Topic: What happens when mining stops? (Read 745 times)
I see, guess i was misinformed. Thanks for the info ppl.
i think people will not die by 2020, so here must be a way to deal with bitcoin!
There will hopefully be enough transaction fees to reward the miners - that's the idea anyway 
Simple. Mining doesn't ever stop. As long as there is Bitcoin there will be mining.
I believe the hope is that by that time the coin is widely accepted enough that there are enough transactions to collect fees to give incentives to the miners. Then again it's all speculation, and the endless flood of alt coins make the murky waters to the future even murkier, if that's a word! 
I think you're off by about 100 years.
I think he's referring to the published stats that say BTC mining stops then...please explain if you don't mind.
The reward doesn't stop until about 2140. In 2020 it'll be 6.25 BTC / block.
Simple. Mining doesn't ever stop. As long as there is Bitcoin there will be mining.
I think you're off by about 100 years.
I think he's referring to the published stats that say BTC mining stops then...please explain if you don't mind.
I think you're off by about 100 years.
Two words: transaction fees.
https://en.bitcoin.it/wiki/Transaction_fees
http://bitcoin.stackexchange.com/questions/876/how-much-will-transaction-fees-eventually-be
http://www.reddit.com/r/Bitcoin/comments/1qcqq3/how_will_transaction_fees_sustain_miners/
http://bitcoin.stackexchange.com/questions/9697/will-mining-in-the-far-future-produce-a-payout
https://en.bitcoin.it/wiki/Transaction_fees
http://bitcoin.stackexchange.com/questions/876/how-much-will-transaction-fees-eventually-be
http://www.reddit.com/r/Bitcoin/comments/1qcqq3/how_will_transaction_fees_sustain_miners/
http://bitcoin.stackexchange.com/questions/9697/will-mining-in-the-far-future-produce-a-payout
What will happen to bitcoins once all mining stops around 2020?
The security of the currency is based on the immense scale of the
network created mainly because of the miners. But when it reaches
the point where new bitcoins can't be created, the miners will
no longer have an incentive to keep operating. What happens to
bitcoins then?
The security of the currency is based on the immense scale of the
network created mainly because of the miners. But when it reaches
the point where new bitcoins can't be created, the miners will
no longer have an incentive to keep operating. What happens to
bitcoins then?
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