Is mining limited 😮 | Bitcointalksearch.org

serjent05

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Quote from: Cricktor on December 12, 2023, 03:30:21 PM

Quote from: Zaguru12 on June 02, 2023, 04:09:41 PM

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No mining means no more confirmations of transactions, no transactions written to the blockchain, Bitcoin failed, Bitcoin's blockchain frozen to death. Bitcoin would likely loose its value because without transactions and their confirmation, no one could transact anymore.

What makes you think this is Bitcoin's future?

Each one has their own belief on the future of Bitcoin, and the possibility of Bitcoin being dead is still there. No one knows the future all we can do is speculate. If there is something much more practical than Bitcoin, then that cryptocurrency will cease its dominance from Bitcoin if Bitcoin failed to progress or adapt, and improved for the future needs of people.

In theory, the system of bitcoin is for eternity, since mining after all BTC is mined is still needed for the confirmation of the transaction. This is also the reason why there are transaction fees when we transfer our BTC. That is to compensate miners for ming blocks and making our transaction confirmed. Satoshi device this plan to keep miners on mining BTC but if in case the reward from these TX fees is not enough to compensate miners, we will see miners shifting their gears to other cryptocurrencies that are more profitable for them. Once this happens the generation that time might be seeing the fall of Bitcoin.

boyptc

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Quote from: cryptoaddictchie on December 12, 2023, 09:59:49 AM

Quote from: Zaguru12 on June 02, 2023, 04:09:41 PM

Also the Miners will only stop mining bitcoin but the would continue to get the reward from transaction fees after the mining has stopped

But what will happened on the investment on stuff like they used to mine the bitcoin? Probably some will be useless or can be shifted to other coins. But seeing the end woyld be 2140 then still a longer time for the game. Im not even sure if I still alive by that time, but curious what would be the effect on it on bitcoin itself.

Actually, we should care less on that thing because it's no longer our concern and we're possible not here anymore. Confirmation for transactions are still there so, they'll still be used.

But just as usual, advancement is going to happen and people who have bough these equipment will use it somewhere else for what they can potentially mine just to continue.

Otherwise, they'll just consider it done and junk if they're no longer usable.

Zaguru12

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Quote from: Cricktor on December 12, 2023, 03:30:21 PM

No mining means no more confirmations of transactions, no transactions written to the blockchain, Bitcoin failed, Bitcoin's blockchain frozen to death. Bitcoin would likely loose its value because without transactions and their confirmation, no one could transact anymore.

What makes you think this is Bitcoin's future?

To see how this will actually turn out, we don't need to wait until the block reward without transaction fees drops to zero. It should be visible much earlier, after maybe after 2032, 2036 or 2040 when likely transaction fees will exceed block subsidy.

There is no way that there won’t be miners, the quote I replied to was asking about what to do with the mining equipments if some miners do not see it profitable again and this isn’t something that will be long before it comes. Around 2044 we will already be at a 0.1bitcoin as block reward, although I think the price will compliment it due to the current trend of the price growing through the years but at that time some small pools might have been pulling the plug already

Cricktor

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Quote from: Zaguru12 on June 02, 2023, 04:09:41 PM

...

No mining means no more confirmations of transactions, no transactions written to the blockchain, Bitcoin failed, Bitcoin's blockchain frozen to death. Bitcoin would likely loose its value because without transactions and their confirmation, no one could transact anymore.

What makes you think this is Bitcoin's future?

To see how this will actually turn out, we don't need to wait until the block reward without transaction fees drops to zero. It should be visible much earlier, after maybe after 2032, 2036 or 2040 when likely transaction fees will exceed block subsidy.

Zaguru12

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Quote from: cryptoaddictchie on December 12, 2023, 09:59:49 AM

But what will happened on the investment on stuff like they used to mine the bitcoin? Probably some will be useless or can be shifted to other coins. But seeing the end woyld be 2140 then still a longer time for the game. Im not even sure if I still alive by that time, but curious what would be the effect on it on bitcoin itself.

