Topic: What happens when all bitcoin is mined? - page 2. (Read 212 times)
Yes, but as it'll be a while until all Bitcoins are created we can, hopefully, see some improvements to electricity consumption. We could also see more work on the POW code base for Bitcoin by that time as well.
Correct that once all supply of bitcoin has been mined they will only depend to the fees now. Why is it bothering you? Are you a miner? Those miners aren't even bothering themselves for thinking this since they know in the future bitcoin's future will be great and every single satoshi will be worth it as the demand of bitcoin gets higher and higher and what do you think about the fee? They aren't even cheap anymore by that time.
I did not fully understand your extended post but to answer to your thread question.
It is a theoretical situation rather than real one because when demand increase for btc, price rises and difficulty rises. When difficulty rises less btc is mined and this continues and it gets harder to mine btc.Miners mine less btc but with higher price.
It is a theoretical situation rather than real one because when demand increase for btc, price rises and difficulty rises. When difficulty rises less btc is mined and this continues and it gets harder to mine btc.Miners mine less btc but with higher price.
Correct me if I dont fully understand the concept of bitcoin. If miners currently work for new bitcoin, then once all bitcoin has been mined, I assume that the only incentive for them to continue running is to collect transaction fees. In order to offset the cost of their rig and electricity, wouldnt their fees need to increase in order for them to make it worth their effort? Isnt that bad for anyone who wants to use bitcoin as currency instead of investment?
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