as mentioned above, how will miners afford to support the network?
i think people who running the bitcoin Qt wallet full nodes, will help bitcoin network.
also miner will be interesting to collect bitcoin fee.
Topic: What happens when we have mined all the BTC (Read 1946 times)
i think people who running the bitcoin Qt wallet full nodes, will help bitcoin network.
also miner will be interesting to collect bitcoin fee.
as mentioned above, how will miners afford to support the network?
when all coins are mined out, miner still will be going to have a small amount for fee.And I don't think that would happen very soon, I read an article once that stating all BTC would be mined in the year 2160. So, their earning from fee would be more than current ones as bitcoin price at that time might be huge.
global warming will catch up to bitcoin mining until then.
That fact that there will never be a time where all the blocks are mined, which makes your statement kind of true. It would take an indefinite amount of time to be able to mine all which means global warming has an indefinite amount of time to catch up to bitcoin mining. legendary
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global warming will catch up to bitcoin mining until then.
Maybe there will also be other variations and technical advancements done to the blockchain and improvements because by then bitcoin technology maybe deemed obsolete. I think though developers will continue to enhance it so miners can earn via transactions or other means.
when all the btc has been mined. the miners will continue to make profit by confirming transactions. but they wont get a block reward, the money they earn would be from the transaction fees that users pay, which means that fees will likely increase in the future.
as mentioned above, how will miners afford to support the network?
every transaction you make in bitcoin will be charged a transaction fee to confirm as a reward obtained by the miners.
What happens when we have mined all the BTC?
well of course all miners for sure are capable to support the network.
perhaps all miners also have their own savings too.
well of course all miners for sure are capable to support the network.
perhaps all miners also have their own savings too.
When we mined all BTC, BTC price will go up instantly. I think this is good news. 
since we are not going to mine all the BTC at once i don't see why the price should go up instantly.
this is going to be a slow process over time.
I think that time is some 150 years away from current world. But yes once all Bitcoins have been mined I do not know why would miners mine. Hmm .. maybe we will have to depend on altcoins then ?
In year 2147 the last subsidied Bitcoin will be mined.
we expect that by then, the double spend problem would be either fully solved, so mining will not be necessary.
another possibility, that Bitcoins will be so expensive in year 2147, that network can fully operate from fees.
This means that Bitcoin will become the virtual gold and will be much more expensive than gold.
Another possibility is that Bitcoin dies, and will not exist in year 2147 because everybody quits.
we expect that by then, the double spend problem would be either fully solved, so mining will not be necessary.
another possibility, that Bitcoins will be so expensive in year 2147, that network can fully operate from fees.
This means that Bitcoin will become the virtual gold and will be much more expensive than gold.
Another possibility is that Bitcoin dies, and will not exist in year 2147 because everybody quits.
Do all miners get a portion of the transactions fees included in the mined blocks or only some of them receive fees? Is it like a lottery or everyone is guaranteed to profit from this?
Depends on the mining pool at the moment... If you solo mine a block, the fees are automatically yours, when using a pool, you need to read their TOS.
EDIT: i just re-read your question, and it can also be interpreted in a different way, to which the answer is: only the solo miner/pool that solved the block gets the fees... If you didn't solve a block, you get no fee
. Offcourse, when you're part of a mining pool, the pool owner can set it up any way he/she likes when it comes to dividing the fee.Or just high, you never know. It is very hard to predict a currency so you dont know what is going to happen if that is going to happen.
When we mined all BTC, BTC price will go up instantly. I think this is good news.
by the time all the bitcoins have been mined out we will have much more powerful computers and technology..
we might not even use money anymore to buy things..
bitcoin might be something in a museum.
I am amused by that idea of BTC n museum we might not even use money anymore to buy things..
bitcoin might be something in a museum.
. I think you are very right as until all BTC are mined, it would be around 50-100 years from now and then i think supercomputers will be a common thing in every house.
You mine for dem transaction fees bruh!!!
as mentioned above, how will miners afford to support the network?
Hopefully by then the value of bitcoin is high enough that the miners will recover their cost with the fee itself.
I do not worry about that- if bitcoin can survive that long, the value of bitcoin will be significant!
I really hope this day will come sooner but unfortunately not in our lifetime- Out of sight, out of mind!!
more then likely what will happen is if bitcoin takes off.. and chips get cheap. every electronic item in your house with wifi, tv, coffee maker, microwave.. will have a bitcoin mining chip in it.. of course it will probably be hard coded to mine for the company that made the device..
you wont have to worry about mining bitcoin, cause there will literally be millions of miners.
you wont have to worry about mining bitcoin, cause there will literally be millions of miners.
as mentioned above, how will miners afford to support the network?
They still get the transaction fees from each block, I think. By then the bitcoin price will be so high that a block worth of transaction fees would be worth pretty much the same as the current block reward...
This is a really good explanation. i thought about this topic, too, and wondered what happend and if it could destroy Bitcoin.
Your explanation make me believe that it will not happen
Your explanation make me believe that it will not happen
Offcourse, it is hoped that by then those 0.16BTC will have sufficient value to make some profit for the miners... If not, some miners will stop mining, the diff will drop, the rest of the miners that didn't stop mining will find more blocks, and collect more fees as a result
It's an equilibrium
It's an equilibrium
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