Well, I don't think there is much to about this to discuss, and besides, has anyone mentioned that this topic has been discussed here before? , on several occasions, anyways, when every bitcoins are mined, making money from bitcoin mining will become only based on transactions fees collected from from those using the bitcoin network, at least, mining bitcoin could become easier and will no longer consume electricity as it does now I believe..
And another thing worthy enough to note is that by 2140, most of us are no longer here must have joined our creator, so whatever be the outcome of this development by then will be solely based on decisions made by that generation by then, so personally do not see a need to be discussing this as we can not develop bitcoin alone, the future generations has a part to play in the future of bitcoin, even when all bitcoin have been mined.
Topic: It's 2140. All the Bitcoin is now mined, only mining transactions make $ - page 2. (Read 162 times)
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August 17, 2023, 12:42:26 AM
August 17, 2023, 12:30:49 AM
Now what?
Now, really?It is always a big question since 2009 but after many years, two past halvings in 2013 and 2017 as well as some past market cycles, we can see that halvings decrease block rewards for Bitcoin miners but in a correlation of Bitcoin price which increases after each halving.
Yearly candles
If you look at Bitcoin Yearly Lowest (Min) price, you will have a better view.
Bitcoin lost its $30,000 hours ago but its price today is far better than 2020 min price that is $4107.
Yearly low price of bitcoin:
- Data source: https://coinmarketcap.com/currencies/bitcoin/historical-data/
- Observed period: 29/4/2013 - 06/10/2020.
- min_l: Min of daily low price for each specific year.
- percent_change: % of changes in min_l between 2 consecutive years
- During the period of almost 8 years, the lowest yearly price of BTC has 7 years with increase (positive in percent_change), only has 1 year with a fall (negative in percent_change, at -40.7 % in 2015).
- Min and max percent of increase is 6.3% (2019) and 341.5% (2014).
- Also, see median_l, p25l and p75l (in statistics and in chart) to see the continuous growth (yearly low price) of bitcoin
- Make double check with another dataset from 2010 to 2020 that I made in WO
Code:
+---------------------------------+
| year min_l percent_change |
|---------------------------------|
1. | 2013 65.53 . |
2. | 2014 289.3 341.48 |
3. | 2015 171.51 -40.72 |
4. | 2016 354.91 106.93 |
5. | 2017 755.76 112.94 |
|---------------------------------|
6. | 2018 3191.3 322.26 |
7. | 2019 3391.02 6.26 |
8. | 2020 4106.98 21.11 |
+---------------------------------+
| year min_l percent_change |
|---------------------------------|
1. | 2013 65.53 . |
2. | 2014 289.3 341.48 |
3. | 2015 171.51 -40.72 |
4. | 2016 354.91 106.93 |
5. | 2017 755.76 112.94 |
|---------------------------------|
6. | 2018 3191.3 322.26 |
7. | 2019 3391.02 6.26 |
8. | 2020 4106.98 21.11 |
+---------------------------------+
August 16, 2023, 11:24:18 PM
I think this is good to know. For our heirs.
I think the heirs will be laughing their asses out in 2140 looking back at the 101 million topics about the reward and the same answers being posted again and again. I bet their first impression would be:
"These idiots invented Bitcoin"?
TREAD
lol...
August 16, 2023, 11:09:06 PM
I understand that Bitcoin mining is still considered to be a lucrative enterprise so by the time that there can no more BTC to be mined then remaining miners has to do with transaction fees as their main source of revenue. I am sure there can be other opportunities available to them into the future. This is not something we should be worrying a lot...let those in Bitcoin in the year 2140 get burdened with the issue.
August 16, 2023, 11:04:58 PM
This was asked and answered before and I'm not sure what you expect to see here. We can write any science fiction essay we want and I would be surprised if reality will not beat at least some of them.
I like to think that bitcoin will be used as reserve by central banks, only large transactions will go on-chain and the bulk will happen on alternative channels (LN and similar), also that even states or banks will mine (for a good hash rate and also for including their own transactions into the mined blocks).
I like to think that bitcoin will be used as reserve by central banks, only large transactions will go on-chain and the bulk will happen on alternative channels (LN and similar), also that even states or banks will mine (for a good hash rate and also for including their own transactions into the mined blocks).
August 16, 2023, 10:57:13 PM
Yes this was the point from the beginning. Miners won’t need the block reward because their revenue will be the transaction fees due to usage by many people around the globe.
In the past there were times when transaction fees were higher than the block reward. With ETH it was more apparent since they always had congestion.
So no block rewards are not a problem as long as people use the network.
In the past there were times when transaction fees were higher than the block reward. With ETH it was more apparent since they always had congestion.
So no block rewards are not a problem as long as people use the network.
August 16, 2023, 10:52:57 PM
Now what?
I think this is good to know. For our heirs. We won't be here. Assuming somehow our coins make it that far into future generations. Man this is some crazy stuff to be thinking of. LOL
Can't wait to see the responses.
Cheers,
TREAD
I think this is good to know. For our heirs. We won't be here. Assuming somehow our coins make it that far into future generations. Man this is some crazy stuff to be thinking of. LOL
Can't wait to see the responses.
Cheers,
TREAD
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