What happens after 21 Million mined BTC? - page 2.

Coins and Hardwork

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Quote from: cafucafucafu on August 04, 2017, 06:17:40 PM

Probably not all of the 21 million coins will be mined firstly some of them will probably be lost. Well the way mining work is that there are blocks that can be mined which contain 12.5 bitcoin. The estimated timer says that bitcoin will be fully mined in 100 years, and there should be a bunch of block halving before that.

That's is also why not many people mine bitcoin now, only the people who live in places like China and India, where electricity is dirt cheap can afford to mine. Also why people have higher transaction fees now, to make up for the decreasing amount of block rewards.

That is what I'm thinking. Even in the past there are a alot of bitcoin that is gone. So we can say that the bitcoins in the future will not be having a total number of 21Million but will be close to that total number.

Miners are making a way so they can't waste their money in mining. While the miners are closing to the hardest blocks to mine, they are increasing their fees which I think will be decreasing the time they've mined it all.

rizzlarolla

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Quote from: cafucafucafu on August 04, 2017, 06:17:40 PM

I'm a hacked/bought account shilling inane clueless BS with theymos approval.

FTFY clueless hacked/sold cafucafucafu account.

cafucafucafu

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Probably not all of the 21 million coins will be mined firstly some of them will probably be lost. Well the way mining work is that there are blocks that can be mined which contain 12.5 bitcoin. The estimated timer says that bitcoin will be fully mined in 100 years, and there should be a bunch of block halving before that.

That's is also why not many people mine bitcoin now, only the people who live in places like China and India, where electricity is dirt cheap can afford to mine. Also why people have higher transaction fees now, to make up for the decreasing amount of block rewards.

rizzlarolla

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Quote from: Soros Shorts on August 04, 2017, 04:46:59 PM

Quote from: jak3 on August 04, 2017, 01:39:39 PM

when all the 21 million Bitcoin will be mined completely( which will eventually take a long time ) then the Bitcoin will move in a constant circulation inside the mempool or memory pool

Lol! You're blowing it out your ass making shit up, but at least it is funny!

No, the memory pool will only contain uncommitted transactions even if the supply of new coins have dried up.

This whole thread is retard city, but yeah this dick takes top prize.
All part of the core censorship by inane repetition executed by theymos, looks like.

jak3 is theymos a approved farmed account.

Cranidos

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Quote from: Ultegra134 on August 04, 2017, 12:44:30 PM

Here's a question I have had for a while, it might be a noob question but always wondered, tried using the search function but it would time out each time.
Currently, there are 16.5~ million BTC in circulation, with a max supply of 21 Million.
What is going to happen when all coins are mined? Not solely meaning on how the price is going to be affected.

Obviously, no more new coins will be mined but the transactions will still be processed by mining. There will be no mining rewards so no more Bitcoin will be born after that. The miners will just depend on the transaction fees and I thing tx fees will be very high at that point.

Soros Shorts

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Quote from: jak3 on August 04, 2017, 01:39:39 PM

when all the 21 million Bitcoin will be mined completely( which will eventually take a long time ) then the Bitcoin will move in a constant circulation inside the mempool or memory pool

Lol! You're blowing it out your ass making shit up, but at least it is funny!

No, the memory pool will only contain uncommitted transactions even if the supply of new coins have dried up.

Scorpion

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Bitcoin OG

Miners are continue to mine and confirm transaction blocks to get the reward from network fees. Since the new supply of Bitcoin will be gone the price of Bitcoin will keep going up with the demand for it's use going up too. This is many years down the road and we'll all be dead, even maybe our children and grandchildren too. Our great grandchildren will see the last Bitcoin mined and even 0.00000001 is worth a lot by this time.

hatshepsut93

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Bitcoin network is secured by PoW, which relies on block rewards and transaction fees. Currently, block reward is 12.5 BTC and around 1 BTC in fees. This amount represent some value that higher than value of electricity used to get these rewards. In the future, as block rewards are decreasing, Bitcoins value (price) and transactions fees (amount of fees and their value) need to compensate for it, in order to maintain sufficient hashrate to secure the network from attacks. I believe that this won't be a problem, if the price of Bitcoin will be high enough by the time block rewards become very small.

FrenchBTC

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Hi,

From my "novice" point of view, I think it's a good question because even if we have more than one century before all Bitcoins to be mined, apparently miners have already pbs to earn enough money by mining so transactions fees have increased a lot...
And they will earn really less year after year, so all the system will be for sure based on transaction fees :

so we all don't have to forget that the number of transactions will really have to surge too !...
We can buy BTCs to think its value will continue to surge in the future BUT if we also don't use it, we'll wait our whole life to earn something on our "saved BTCs"...
BTC is more than 7years old but so few people hearded and know about it....I fell myself today really enthousiastic about Bitcoin but for sure I will use it too and not only buy to hold...

