The appreciation of Bitcoin is fiat terms could continue to make mining profitable (again, in fiat terms) even has the size of the award for each block mind diminishes to fractions of a Bitcoin.
And, yeah, transaction fees will play a more prominent driver in compensation for the miners.
Great question!
Topic: What happens when mining is no longer profitable or all coins are mined? - page 2. (Read 937 times)
August 25, 2017, 12:44:04 AM
August 25, 2017, 12:35:23 AM
Not going to happen any time soon but eventually the difficulty will be so hard that it is no longer profitable. Even if technology advances to where it is what about when all 21 million are mined?
We have seen the slow down in transaction times recently when people pulled off to mine BCC.
I know there are transaction fees but they are not that lucrative. When the big boys pull out of mining and there lots more coins in circulation how will the network function? Will it be super slow or transaction fees ultra high to keep it going?
Again I don't see this as any immediate concern but what about in ten years?
We have seen the slow down in transaction times recently when people pulled off to mine BCC.
I know there are transaction fees but they are not that lucrative. When the big boys pull out of mining and there lots more coins in circulation how will the network function? Will it be super slow or transaction fees ultra high to keep it going?
Again I don't see this as any immediate concern but what about in ten years?
1.
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difficulty will be so hard that it is no longer profitable
Miners will switch off their unprofitable miners and difficulty will adjust or price will rise.2.
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what about when all 21 million are mined?
Fees will be the only reward for miners. Satoshi assumed, that when Bitcoin comes to that point, adaption shoud be high enough to generate a sufficient fee to keep it profitable. August 25, 2017, 12:17:33 AM
It might be to early to think about now, we still have about 5 million bitcoins to mine, that's quite a long way ahead. Maybe in about 10 years, community may start discussing this intensively. Maybe creating an incentive structure for running full nodes and verifying transactions might be an option, in my opinion lightning network might have a significant role here.
August 25, 2017, 12:08:10 AM
Not going to happen any time soon but eventually the difficulty will be so hard that it is no longer profitable. Even if technology advances to where it is what about when all 21 million are mined?
We have seen the slow down in transaction times recently when people pulled off to mine BCC.
I know there are transaction fees but they are not that lucrative. When the big boys pull out of mining and there lots more coins in circulation how will the network function? Will it be super slow or transaction fees ultra high to keep it going?
Again I don't see this as any immediate concern but what about in ten years?
We have seen the slow down in transaction times recently when people pulled off to mine BCC.
I know there are transaction fees but they are not that lucrative. When the big boys pull out of mining and there lots more coins in circulation how will the network function? Will it be super slow or transaction fees ultra high to keep it going?
Again I don't see this as any immediate concern but what about in ten years?
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