Topic: what happens when all bitcoins are mined ? (Read 4278 times)

if all bitcoin can be mined, I think all of bitcoin will be distributed to everyone, especially people who mine bitcoin, bitcoin mining everybody can, of course with no small amount of capital, but it is all just conjecture, we do not know what happens next, hopefully that bitcoin there can now be properly distributed so that everyone can enjoy bitcoin ... 

I have my doubts that bitcoin will be the end all coin.  Some other coin will take its place as top dog and that coin prob exists today.  As long as it's not some BS like Ripple I'll be happy. 

However is Bitcoin is the top dog years and years from now and mining ends if bitcoin is to survive it will be mined for the tx fees which hopefully at that time will be worth more then the last block reward before the end.  Mining itself will only stop if bitcoin dies.  There will always be people mining the TX fees.

It is a long way to go. You might see other coins with more advanced technology before that.

How do you define all time low for something which started at ~ 0 USD? 

We will be around for a new all time low that's for sure... Hopefully the round will blast us far away from this zone!!

None of us will live to see what happens when all the bitcoins are mined. 

When all bitcoins get mined, miners will keep working in the transactions. They will win with the fees.

Long isn't the word when you talk about this downtrend... It has been going on all year & look its it will continue much much longer than that

I think it is because too much miners productivity caused too much supply and price is keep moving down with long downtrend in weekly chart and monthly chart as well.

if all the blocks in the bitcoin mining by miners, the bitcoin price will be higher, this is caused by eating less and less goods market will be more expensive goods, whereas if bitcoin more and more in the market, then it will be more expensive the price of bitcoin, bitcoin prices also depending on the number of people who use bitcoin as a means of transaction ... 

False. If someone is buying bitccoin because they want to buy a dell computer more efficiently then as if they were using a credit card then they would buy $250 (or however much the computer they are buying costs) worth of bitcoin and then send such an amount to dell via coinbase. The price of bitcoin does not affect this

Do you mean I should not answer that "whole bitcoin" quenstion?

Serious guy, eh? The sarcasm flew over your head?

You do not have to buy whole bitcoin. You can buy 0.1, 0.001 bitcoin.

Yes because I have to buy whole bitcoins don't I?  Quick short gold because I have to buy it in whole ingots.

That's why this thing is going down to forex levels again... This is a longterm downtrend

if the price goes down, people tend to buy more coz its cheap and if its cheap the average person can afford it. In my opinion it is better if its cheap its more user friendly

Exactly!!! Thanks for confirming not everyone here is a permabull scammer... The people interested in Bitcoin are already in it! Holding their coins! There is no new money coming in and miners are producing $1.8m in bitcoin PER DAY EVERY DAY, It will never stop or slow down. When do you see that much money coming into BTC daily???  Probably around when the last bitcoin is set to be mined & right before all the miners shut off their machines since mining no longer has a reward for them why would they run these machines & pay electricity just to keep the network running???

I think everyone will cash out long before the last bitcoin is mined anyway.

The sellers are outnumbering buyers now. The daily inflation means there is need of new cash everyday just to hold still.
The downward pressure will reduce when it halves, but it will still remain.

You won't get rich now or later! Bitcoin is not a get rich quick scheme, sorry

if the block halve and the demand stay the same as today(i doubt it, in the sense that the demand will increase) the price can only go up, and the problem aren't the miners(their dumping is "fixed"), the problem are the buyers

Even when the block reward halves, the cost of mining will go up significantly, which will cause miners to find other ways, and stop mining bitcoins, and this might increase the prices further.

I think what he is trying to say is that the market today is priced at a level that has a certain amount of net supply (3,600 BTC per day newly mined) that are sold (not all the 3.6k BTC are sold) every day. When the block subsidy halves then there will be less bicoin being sold on the market, but in theory a constant amount of demand

You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced.

Its priced by the market well ahead so it will not have much effect.

halving is scheduled for 2016 actually, the price will rise for sure

Its quite easy. Just have a snapshot and then give the current holdings in the new genesis block and its sorted.