USE IT TOO !

KennyR

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Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Once after reaching 21million based on the requirement the change in mining might be made. Looking the ongoing scenario I believe bitcoin will be accepted by lots of users as well more countries will adopt it as one among the currency used within the country. Hope the demand will be high after the mining of 21million btc.

13abyknight

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It would be very long for that much BTC to be mined by the miners and by very long I mean at least a couple of centuries. At that point, the only thing fueling any sort of mining would be transaction fee which wouldn't suffice the miners who invest a lot into their rigs. About prices, Bitcoin would be multiplying in folds and would keep reaching all time heighs, given that it survives through for so long.

MiF

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Quote from: Ultegra134 on August 04, 2017, 12:44:30 PM

Here's a question I have had for a while, it might be a noob question but always wondered, tried using the search function but it would time out each time.
Currently, there are 16.5~ million BTC in circulation, with a max supply of 21 Million.
What is going to happen when all coins are mined? Not solely meaning on how the price is going to be affected.

Don't really know what would happen next after the max supply has been mined.
I think the price would get higher but I doubt that we would be here when that happens.

jak3

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well i also don't have a clear picture on this topic but what I have heard from this community sometimes is - when all the 21 million Bitcoin will be mined completely( which will eventually take a long time ) then the Bitcoin will move in a constant circulation inside the mempool or memory pool, I think the miners will get the transaction fees directly instead of block rewards. please remember that any part of this information can be wrong as I do not exactly have the complete knowledge on this topic.

greeklogos

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I think such moment, when al bitcoins are going to be in circulation, the price is going to be increased even higher, couse of the amount is going to be limited, but the number of people who wish to own some coins is just going to raise. That will awake the greatest demand for bitcoin and exactly that will make the price to grow.

DaMut

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Quote from: Ultegra134 on August 04, 2017, 12:44:30 PM

Here's a question I have had for a while, it might be a noob question but always wondered, tried using the search function but it would time out each time.
Currently, there are 16.5~ million BTC in circulation, with a max supply of 21 Million.
What is going to happen when all coins are mined? Not solely meaning on how the price is going to be affected.

truth to be told,it will not happen in a hundred years or so.
so why bother talking about it ?
why it will more than a hundred years or more ? because 'Halving',try to calculate it and you will see the result.
even if all Bitcoin mined by the miners,Bitcoin prices will undoubtly 'HUGE' even with 1 Bitcoin you can buy an island.
and who knows what will happen in the future ? may be we will switch into 'POS' ? or something new maybe ?
because they will not leave it be like this for a hundred years and more improvement will happen in the next year or so.

if nothing happen with Bitcoin in the next hundred years and nobody improve it,so i can say it'll die for sure.
but i doubt it will happen,because nobody will let it die

satoshforever

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It's actually pretty simple - even today Bitcoin rewards are too small to make mining cost-effective. Transaction fees account for the rest. The closer we get to 21m thr higher BTC prices will get and we'll rely more on transaction fees. Bitcoin "ending" in 100 years is pretty meaningless, probably PoW will change 100 times by then.

andrew24p

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The major change is that miners will have to rely on being paid through transaction fees, we wont be alive for this point, but we will be around to see mining rewards go down to the point where they are going to be earning not much. It might just be a utility that people pay for.

Yakamoto

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Quote from: Ultegra134 on August 04, 2017, 12:44:30 PM

Here's a question I have had for a while, it might be a noob question but always wondered, tried using the search function but it would time out each time.
Currently, there are 16.5~ million BTC in circulation, with a max supply of 21 Million.
What is going to happen when all coins are mined? Not solely meaning on how the price is going to be affected.

They never really get fully mined, the reward keeps halving and there is a smaller supply per block constantly, until it gets to something like the last satoshi/block and then all will be mined. But that's probably >120 years from now. Hypothetically the price should keep going up with the production cost, otherwise miners will have to leave as it becomes too expensive compared to the reward, the difficulty goes down and more people mine for cheap.

Blocks will just reward fees. There will be no other reward at that point iirc.

Ultegra134

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Here's a question I have had for a while, it might be a noob question but always wondered, tried using the search function but it would time out each time.
Currently, there are 16.5~ million BTC in circulation, with a max supply of 21 Million.
What is going to happen when all coins are mined? Not solely meaning on how the price is going to be affected.

Topic: What happens after 21 Million mined BTC? - page 2. (Read 1979 times)