what happens when all the bitcoins have been mined? - page 2.

strocifer

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Quote from: simongoat on November 13, 2017, 09:17:53 AM

hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network

First off, the total supply of Bitcoin is 21million. Logic supposes that there is no way the whole 21m will ever be mined because some are already lost in transit either from untraceable transactions, death of owner or key lost. Therefore, what this means is that there will be scarcity of supply once the blockchain is completed. This scarcity will make demand for it loud and over the hook and price will go haywire.

This is true assuming the demand will be high at the time. How sure are you about that ?

Periodik

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Quote from: Oppang Inamo on November 13, 2017, 09:20:06 PM

Maybe all users will not gain bitcoin anymore, because what been said in the forum, All bitcoin so it means all bitcoins will be gone because it is mined, but the maker of it will sureley not let that happen because if all bitcoins will be mined, there is no reason for us to post and join forums, and there will be no reason for the bitcoin do make campaigs and bounties.

I think you need to read, study and understand more about crypto before posting in this forum. This forum is about bitcoin and other crypto currency talks that make sense. Bitcoin will become more scarce when all of its supply are mined. When supply is getting scarce due to high demand then the price will have no any other destination but upward.

lupinvn

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Vietnamese Translator - Bounty manager

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The most direct and obvious consequence of such an event, of course, is that the miners will no longer receive rewards for mining, which is, despite the considerable slowdown in the process of calculating blocks, the main part of the financial attractiveness of mining. Miners will receive only commission for transactions, which for many of them may prove to be economically unprofitable, i.e., simply will not cover their costs. Then, theoretically, a mass outflow of miners and an avalanche-like reduction in the number of computers on which the global block-chef system is maintained and, as a result, the destruction of the entire network or its centralization in the hands of the few remaining, which is a nonsense for a real crypto currency, can begin. But this, I repeat, under the existing protocol, but it can be changed.

I don't think they would not received anything from mining bitcoin. Because they still get miner fee of a transaction and I think till then, the fee would increase a little bit and the price of bitcoin is rocket to the sky so they still get their profits for mining bitcoin and keep the system continued to run.

Oppang Inamo

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Maybe all users will not gain bitcoin anymore, because what been said in the forum, All bitcoin so it means all bitcoins will be gone because it is mined, but the maker of it will sureley not let that happen because if all bitcoins will be mined, there is no reason for us to post and join forums, and there will be no reason for the bitcoin do make campaigs and bounties.

Glydel1999

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maybe it's easy to get here with bitcoin no matter how difficult it can be and help the poor to join it in bitcoin.

bamboylee

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Like they said, miners will earn bitcoin through tx fees. And the price of bitcoin will be too high. Unfortunately, bitcoin tx fees will be too high also. And if you are complaining how high tx fees are right now, wait til that day comes. Fortunately that is not our problem yet, miners are still getting block rewards. Tx fees are high but still manageable.

coinycoiny

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Is everyone here on drugs?

Seriously, btc needs miners to confirm transactions.

This takes a lot of electricity

This has to be paid for

Either by free coins or transaction fees

If you don't reward with free coins then you need transaction fees

and that is going to be very expensive

and nobody wants to talk about it

cos your all hodling worthless coins

Dexion

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I do not know, that would take a very long time, because too many people are mining in this world, even I have seen the profile of bitcoin miner, he said that the income in every week is $ 16000, this resulted in decreased inventory of bitcoin stock every year. and of course bitcoin network will experience maintance.

ajmapalo22

full member

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If all bitcoin will be mined chances are: there's no more supply to come meaning everything is in the circulation so if ever the demand increases they will adjust the price to get some bitcoin and make it available in the market. Or they will encourage the use of alternative coins and drop bitcoin price so that the market will be divert till bitcoin will become available again

crustycrab666

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terra-credit.com

Quote from: rainbow169 on November 13, 2017, 04:16:39 PM

At the time, miner will have to reply on block fees for reward. If the bitcoin price raises high enough, fee would be enough to keep the miners to run the network