Equipments like that those use to mine bitcoin are not useless they are mostly recycled, so If the miner decides to quit mining then he can sell off does equipments or better still convert it to home heaters, because ASIC mining equipment are used for that too. Also End of mining bitcoin doesn’t mean everything will stop there is transaction validators too.

cryptoaddictchie

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Quote from: Zaguru12 on June 02, 2023, 04:09:41 PM

Also the Miners will only stop mining bitcoin but the would continue to get the reward from transaction fees after the mining has stopped

But what will happened on the investment on stuff like they used to mine the bitcoin? Probably some will be useless or can be shifted to other coins. But seeing the end woyld be 2140 then still a longer time for the game. Im not even sure if I still alive by that time, but curious what would be the effect on it on bitcoin itself.

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Quote from: philipma1957 on December 11, 2023, 07:27:28 PM

This is a very important effect of bitcoin mining.

I am pretty sure.

the next three ½ ings

3.125 coins in 2024
1.5625 coins 2028
0.78125 coins 2032

will radically alter mining as rewards will likely be under fees in 2032 this should end the ½ ing effect.

Mining is important to confirm transactions, find new blocks. Without miners, Bitcoin blockchain will be unofficially halted. Nodes can not find blocks and confirm transactions.

Miners expect to get profit from both block subsidy and transaction fee. We can know about block subsidy but can not know how transaction fee will be in future. Like we did not know Ordinals Inscriptions can help miners to get lot of bitcoin from mining.

Similar things on Bitcoin blockchain can help Bitcoin miners to get good income and profit even price won't increase too much.

½ ings? Interesting.
What term to use? Halving or Halvening? Term history.

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Quote from: Mia Chloe on June 02, 2023, 04:01:53 PM

I am beginning to love this forum as I am getting to understand more about Bitcoin I will for now limit my post except I have reasonable questions on this forum as well as contributions
Pls I am not clear on this https://bitcointalksearch.org/topic/am-i-right-about-this-or-not-5452803
Like does it mean mining Bitcoin has a threshold ? After which mining will no longer be possible

This is a very important effect of bitcoin mining.

I am pretty sure.

the next three ½ ings

3.125 coins in 2024
1.5625 coins 2028
0.78125 coins 2032

will radically alter mining as rewards will likely be under fees in 2032 this should end the ½ ing effect.

CryptSafe

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OP mining is currently not limited. Anyone can mine now as long as they have the complete equipment and facility to do so but you should have it in mind that Bitcoin is capped at 21 million and when it gets to that limit it stops and miners would start to receive rewards from transactions fees but while mining, they receive rewards for the mining just as was told by other posters.

OP you have earlier been told to lock this thread which is not wrong. At this juncture, i presume you have gotten enough information and not only that you have also been told here that there are many threads relating to this topic so therefore i wouls also join in telling you lock this thread as you have already gotten the information your require.

aysg76

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There is no such limitation on mining but the thing is bitcoin supply is capped to 21M coins which are expected to be mined till 2140 as we already have 18M coins in circulation and rest will take another another century to be mined.But why are concerned about it because we are still talking ahead of century which is 100+ years and do you think we need to care about that time now? The miners will still be there or will bitcoin will be used at that time is not certain so why having so many thoughts about it? The fees is the factor that will insist them to keep the network secure based on huge prices at the time.

wahyuagung26

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Quote from: Mia Chloe on June 02, 2023, 04:01:53 PM

Like does it mean mining Bitcoin has a threshold ? After which mining will no longer be possible

What we know so far there may be no threshold in Bitcoin Mining, and maybe one of the statements is that Bitcoin won't be very valuable when there are no more miners mining Bitcoin, but logically this is true, and to be honest so far there are still many miners who are still consistently mining in the sense that it seems that this threshold does not apply to Bitcoin.

Quote from: Mia Chloe on June 02, 2023, 04:01:53 PM

I will for now limit my post except I have reasonable questions

Agreed, it would be nice for those who might lose concentration in contributing following one of your ways to see that they are much more active and qualified in the forum, and most of the beginners sometimes make mistakes in contributing with other members and this sometimes also applies to them those who are seniors are also here, the perfect choice you made for your consistency in the forum I think is good.