Thats not the problem, the issue is to make them go over. Keep in mind that there are huge vested interests in mining who will do all to prevent it. On here you can see the older members claiming that mining is the only way to go. No coincidence that most of them started off by minng and now have spent on equipment.

I don't think changing the algorithm to Proof of stake is possible because it's very complex process.

He is spreading FUD. I have seen a lot of posts trolling PoW, so maybe the thread about people buying up accounts to spread propaganda is correct (LOL).

By the time that all bitcoin is mined the TX fees per block will hopefully be enough to cover the cost of mining. If it does not then the difficulty will decrease until the cost of mining is < the average amount of TX fees per block. If the total TX fees are not high enough then the network will not be very secure.

It is hard for anyone to mine if to many does mine. if price is low, not many will mine, so it will be easily to mine then.

After all bitcoin is mined
Miner only get bitcoin only from tx fee 

But, if bitcoin price never raise up
Only few people will mine it

Maybe bitcoin will add Aux-PoW / PoS / something else
Or hope someone want mine without get profit


It will be difficult for anyone to mine bitcoin 
If bitcoin price is low

The stubborn community will leave it till its too late. They will upgrade but by then the other will have overtaken.
Bitcoin is paving the way and breaking barriers but its not the end game.

it will be redundant for sure.

the price might be vary though

To the contrary. From what I understood, at the end of the mining stages the price should be extremely stable and very high, like a 1 million dollar per coin minimum, if everything went accordingly and adoption happened. We will all be dead by then so whatever.

The price should be going up at the end right?

IF no one will mine, everyone will shut down, then bitcoin=0...

yes and with technology progress, much less electricity will be needed to make 1 transaction.

no, bitcoin can be upgraded, it's open source remember...

Lol, are you living in the same world as me?  Looking quite good and healthy from where I'm sitting.

If the transaction fee is high enough, the network will still be secured by miners.

I think his point is that the block reward will be very little in 70 years (and is also predicting that TX fees will not increase substantially) therefore even with a low difficulty there would not be much money to be made via mining unless the price of bitcoin is very high.

I personally think that TX volume (and TX fees) will increase substantially over the years making the block subsidy less important

Shit will definitely be getting real

It sure going to be interesting, still long time to go tho. And think it's going to happen in 2016 not 2017:


http://bitcoinclock.com/

looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.

Its still early days. One of those you mentioned might just replace it. You can not say with just a few months of evidence.

You don't get it. There will always be someone doing the job, because if few people are doing it, the ones doing it will get a lot of reward. It gets itself balanced. Satoshi had it all planned.

Miners can make a lot of money in transaction fees as well. 

No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease 

The block reward is actually halved every 210,000 blocks. At the target rate of 6 blocks per hour * 24 hours per day, that is 1458.33 days between halving (3 years 363.3 days). While the hashrate is growing, the blocks occur faster than this rate (due to lag in difficulty adjustment), but when the hashrate decreases, the block rate is lower. The hashrate may continue to grow forever due to technology advances over 100 more years, or it may end up decreasing after the reward doesn't pay electric bills of the latest tech. If the huge increases level off, we will stay close to this schedule:


