Mining in 20 years time - page 3. | Bitcointalksearch.org

deisik

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Quote from: pedrog on August 09, 2016, 06:12:30 AM

Quote from: deisik on August 08, 2016, 02:11:14 PM

Increasing the block size would evidently decrease fees since there will be less competition between the senders of funds for the inclusion of their transactions in the newly found block, which consists in increasing the fee size (the higher the fee, the faster the TX will be included in one of the new blocks). Miners surely won't like that...

Thereby, the block size is not to be expected to get increased any time soon

You're talking about peanuts.

With increased capacity comes increase in usage and types of usage making the system more valuable.

Do you really believe that increased capacity can somehow lead to an increase in usage? If it were so (simple logic), why had it not been done already (I mean the block size increase) given that miners are interested in "making the system more valuable" as no one else out there? This is not a rocket science or quantum mechanics to get a clue at what's going on...

In short, you are putting the cart before the horse

pedrog

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Quote from: deisik on August 08, 2016, 02:11:14 PM

Quote from: Lumada on August 08, 2016, 02:06:03 PM

Quote from: deisik on August 06, 2016, 02:21:20 PM

Quote from: data1 on August 06, 2016, 02:18:34 PM

no dought mining will be very popular and developed when miners will get the transaction fees but its hard to say that do they will mine the last coins in 20year or not because in middle of it moee inventions can happen too

If mining will be less profitable than it is now (read TX fees don't rise up to a block reward amount as of now), how can it become very popular?

Inventions affect hashrate but not the speed with which coins are mined

I believe the block size should be increased soon as that more transactions can be done in a faster manner.

Increasing the block size would evidently decrease fees since there will be less competition between the senders of funds for the inclusion of their transactions in the newly found block, which consists in increasing the fee size (the higher the fee, the faster the TX will be included in one of the new blocks). Miners surely won't like that...

Thereby, the block size is not to be expected to get increased any time soon

You're talking about peanuts.

With increased capacity comes increase in usage and types of usage making the system more valuable.

deisik

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Quote from: Lumada on August 08, 2016, 02:06:03 PM

Quote from: deisik on August 06, 2016, 02:21:20 PM

Quote from: data1 on August 06, 2016, 02:18:34 PM

no dought mining will be very popular and developed when miners will get the transaction fees but its hard to say that do they will mine the last coins in 20year or not because in middle of it moee inventions can happen too

If mining will be less profitable than it is now (read TX fees don't rise up to a block reward amount as of now), how can it become very popular?

Inventions affect hashrate but not the speed with which coins are mined

I believe the block size should be increased soon as that more transactions can be done in a faster manner.

Increasing the block size would evidently decrease fees since there will be less competition between the senders of funds for the inclusion of their transactions in the newly found block, which consists in increasing the fee size (the higher the fee, the faster the TX will be included in one of the new blocks). Miners surely won't like that...

Thereby, the block size is not to be expected to get increased any time soon

Lumada

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Quote from: deisik on August 06, 2016, 02:21:20 PM

Quote from: data1 on August 06, 2016, 02:18:34 PM

no dought mining will be very popular and developed when miners will get the transaction fees but its hard to say that do they will mine the last coins in 20year or not because in middle of it moee inventions can happen too

If mining will be less profitable than it is now (read TX fees don't rise up to a block reward amount as of now), how can it become very popular?

Inventions affect hashrate but not the speed with which coins are mined

I believe the block size should be increased soon as that more transactions can be done in a faster manner.

deisik

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Quote from: data1 on August 06, 2016, 02:18:34 PM

no dought mining will be very popular and developed when miners will get the transaction fees but its hard to say that do they will mine the last coins in 20year or not because in middle of it moee inventions can happen too

If mining will be less profitable than it is now (read TX fees don't rise up to a block reward amount as of now), how can it become very popular?

Inventions affect hashrate but not the speed with which coins are mined

data1

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no dought mining will be very popular and developed when miners will get the transaction fees but its hard to say that do they will mine the last coins in 20year or not because in middle of it moee inventions can happen too

Umotand

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Quote from: Script3d on August 03, 2016, 05:53:22 AM

Quote from: AioFox on July 10, 2016, 03:37:16 PM

20years = 5times the Bitcoin block would go into halving.

1st Halving: 6.25BTC per block
2nd Halving: 3.125BTC per block
3rd Havling: 1.567BTC per block
4th Halving: 0.783BTC per block
5th Halving: 0.391BTC per block (seems really sad at this point)

I plan to finish my dealing with bitcoin within this four year period before the next halving happens. Unless Bitcoin would be really valuable by then.

that is must be really hard for miners rip to those who have alot of
bitcoins miners wait it is possible to gain money somehow?

In 12 to 16 years, most of the miner's income will be from the transaction fees. the block reward will be less relevant.

Script3d

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Quote from: AioFox on July 10, 2016, 03:37:16 PM

20years = 5times the Bitcoin block would go into halving.

1st Halving: 6.25BTC per block
2nd Halving: 3.125BTC per block
3rd Havling: 1.567BTC per block
4th Halving: 0.783BTC per block
5th Halving: 0.391BTC per block (seems really sad at this point)

I plan to finish my dealing with bitcoin within this four year period before the next halving happens. Unless Bitcoin would be really valuable by then.

that is must be really hard for miners rip to those who have alot of
bitcoins miners wait it is possible to gain money somehow?

deisik

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Quote from: TheGodFather on August 03, 2016, 05:36:41 AM

Quote from: pedrog on July 11, 2016, 06:48:33 AM

There will be no miners in 20 years because subsidy is to small to pay mining and bitcoin developers don't allow enough on chain transactions to maintain enough mining to keep the network safe, so bitcoin will be irrelevant or forked into POS.