Thats true, besides that in my opinion, bitcoin prices will be more expensive, know the rare items, many who want to have it. then the miners will also start switching to altcoin.

rainbow169

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At the time, miner will have to reply on block fees for reward. If the bitcoin price raises high enough, fee would be enough to keep the miners to run the network

xBitHodler

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We can't really predict what will happen to Bitcoin if all coins are mined. Everyone here will be dead before it happens. As far as I remember, it will happen somewhere around 2133. I can't tell you what will be the value of Bitcoin by that time but I'm sure our grandchildren will be happy if we save at least 0,001 BTC for them!

Thaalbi

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Quote from: simongoat on November 13, 2017, 09:17:53 AM

hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network.

I believe i need at least 4 to 5 to exploit everything, the price will increase.

strocifer

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Quote from: ?? on ??

The most direct and obvious consequence of such an event, of course, is that the miners will no longer receive rewards for mining, which is, despite the considerable slowdown in the process of calculating blocks, the main part of the financial attractiveness of mining. Miners will receive only commission for transactions, which for many of them may prove to be economically unprofitable, i.e., simply will not cover their costs. Then, theoretically, a mass outflow of miners and an avalanche-like reduction in the number of computers on which the global block-chef system is maintained and, as a result, the destruction of the entire network or its centralization in the hands of the few remaining, which is a nonsense for a real crypto currency, can begin. But this, I repeat, under the existing protocol, but it can be changed.

Can the protocol be changed actually? Who can? Just asking 'cause i was wondering if it's possible...

Zekemporium

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As total 21 millions of bitcoins that can be mined in total, ones miners have unlocked these all bitcoins, supply will stopped. Unless otherwise bitcoins protocol changed to allow for larger supply.
Ones bitcoins supply reached to 21 millions, miners will be forced away from the block rewards they receive for there work. Then miners may need to rely on transaction fees in order to maintain operation.

coinycoiny

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It's estimated that the electrical power needed to confirm one transaction is enough to power the average house for a day. This is fine when miners are getting free coins which they can sell for $6k.

As mining drys up the costs will have to be passed on to users in the form of transaction fees, this is already happening in part.

So, look forward to $5 transaction fees.

Bitcoin is doomed.

honeyb0y

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Quote from: Coin.Master636 on November 13, 2017, 09:20:41 AM

Bitcoin will become more scarce and one of two things will happen:

Bitcoin dies a slow death because nobody wants it anymore (unlikely)
Bitcoin prices will skyrocket because it becomes scarce/limited.

When it will happen can't be predicted exactly. Depends on the miners and difficulty of mining.

How would mining all the coins will let bitcoin die if all coins are already circulating?
Once all bitcoins are mined it will be in the circulating at least or in someone else's wallet and miners will earn from the transaction fees that are charge on every transactions. And by the time all coins are mined which is approx. 2140 transactions are enormous and fees can compensate the bitcoins that you can get from mining.

bitfocus

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It will take until the year 2140 to mine all the 21 million BTC. So, no worries. Also, BTC will remain a currency to trade - just like forex.

strocifer

newbie

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The complexity of transactions validation process will be so high by the time that it will literally consume a tremendous amount of electricity.
Nowadays it appears that the Bitcoin network already consumes 1/1000 th of the electricity worldwide. This is already huge compared to other currencies / other means of payments.
So this validation system will have to changed shortly in order to avoid an ecological disaster, by progressively increasing the size of the block or changing the validation method. That will decrease the value of BTC and the incentive to mine it. Else the system will blow up or will be banned by govs, and the BTC value will drop to 0. So I am not sure that all the 21 M bitcoins will eventually be mined...

CoinFlippo

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That is an interesting questions there was a documentary on Netflix about how long it would take till everything is mined they said in 2040 it will all be mined after that no one knows what will happen i think satoshi will reveal itself after that happens.

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