Miners' compensation in 2040 | Bitcointalksearch.org

gentlemand

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Welt Am Draht

Quote from: Hugroll on September 11, 2015, 07:19:51 AM

it scares me how unpredictable the future of bitcoin is, it could either just vanish or florish so nicely.

That's why everyone's here. They're making a bet on a potentially incredible future. Or they'll look like total dick heads within a few years.

What Bitcoin has inspired will never, ever go away. I think we'll know sooner than we expect whether Bitcoin itself will make the grade.

Mickeyb

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Move On !!!!!!

Quote from: ikydesu on September 11, 2015, 03:44:50 AM

Quote from: Itun on September 10, 2015, 05:13:57 PM

Bitcoins will be mined until much longer than that although the rewards would be very little itself.

It would mostly be transaction fees that the miners would be getting though

In 2140 the coins distribution is over, maybe this is the end of bitcoin miners or maybe much early, because the diff is increased and make a profit from mining is low.

You need a free electric cost and much hash.

Yes but mining is still very, very profitable. The amount of hashpower that we have at the moment is enormous. We could cut this hashpower in half and still have a very secure network.

Also, today in average to secure 1 Bitcoin transaction it costs in electricity as 1.75 household spends for a whole day. This is just a lot of hashpower and it goes to show you that mining is still very lucrative. We don't need to worry about the miners and their future, Bitcoin mechanisms will take care of this as well.

And in 2140, when mining stops, Bitcoin will even be huge and there will be enough transactions for Bitcoin to support itself or Bitcoin will not exist.

notlist3d

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Quote from: Itun on September 10, 2015, 05:13:57 PM

Bitcoins will be mined until much longer than that although the rewards would be very little itself.

It would mostly be transaction fees that the miners would be getting though

In the perfect world miner fee's would be enough to keep everyone running when no rearwards. We wont know what will happen then really.

As of right now it's hard for a lot with rewards to mine. So hard to see it working as of right now, but that fee will become very important one day.

Hugroll

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Quote from: Herbert2020 on September 10, 2015, 11:22:50 AM

by that time bitcoin is either long gone or replaced by something else or another scenario is that bitcoin price is high enough that fees are going to cover the mining costs. besides since block reward would be small transaction fees can be increased to cover that.

it scares me how unpredictable the future of bitcoin is, it could either just vanish or florish so nicely.

ikydesu

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Quote from: Itun on September 10, 2015, 05:13:57 PM

Bitcoins will be mined until much longer than that although the rewards would be very little itself.

It would mostly be transaction fees that the miners would be getting though

In 2140 the coins distribution is over, maybe this is the end of bitcoin miners or maybe much early, because the diff is increased and make a profit from mining is low.

You need a free electric cost and much hash.

Habeler876

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Quote from: Herbert2020 on September 10, 2015, 11:22:50 AM

by that time bitcoin is either long gone or replaced by something else or another scenario is that bitcoin price is high enough that fees are going to cover the mining costs. besides since block reward would be small transaction fees can be increased to cover that.

The chances for profit are to great for people to let bitcoin to fall apart, hence i'm confident how the price will be indeed high enough for miners to make a profit out of their operation.
Also , seeing the obvious advancement in mining technology, there's no doubt that electricity costs will be also very much lower then, giving miners higher incentive to mine.

Itun

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Bitcoins will be mined until much longer than that although the rewards would be very little itself.

It would mostly be transaction fees that the miners would be getting though

Kagekatsu

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I will be old for that day, hope to be even rich with my btc amount

tiggytomb

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we could be in a world without the internet or blockchains by that point, who knows

Herbert2020

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by that time bitcoin is either long gone or replaced by something else or another scenario is that bitcoin price is high enough that fees are going to cover the mining costs. besides since block reward would be small transaction fees can be increased to cover that.

notlist3d

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It's really pretty much speculation. We don't know where BTC will be in 5 years. Just don't have the data.

To go to 2040 were talking about a guess pretty much. Not enough proven info to give good speculation.

Amph

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fees will matter long before that, from 2020 to 2024 here will be only 6 btc to share, i'm sure that if there will be a good value by that date miners are already fucked, no need to wait 2040

chennan

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Quote from: Lauda on September 10, 2015, 09:27:34 AM

I'm not sure why you used the year 2040. The supply should last until ~2140. (a little less due to block times)
To keep it short and simple, the answer is fees.

To be quite honest, I feel as if we're getting to a point where these new mining companies are going to become the major "banks" of cryptocurrencies, or for atleast btc, where they control the mining "fees" and everything like you said... but at the same time that's going to make people stray away from BTC because the whole point of BTC from the get go was to have a decentralization of money where everyone will be able to mine, not have these huge companies with 10's of thousands of dollars invested in mining rigs that take any small miner out of the picture.

boliu

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6th BTC reached. Thank you for your support

Fees

Lauda

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Terminated.

I'm not sure why you used the year 2040. The supply should last until ~2140. (a little less due to block times)
To keep it short and simple, the answer is fees.

kemosabE

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Miners record and verify, and they are compensated with new bitcoin. What happens in 2040 when new btc issue ceases? How will miners be compensated?

Topic: Miners' compensation in 2040 (Read 922 times)