont really happen on lifetime.Lol! Links had already been given above in talks about this kind of topic and would be worthy if you do just read it up for you to know the things that you do seek.

Answering on the topic, miners would still continue to work since they're primarily needed into the network on processing or pushing transactions and as said above they would instead increase up the fee
for them to make money.

FanatMonet

hero member

Activity: 742

Merit: 507

There will be no bitcoins in excess of 21 million coins, 21 million and that's it, miners will only have to switch to transaction processing, and they will be able to make profit only from them. But we will not live up to this point, so there is no need to panic.

CarnagexD

sr. member

Activity: 1498

Merit: 374

Leading Crypto Sports Betting & Casino Platform

Bitcoin is one of the most popular coin and about your question if the bitcoin will stopped mine in just 21 bitcoin, I think the people will more on use with the altcoins and the market price of the bitcoin becomes expensive because as the law of the supply and demand if there is a limited supply of the bitcoin there is a chance that the price of it becomes huge and profitable, and the people will now use the altcoins to make more transactions. To the people who hold a lot of bitcoin I think they are one of the most powerful people into the world of crypto currency. Also good day and welcome into our forum to make more knowledge congrats and good luck to your journey.

Harriti

sr. member

Activity: 756

Merit: 256

HEX: Longer pays better

Quote from: ayueee98 on April 27, 2020, 10:17:09 AM

Hi, I just joined this forum. I have searched various articles on bitcoin, altcoin, and the use of cryptocurrencies. In every article it is mentioned that bitcoin is only 21BTC to be mined. then my question is, What happens if all bitcoin (21 BTC) has been mined? Are miners going to mine alt? or supply will be added? please explain to me so that I can understand more.

by then bitcoin could no longer be manufactured and its value would be shaped by human needs. If in the future bitcoin is really a new payment method and it can be used to pay for many items, it will certainly be very high value. and if it does not have the desired value of the crowd, they will sell off and look for a new coin to create a new game. The whale's job is to create something new so they can control it and make money from it. so is the crypto market and bitcoin or alts are no exception.

asu

legendary

Activity: 1302

Merit: 1136

Quote from: ayueee98 on April 27, 2020, 10:17:09 AM

Hi, I just joined this forum. I have searched various articles on bitcoin, altcoin, and the use of cryptocurrencies. In every article it is mentioned that bitcoin is only 21BTC to be mined. then my question is, What happens if all bitcoin (21 BTC) has been mined? Are miners going to mine alt? or supply will be added? please explain to me so that I can understand more.

Well, all post above mine tells exactly it all. Just don't worry about it because the last bitcoin would be mined 20,30,40,50 years or even more... but precisely, no one knows.

Welcome to the forum.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: ayueee98 on April 27, 2020, 10:17:09 AM

Hi, I just joined this forum. I have searched various articles on bitcoin, altcoin, and the use of cryptocurrencies. In every article it is mentioned that bitcoin is only 21BTC to be mined. then my question is, What happens if all bitcoin (21 BTC) has been mined? Are miners going to mine alt? or supply will be added? please explain to me so that I can understand more.

Miners will profit through transaction fees. I believe that would be the only "state" of Bitcoin that we can truly say that it's "out of beta".

To be quite honest with you, I don't know how that will work out. No one knows.

whyrqa

full member

Activity: 1093

Merit: 103

I believe that the work of miners will be in demand as long as Bitcoin users carry out transactions, i.e. if Bitcoin is used as a means of payment, and not just as an asset for profit due to volatility, then funds will be transferred to the Bitcoin blockchain constantly.

turkandjaydee

hero member

Activity: 1456

Merit: 567

Quote from: Eugenar on April 27, 2020, 09:16:47 PM

Miners are the one who keeps the bitcoin surviving, if there is no miners there would be no bitcoin, so basically bitcoin will always be mined because there are so many miners in this virtual world, so do not panic about it.

The problem is how many miners there will be. Because it will affect how high/low the difficulty and how vulnerable the Bitcoin network will become.

Quote from: Eugenar on April 27, 2020, 09:16:47 PM

If bitcoin can no longer be mined, the bitcoin will dead but I don't think that traders, investors, hodlers will let this happen because there are so many things that this bitcoin brings to us, it helps so many people to understand more about technology and blockchain.

Traders, investors, and hodlers should set profits as their priority and I think they will change their minds if something is not profitable anymore.
So if the reason is just that it helps us understand more things, then it's also suitable to just be a great history.