Block #  Year  Reward/Block Total_Reward_For_Period
-------  ----  ----------  ------------------------
0000000  2009  50.0000000  10500000
0210000  2013  25.0000000  5250000
0420000  2017  12.5000000  2625000
0630000  2021  6.25000000  1312500
0840000  2025  3.12500000  656250
1050000  2029  1.56250000  328125
1260000  2033  0.78125000  164062.5
1470000  2037  0.39062500  82031.25
1680000  2041  0.19531250  41015.625
1890000  2045  0.09765625  20507.8125
2100000  2049  0.04882812  10253.9052
2310000  2053  0.02441406  5126.9526
2520000  2057  0.01220703  2563.4763
2730000  2061  0.00610351  1281.7371
2940000  2065  0.00305175  640.8675
3150000  2069  0.00152587  320.4327
3360000  2073  0.00076293  160.2153
3570000  2077  0.00038146  80.1066
3780000  2081  0.00019073  40.0533
3990000  2085  0.00009536  20.0256
4200000  2089  0.00004768  10.0128
4410000  2093  0.00002384  5.0064
4620000  2097  0.00001192  2.5032
4830000  2101  0.00000596  1.2516
5040000  2105  0.00000298  0.6258
5250000  2109  0.00000149  0.3129
5460000  2113  0.00000074  0.1554
5670000  2117  0.00000037  0.0777
5880000  2121  0.00000018  0.0378
6090000  2125  0.00000009  0.0189
6300000  2129  0.00000004  0.0084
6510000  2133  0.00000002  0.0042
6720000  2137  0.00000001  0.0021
6930000  2141  0.00000000  0

Total coins distributed:   20999999.9769

If you have a miner with 1GH/W hash efficiency, and $0.1/kWh electricity price, the revenue is about 3 times the electricity cost. So you will keep on mining and selling the BTC. So the price will be suppressed as the miners are still profitable at present difficulty level and BTC price.

 Found what I've been looking for. Yep, the 4-year time frame is correct. Apologies for my ignorance. I think I'm losing track of the basics. :v

Is that 4 years a constant time frame in which a halving occur? I don't think so. The time that it takes the bitcoin network to arrive in a halving greatly depends on the global hashrate. So I suppose that 4 years is just an estimate, right? I want to know how many blocks does the network need to solve before a halving occurs.

Lemme google it myself. :v

FIFY

Just because something is faster to confirm does not mean that something is better. I would personally actually argue that the opposite is true because of the fact that shorter confirmation times means more orphaned blocks, and potential long orphaned chains, which leads to more uncertainty and less number of miners wanting to mine on the network in the first place

Bitcoin is  : First come, first served ! So it is not necessary to add or modify its system .

But there already are better crypto currencies! faster, safer, PoS, X11, hybrids, better distributed, with better names etc.
First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention).

Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse.

So the only question is: "is bitcoin good enough?"

Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble.

What's dumb is your post.

If any currency was, by design, to die after some certain time (even 100 years) it would be already reflected in the current price (likely to be close to zero). It could have some value if it had really useful, practical functions, but still would be worthless as a long term investment/store of value.

Legit, but how do I get rich NOW then?

We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences.

asic won't be useless they will use it to mine other altcoins

Halving occurs every 4 years. I presume the price would move up sufficiently to cover the block halving.

I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole.

thanks for great explanation.
indeed, this is hard times for bitcoin right now, i hope everything goes back to normal soon.
hope to see BTC rise above 1000 $ anytime soon.

The blockchain reward halves every 210000 blocks, so before the reward becomes 0 BTC around 2140, it will have already been 0.00000008, 0.00000004, 0.00000002, and 0.00000001 BTC for eight years. The economy will have to transition to a reward based on transaction fees long before the reward actually becomes zero.

The question is then one of investment vs greedy reward. Will companies who have a million-dollar-a-year bitcoin business invest in mining just to defend the blockchain against attack? Will the fees (which have been drastically reduced recently way beyond sustainable levels) create enough incentive on their own to continue mining with strong enough difficulty? Will there be $1000 in fees per block because each bitcoin is worth a luxury house? All of these are unknown, but the rules of the currency and the money supply inflation rate are well known for hundreds of years and available for all to plan for the future, unlike all government currencies.

I should add that the mining difficulty is ridiculous right now because $1.8 Million worth of BTC is being printed every day and goes solely to the miners. A lot of the mining capacity online now was planned when the value was only increasing exponentially (up to $1000/BTC and beyond), not the finally stable $500/BTC we've had for six months.

what happens when all bitcoins are mined ?as far as i know the mining ascis are needed to complete the transaction of bitcoins between wallets, but when all coins will be mined all ascis will be shut down because there is no need for them anymore,right ?
how will the transactions be made then withtout the asics to process them ?