SquirrelJulietGarden

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Quote from: Mia Chloe on June 02, 2023, 04:01:53 PM

Like does it mean mining Bitcoin has a threshold ? After which mining will no longer be possible

Mining has two main roles for Bitcoin network and Bitcoin users.

Miners confirm transactions for Bitcoin users and earn income with transaction fees.
Miners find Bitcoin blocks and receive block rewards for every block they find.

Block rewards will no longer available for miners when all 21 million bitcoins mined entirely in 2140. After that they will have only one source of income from transaction fees. Find blocks, confirm transactions and get transaction fees.

So mining will continue after 21 million bitcoins are mined entirely if there are Bitcoin miners do mining at the time in future.

Mining will stop if all miners turn off their ASICs and the Bitcoin network will be dead like many useless Proof-of-Work altcoin networks.

BitDane

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Quote from: Mia Chloe on June 02, 2023, 04:01:53 PM

I am beginning to love this forum as I am getting to understand more about Bitcoin I will for now limit my post except I have reasonable questions on this forum as well as contributions
Pls I am not clear on this https://bitcointalksearch.org/topic/am-i-right-about-this-or-not-5452803
Like does it mean mining Bitcoin has a threshold ? After which mining will no longer be possible

Bitcoin supply has a threshold and its limit is 21m but the block produced by the network isn't limited to 21m blocks. The network will produce blocks to be mined by miners even after the 21m Bitcoin is already mined. It is that after the last Bitcoin reward is mined, the following block don't have any bitcoin reward anymore but transaction fee can still be mined by miners.

The Cryptovator

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I believe creating another thread is unnecessary. Please lock this thread and contribute to the existing one. There are numerous discussions from which you can learn. The basic concept is that miners will receive rewards from the supply until it reaches 21 million. Once the cap is reached, miners will solely rely on transaction fees for their rewards. As the supply is fully mined at 21 million, miners will no longer receive rewards from the supply. Therefore, mining will continue indefinitely, as miners will still earn rewards through transaction fees.

Stalker22

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Quote from: Mia Chloe on June 02, 2023, 04:01:53 PM

~
Pls I am not clear on this https://bitcointalksearch.org/topic/am-i-right-about-this-or-not-5452803
Like does it mean mining Bitcoin has a threshold ? After which mining will no longer be possible

Did you read that thread? Why not ask your question there instead of opening a new topic?

To answer your question: No, there is no specific threshold where mining will no longer be possible. Mining is actually a crucial component of the Bitcoin protocol, and without it, Bitcoin would cease to exist. The mining process is essential for confirming new transactions and ensuring the functionality of the currency. Without mining, bitcoins would essentially become worthless.

However, what you may not have understood is that there will be a time when miners will no longer receive newly created coins as a reward for their work. But this does not mean mining will become impossible or unprofitable. Miners will still receive transaction fees for including transactions in a block. So, there is still an incentive to keep mining even without the newly minted coins.

Zaguru12

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Quote from: Mia Chloe on June 02, 2023, 04:01:53 PM

Pls I am not clear on this https://bitcointalksearch.org/topic/am-i-right-about-this-or-not-5452803
Like does it mean mining Bitcoin has a threshold ? After which mining will no longer be possible

If you had gone through the link and read all replies you would have found out why.

Now to mining, the reason why mining will stop is because the coin be mined is limited. Bitcoin has a total 21 million total market supply and this would not be changed. So for miners once this 21 million is fully mined then there won’t be any mining done bitcoin again. The estimated year for this to stop is around 2140, and currently there is approximately 19.4 million of bitcoin mined already with around 1.6 million left. The reason why it will take long for this to fully mined is because the number of bitcoin per block is usually halved every four years and the current number of it per block is 6.25.

Also the Miners will only stop mining bitcoin but the would continue to get the reward from transaction fees after the mining has stopped

Mia Chloe

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I am beginning to love this forum as I am getting to understand more about Bitcoin I will for now limit my post except I have reasonable questions on this forum as well as contributions
Pls I am not clear on this https://bitcointalksearch.org/topic/am-i-right-about-this-or-not-5452803
Like does it mean mining Bitcoin has a threshold ? After which mining will no longer be possible

Topic: Is mining limited 😮 (Read 225 times)