Eugenar

sr. member

Activity: 1274

Merit: 278

Miners are the one who keeps the bitcoin surviving, if there is no miners there would be no bitcoin, so basically bitcoin will always be mined because there are so many miners in this virtual world, so do not panic about it. If bitcoin can no longer be mined, the bitcoin will dead but I don't think that traders, investors, hodlers will let this happen because there are so many things that this bitcoin brings to us, it helps so many people to understand more about technology and blockchain. For more information about it, you may read this: https://bitcointalksearch.org/topic/what-happens-when-all-bitcoins-are-mined-71176 there are so many information in the comment section.

Quote from: RapTarX on April 27, 2020, 11:02:28 AM

First of all you have to learn how mining works, what miners do etc. After all the BTC mined, bitcoin chain will be working as it is now; only mining rewards won't be there. Miners, instead of mining rewards, will get transaction fee only for confirming transactions.

Well said, before asking about it, you should know some basics or nature of it, so you will going to understand some of the comments on your posts because even though there are answers on this question you won't still get it because you don't know the nature of it.

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: pixie85 on April 27, 2020, 07:25:19 PM

Most of us don't have to worry about it because Bitcoin will either be worth a lot of money or nothing before it's mined out completely.

The effects of the halvings will start to show within the next several years. You don't have to wait until 2140. The subsidy will drop below 1 BTC in a little more than 10 years. Mining a block costs up to $45k USD (after this halving), but the subsidy will only be about $6k in 3 more halvings (assuming a constant price).

turkandjaydee

hero member

Activity: 1456

Merit: 567

Quote from: pixie85 on April 27, 2020, 07:25:19 PM

Most of us don't have to worry about it because Bitcoin will either be worth a lot of money or nothing before it's mined out completely.

Why don't we have to worry? After all, it's an investment and we should care about it. We don't just throw our money into bitcoin, at least for me.

odolvlobo

legendary

Activity: 4522

Merit: 3426

This question has been asked thousands of times here. A simple google search returns pages and pages of answers to your question:

https://lmgtfy.com/?q=what+happens+when+all+bitcoin+has+been+mined

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: LeGaulois on April 27, 2020, 10:36:18 AM

Firstly it's not 21 BTC, it's 21 million BTC otherwise it would mean I belong to the Elite =)

Who says you don't? Wink

The halvings will make it so that it will take many more years before coins are mined.

Most of us don't have to worry about it because Bitcoin will either be worth a lot of money or nothing before it's mined out completely.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

Quote from: Mbitr on April 27, 2020, 10:28:17 AM

Have a look at this thread and it should explain everything for you

https://bitcointalk.org/index.php?topic=5243500.20

For anything you need to know about Bitcoin you can use the SEARCH feature at the top left of the home page

Apparently there are many users that are too lazy to use the SEARCH bar and that includes me sometimes and that is why we keep on seeing topics like these roaming around the forum and after many have shared some links I have to click each of it and realized something that we still have plenty of time for bitcoin to keep on fluctuating like these and it is not so late for newbies to come aboard to ride the wave of Bitcoin and that we really need to share this technology to the future generations and because this is for them as well.

CaVO32

full member

Activity: 1848

Merit: 158

You can check this thread from coingecko explaining about the halving.

https://bitcointalksearch.org/topic/bitcoin-halving-2020-explained-an-infographic-5243876

I am more than positive that if the bitcoin has been totally mined, the price will be higher but that will be so many years from now. Of course, miners will look for alternative options and find another valuable coin to mine when that time comes.

cizatext

member

Activity: 952

Merit: 41

Quote from: ayueee98 on April 27, 2020, 10:17:09 AM

Hi, I just joined this forum. I have searched various articles on bitcoin, altcoin, and the use of cryptocurrencies. In every article it is mentioned that bitcoin is only 21BTC to be mined. then my question is, What happens if all bitcoin (21 BTC) has been mined? Are miners going to mine alt? or supply will be added? please explain to me so that I can understand more.

Welcome to the forum just take your time.e to learn all the rule and at the same time what bitcoin is and what bitcoin mining is. There are 21 millions bitcoin and out of that not up to 15 million is in circulation.

RapTarX

hero member

Activity: 1358

Merit: 851

First of all you have to learn how mining works, what miners do etc. After all the BTC mined, bitcoin chain will be working as it is now; only mining rewards won't be there. Miners, instead of mining rewards, will get transaction fee only for confirming transactions.

Jawhead999

legendary

Activity: 1890

Merit: 1210

Quote from: ayueee98 on April 27, 2020, 10:17:09 AM

What happens if all bitcoin (21 BTC) has been mined?

This is the answer

Quote

Are miners going to mine alt?

IMO It's their choice. When bitcoin is all mined, the fees will increase and they will have a lot work of transaction confirmations. If the fees can make they earn profit, the miner can still stay with it.

Quote

or supply will be added?

No, it's not bitcoin anymore... it's fiat currency, where the supply is unlimited

Topic: if bitcoin can no longer be mined - page 2. (Read 641 times)