What happend 2140 all BTC are mined - page 3.

levvv

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Quote from: cryptohunter on May 02, 2018, 07:41:31 AM

bitcoin will have moved to pos by then.......... dont worry about it since you will be less worried by then too i expect

there are tx fees left to allocate after mining is done

i dont get it. moving it from POW to POS is still useless because it has been fully mined, ins't it ?
the coin circulation cannot increased anymore. mining bitcoin will never exist again.

franky1

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Merit: 4766

here is how the block rewards change over time

but anyway for mathematical purposes

year* reward
2009   50.00000000
2013   25.00000000
2017   12.50000000
2021   6.25000000
2025   3.12500000
2029   1.56250000**
2033   0.78125000
2037   0.39062500
2041   0.19531250
2045   0.09765625
2049   0.04882813
2053   0.02441406
2057   0.01220703
2061   0.00610352
2065   0.00305176
2069   0.00152588
2073   0.00076294
2077   0.00038147
2081   0.00019073
2085   0.00009537
2089   0.00004768
2093   0.00002384
2097   0.00001192
2101   0.00000596
2105   0.00000298
2109   0.00000149
2113   0.00000075
2117   0.00000037
2121   0.00000019
2125   0.00000009
2129   0.00000005
2133   0.00000002
2137   0.00000001
2141   0.00000000

**based purely on current fees per block(~1.5btc)..
we could see the importance of reward:fee flip to fee:reward happening around 2029
where pools care less about the reward and care more about fees

the pools will continue to mine blocks because they get paid via fee's from transactions

*note dates are variable because blocks are not solved at exact times of 10 minutes(2016/fortnight)
for instance the january 2013 halving actually happened in november 2012 and the 2017 halving happened in july 2016. the next halving is ETA'd for May 2020(not jaanuary 2021)

bjmpoker001

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Quote from: ballexplorer on May 02, 2018, 07:26:59 AM

What happens in 2140 when the last BTC was mined with the confirmations of the transactions in the blocks and thus with the block rewards. There should not be more BTC than Rewards, because 21 Mill BTC were gemined.
How are the transactions then confirmed?

if bitcoin fully mined in 2140, then it still have a long time.
when bitcoin circulation cannot be added more, the value of bitcoin will more and more expensive.
but who gonna hold bitcoin for 100 years more ? we all could sell it in the future.

amishmanish

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Activity: 1904

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By 2140, Most small transactions should have migrated to using some variation of a second-layer solution like LN. Most on-chain settlements would be bigger transactions for which the parties will be willing to pay a good amount as fees for confirmations.

If sufficient distribution and decentralization could be ensured, we would have moved to a more open and free market with little scope for political motives determining availability of economic opportunities to people and countries. People would be much freer to monetize their skills if they choose to from any corner of the world. People would also be free to do more good for the poor. We will probably have a sharing economy.

Mining hardware would be advanced enough for anyone to contribute to the network without worrying about breaking even. The selfish motive would be replaced by a different understanding of what money is.

mast3rm1nd

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we will be dead so it's not our problem ?? it's our kids' problem lol. I read somewhere that the transaction fees will cover the reward for mining. and that is interesting to see because the mining reward keeps getting small and the transaction fees are big as they are so maybe there will be a compromise somehow.

Kjara

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Merit: 14

Quote from: ballexplorer on May 02, 2018, 07:26:59 AM

What happens in 2140 when the last BTC was mined with the confirmations of the transactions in the blocks and thus with the block rewards. There should not be more BTC than Rewards, because 21 Mill BTC were gemined.
How are the transactions then confirmed?

Something tells me that it will happen in some popular museum, where visitors will be able to explore the evolution of money from seashells to the Bitcoin. Roll Eyes

ballexplorer

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Activity: 201

Merit: 11

Quote from: bitmover on May 02, 2018, 08:58:04 AM

Theoretically there will not be any big difference (like changing to pos or anything like that).

As butka said, transaction fees will be enough for the miners.

As halving is already going on, block reward is not that high as it used to be, and we didn't moved to PoS.

As 2140 is a very distant future, by 2021 block reward is going to halve again. That will be an interesting moment to watch. Probably price will go up as there will be less bitcoins going to exchanges.

I also see that the price of the BTC could rise, if their will be less BTC going to the exchanges and the BTC will be shortage

Whether the transaction fees then for the miners sufficient, will show.

Unfortunately, the miners have had disputes in the past because of the amount of transaction fees. That's why we already had some hard forks with the well-known result.

I also like the BTC as a payment coin. He is a piece of personal freedom for me.

bitmover

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Merit: 6089

bitcoindata.science

Theoretically there will not be any big difference (like changing to pos or anything like that).

As butka said, transaction fees will be enough for the miners.

As halving is already going on, block reward is not that high as it used to be, and we didn't moved to PoS.

As 2140 is a very distant future, by 2021 block reward is going to halve again. That will be an interesting moment to watch. Probably price will go up as there will be less bitcoins going to exchanges.

butka

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The idea is that once the majority of bitcoins are mined, the sum of the transaction fees collected in a newly mined block would be enough to cover for the mining reward. It is not an unrealistic scenario given the current transaction fees.

cryptohunter

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MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

bitcoin will have moved to pos by then.......... dont worry about it since you will be less worried by then too i expect

there are tx fees left to allocate after mining is done

ballexplorer

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Activity: 201

Merit: 11

What happens in 2140 when the last BTC was mined with the confirmations of the transactions in the blocks and thus with the block rewards. There should not be more BTC than Rewards, because 21 Mill BTC were gemined.
How are the transactions then confirmed?

Topic: What happend 2140 all BTC are mined - page 3. (Read 411 times)