What happens to miner if run out of bitcoins ?

mrayazgul

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Quote from: tigaasayosa on September 28, 2017, 10:07:40 AM

So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

edited:when no more bitcoin to mine, do the price still increasing or just at same price over years ?

That it remains to be seen. The fact is that miners would still make money off of the network fees. But that block reward will completely disappear. That is the only part that would change at that part changing would produce a large loss of income for those that are mining. All these things are not near as it is few years left before all the Bitcoins are mined.

The One

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Seriously.

Miner secure the network and return get rewarded with new bitcoins. When there is no more bitcoin, after we all are dead, the price of bitcoin will reflect the costs of securing the network. Miner will no longer be called "miner" but "processor", as they will process and validate all txs and fees collected from txs will be their reward.

amacar2

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Quote from: tigaasayosa on September 28, 2017, 10:07:40 AM

So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

edited:when no more bitcoin to mine, do the price still increasing or just at same price over years ?

- All transaction fee included on those transactions will be enough for miners to remain in profit, if few of the miners will left mining than difficulty will be adjusted which will make mining profitable for the remaining miners.

- It depends on demand only as supply will be limited, When demand will grow than price might also increase but when all bitcoins will be mined we will not be alive so it is still hard to predict that scenario.

xanxus.kun

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You have to get what you want your own way.

i'm not a miner and i haven't tried mining before, but i think when the bitcoin they already gathered tons of bitcoins which they can exchange, or use for investment. The GPU prices will surely drop and the Gamers will definitely look forward for the loving day where the bitcoin runs out. It will take a very long time before this bitcoin runs out so for now let's just focus on campaigns.

milewilda

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Quote from: tigaasayosa on September 28, 2017, 10:07:40 AM

So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

edited:when no more bitcoin to mine, do the price still increasing or just at same price over years ?

Miners would really still able to make money since they are the ones who do push transactions between bitcoin transfers on each users in the network and for sure once all bitcoin supply is mined already then for sure fees would soar up high together with the price of bitcoin would really be more valuable.Theres nothing to worry because the last bitcoin would be mined is on year 2140.

feiss

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Quote from: tigaasayosa on September 28, 2017, 10:07:40 AM

So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

edited:when no more bitcoin to mine, do the price still increasing or just at same price over years ?

Of course if they run out of bitcoin to mine , the price of the bitcoin will rapidly increase because if the supply of the bitcoin gets low automatically the price of the bitcoin will increase because it will get more demand. I think it will double its price if maybe the bitcoin run out.

ValVikram

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this will not happen soon. what's the difference?)

Cloud27

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They can mine altcoins and other bitcoin fork like Bitcoin Cash and I think the upcoming Bitcoin Gold is mineable too. Also, the way they see it, after the Bitcoin are all mined the transaction fees will be the miners other source of income. But, before that happens, their current mining hardwares will become defective or obsolete by the time bitcoin reach the last mined bitcoin.

Kprawn

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Quote from: RGBKey on September 28, 2017, 10:31:11 AM

Since nobody in this thread yet has posted the correct answer...

When the block reward falls to zero, the miners will still get fees from transactions. Fees alone will provide the incentive for miners, but the hope is by then that fees will be plenty enough to keep a strong network.

Yes, and this is why I do not agree fully with the direction that we are going with the Lightning Network. If this replace or reduce

miners earnings, we will not have a sustainable network to reward miners to do their job. Lightning hubs will reduce tx's on the

Blockchain and this will generate less miners fees for the miners. Huh

salihno71

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2140 is the year when the last bitcoin should be mined. If the world still exists then and if it happens because who knows how world will look like in 123 years from now. So i believe it's not too important at the moment what will the miners do. They will probably mine for fee.

CryptoKranthi

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It means all the coins have been mined and there is no coin left to be mined.It means there is no job to do.So miners will stop running their GPU's and delete the softwares and exchange or hold their earlier Bitcoins. In other case they hold their GPU's and mine other mineable coins.

datodota002

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Quote from: tigaasayosa on September 28, 2017, 10:07:40 AM

So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

i think it's hard to run out bitcoin because more bitcoin have mined and used more harder miner get bitcoin from mining, and at the and mining will not be profitable anymore

btcprospecter

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We are looking at a very long time scale before all the bitcoin are mined. Miners will still play an important part as they do now for transactions. Without mining it would all end

RGBKey

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Since nobody in this thread yet has posted the correct answer...

When the block reward falls to zero, the miners will still get fees from transactions. Fees alone will provide the incentive for miners, but the hope is by then that fees will be plenty enough to keep a strong network.

lalabotax

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Quote from: tigaasayosa on September 28, 2017, 10:07:40 AM

So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

editet:when no more bitcoin to mine, do the price still increasing or just at same price over years ?

I don't really know about bitcoin mining. but many allcoin offer mining in it. maybe it will be a new alternative for you who like to mine.

tigaasayosa

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Quote from: defined on September 28, 2017, 10:19:43 AM

https://bitcointalksearch.org/topic/m.976188

thanks mate, sorry not search it first when make new thread.

Anyobsss

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Quote from: tigaasayosa on September 28, 2017, 10:07:40 AM

So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

They will just shift to mine another coins. After that the value of bitcoin will skyrocket since it has already reached max supply and you can't mine it anymore so all we have to do is save all bitcoin that we have and wait for miners to mine all bitcoin.

defined

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https://bitcointalksearch.org/topic/m.976188

edynolan

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if the bitcoin stock runs out for the mine then there is only the exchange, the miners will move to another coin for the mine because some other coins can be mined just set up a few settings.

tigaasayosa

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So we all know that bitcoin have finite supply, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins. How miners will get their money ?

edited:when no more bitcoin to mine, do the price still increasing or just at same price over years ?

Topic: What happens to miner if run out of bitcoins ? (Read 319 times)