Yhup. There will be no miners on that year because all the mining blocks has been mined and we all know that if that will happen, there will be no more miners. And if that time, mining blocks still can be mined, there is a possibility that they will literally stop mining because of the less satoshi given to them. Because of the halving event over and over again, there will be a possibility that bitcoin will be dumped and no more miners are mining on that year.

No one knows exactly what will happen then, but to say that there will be no more miners is a tremendous exaggeration bordering on ignorance. Decreasing reward with high-profile miners leaving would cause mining difficulty to adjust proportionately, thus making mining more available to regular Bitcoin users with their run-of-the-mill hardware. I guess they would be more than happy with the fees thereby collected...

In other words, the throne will never remain empty

TheGodFather

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Quote from: pedrog on July 11, 2016, 06:48:33 AM

There will be no miners in 20 years because subsidy is to small to pay mining and bitcoin developers don't allow enough on chain transactions to maintain enough mining to keep the network safe, so bitcoin will be irrelevant or forked into POS.

Yhup. There will be no miners on that year because all the mining blocks has been mined and we all know that if that will happen, there will be no more miners. And if that time, mining blocks still can be mined, there is a possibility that they will literally stop mining because of the less satoshi given to them. Because of the halving event over and over again, there will be a possibility that bitcoin will be dumped and no more miners are mining on that year.

elyas772

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Quote from: ekissane on July 10, 2016, 04:12:53 AM

99.21875% will be mined in 20 years time. If electricity isn't very cheap by then and/or if bitcoin isn't worth hundreds of thousands of dollars, it's hard to imagine anybody wanting to mine then. How will transactions then be verified?

If it can not Bitcoin mining Bitcoin again a lot of sites that will be a loss, especially those who have purchased bitcoin mining equipment Sure he had lost a large amount and bitcoin users will be less.

Pesmand

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Quote from: GamingBro on August 01, 2016, 07:49:34 AM

It will be very hard to mine last bitcoins at my opinion, cause contest will be very big and everybody will start adding more and more hardware to get it.

In 20 years, the transaction fees will be higher than the block reward at the time. So people are mining for fees.

Jimbola3

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Quote from: fravia on August 01, 2016, 10:06:37 AM

Quote from: GamingBro on August 01, 2016, 07:49:34 AM

It will be very hard to mine last bitcoins at my opinion, cause contest will be very big and everybody will start adding more and more hardware to get it.

yeah, people will invest in hardware to mine bitcoins regularly in order to not drop out of the business because it will require some serious stuff in order to make profit

Yeah that's for sure but only if the bitcoin price will be so high ! and mining will be worthy for them. as the complexity of mining will be the maximum at that time they need to add more hardware so more cost for them and more electricity off course so if the price of bitcoin wont be so high no onw will invest to mine more bitcoins !

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Quote from: GamingBro on August 01, 2016, 07:49:34 AM

It will be very hard to mine last bitcoins at my opinion, cause contest will be very big and everybody will start adding more and more hardware to get it.

yeah, people will invest in hardware to mine bitcoins regularly in order to not drop out of the business because it will require some serious stuff in order to make profit

Doamader

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Bitcoin total coins are getting less and less year by years the transactions, loosing, fees, the miners has huge impact at bitcoin price, after the mine stop, we will need some other way to protect bitcoin, and hardware shouldnt be the way as its high cost process, and we must ask till when bitcoin can keep doubling and achieve more and more value, its designed to happen around the halving, less coins making huge pressure into the market.
Some people are expecting the fees to keep miners active, soo bitcoin would be worthing 5000 dollars and miners would charging 100k satoshis every transaction, and i dont know how long bitcoin can sustain such fee as well keep miners on the green result.

funbarrel

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Quote from: GamingBro on August 01, 2016, 07:49:34 AM

It will be very hard to mine last bitcoins at my opinion, cause contest will be very big and everybody will start adding more and more hardware to get it.

well yeah, the amount of bitcoins given will be really small so i think a lot of people will be keen on mining their bitcoins to earn big profit, though they would need big hardware

carlfebz2

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in my own view, every halving bitcoin mining would add its difficulty in mining level. Therefore the more the bitcoin halving the more its hard to mine. Since the supply is gradually decreases because of the halving event. For sure the bitcoins price would definitely rises due to low of supply than its demand.

GamingBro

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It will be very hard to mine last bitcoins at my opinion, cause contest will be very big and everybody will start adding more and more hardware to get it.

piloder

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Quote from: clickerz on July 26, 2016, 10:32:59 AM

Quote from: coinzat on July 26, 2016, 10:26:09 AM

i believe that when the block reward be very low after 20 years, miners will make good profit from fees which will rise of course. difficulty will not be the same as less people will be interested in mining will less revenue. so do not worry

There are uncertainty in future but I hope and agree that it is the possible scenario. If charges will increased then mining will still be there as always as wee need miner to process to our transaction.

The mining of the bitcoin will last as long as the bitcoin exists as that is built in the protocol unless it is changed.

clickerz

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Quote from: coinzat on July 26, 2016, 10:26:09 AM

i believe that when the block reward be very low after 20 years, miners will make good profit from fees which will rise of course. difficulty will not be the same as less people will be interested in mining will less revenue. so do not worry

There are uncertainty in future but I hope and agree that it is the possible scenario. If charges will increased then mining will still be there as always as wee need miner to process to our transaction.

Topic: Mining in 20 years time - page 3. (Read 6204 times)