as mentioned above, how will miners afford to support the network?
Miners at that stage will be making large fees from transaction fees, as by that stage there will be massive amount of transactions per block..... hopefully
Topic: What happens when we have mined all the BTC - page 2. (Read 1946 times)
Miners at that stage will be making large fees from transaction fees, as by that stage there will be massive amount of transactions per block..... hopefully
as mentioned above, how will miners afford to support the network?
Because they still get to collect the miner fees...
At this moment, the fees are not that much... For the two latest blocks:
https://blockchain.info/block/000000000000000002394538d6f5a2cf3fbf730c65ab1aecdc3f46a28629689f
https://blockchain.info/block/00000000000000000459e60ff756e66b1cc45a3769366121883a954d2a53d0e7
0,16 and 0.21 BTC
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
Pretty much this most will stop mining I assume, although bitcoin will adjust difficulty to always make it "worth" in the long run.
Then miners will get transaction fees.
as mentioned above, how will miners afford to support the network?
if bitcoin have mined all by miners,so bitcoin cannot mined anymore,and there only bitcoins on wallet and exchange,just trade bitcoin-altcoin-money.
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.
we might not even use money anymore to buy things..
bitcoin might be something in a museum.
the way i see it is by the time we have mined all bitcoins then we must have enough adoption that enough people are making transactions and paying fees which would then make it profitable to continue mining to scoop up these fees. If mass adoption never happens then i cant see how bitcoin would survive after all coins are mined. the only way possible would be with a massive price drop.
as mentioned above, how will miners afford to support the network?
Because they still get to collect the miner fees...
At this moment, the fees are not that much... For the two latest blocks:
https://blockchain.info/block/000000000000000002394538d6f5a2cf3fbf730c65ab1aecdc3f46a28629689f
https://blockchain.info/block/00000000000000000459e60ff756e66b1cc45a3769366121883a954d2a53d0e7
0,16 and 0.21 BTC
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
Until that happens, this is just an experiment.
We {collectively} have to work hard to grow adoption for the transactions too increase to generate enough income to reward the miners for their work. I predict some organizations will invest in mining just to support their other main operations... because they will be depended on that to sustain their main income. They could even outsource
this or run it in a cloud environment on one of the services providing for this. {Microsoft Azure}
as mentioned above, how will miners afford to support the network?
Because they still get to collect the miner fees...
At this moment, the fees are not that much... For the two latest blocks:
https://blockchain.info/block/000000000000000002394538d6f5a2cf3fbf730c65ab1aecdc3f46a28629689f
https://blockchain.info/block/00000000000000000459e60ff756e66b1cc45a3769366121883a954d2a53d0e7
0,16 and 0.21 BTC
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
they will be rewarded with their own fee when they spend their coins plus all the other fee from any other transaction, auto-sustaining essentially
fee will be very high when this will happen otherwise you will know that bitcoin has failed
fee will be very high when this will happen otherwise you will know that bitcoin has failed
Of course we all expect that, by then, the number of transactions has increase so much that miner fees itself will be able to give miners the required return on their invest capital on the hardware...
they will be rewarded with their own fee when they spend their coins plus all the other fee from any other transaction, auto-sustaining essentially
fee will be very high when this will happen otherwise you will know that bitcoin has failed
fee will be very high when this will happen otherwise you will know that bitcoin has failed
as mentioned above, how will miners afford to support the network?
Because they still get to collect the miner fees...
At this moment, the fees are not that much... For the two latest blocks:
https://blockchain.info/block/000000000000000002394538d6f5a2cf3fbf730c65ab1aecdc3f46a28629689f
https://blockchain.info/block/00000000000000000459e60ff756e66b1cc45a3769366121883a954d2a53d0e7
0,16 and 0.21 BTC
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 will find more blocks, and collect more fees as a result
It's an equilibrium
Not only the value of bitcoin but also the number of transactions.
If you use the standard/minimum fee as 0,0001 per transaction, at 100000 transactions per block that's 10 bitcoins reward, with increased bitcoin value that's probably enough to sustain mining.
You'll run into this issue a lot sooner than mining all the coins.
But if you assume that if trasaction volumes dont rise and fees remain roughly the same, then the Price of BTC will have to dramatically increase to support the existing network - (increasing the cost per Transaction in fiat Terms - killing bitcoin as it will be cheaper to use alternative networks)
If Transactions increase (ie blocksize increases) then the fee total in BTC Terms can rise, allowing both slow BTC Price increases and fees that remain economic.
But if you assume that if trasaction volumes dont rise and fees remain roughly the same, then the Price of BTC will have to dramatically increase to support the existing network - (increasing the cost per Transaction in fiat Terms - killing bitcoin as it will be cheaper to use alternative networks)
If Transactions increase (ie blocksize increases) then the fee total in BTC Terms can rise, allowing both slow BTC Price increases and fees that remain economic.
There will be not that many btc. And you must just save it. It is not so smart to spend it nowadays.
The value is not so high now and that is not good to sell it. Wait a little longer and you can sell it with profit.
The value is not so high now and that is not good to sell it. Wait a little longer and you can sell it with profit.
how much percentage do you think they get per transaction.
do you think small scale miners, probably home miner will have better chance once all btcs are already mined?
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. 
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?
After everything is mined, the miners will be getting the transaction fee. Sure the bitcoin price can
be seen high than this. So eventually they will get a good amount as their transaction charge.
be seen high than this. So eventually they will get a good amount as their transaction charge.
Thank you, so the fee probably wont increase but the value of btc will?
Hard to say... It'll probably be an equilibrium between the fee size and the diff (influenced by the number of miners).
It's all economics.
Rising fees will push people towards creating less (small) transactions (maybe towards altcoins or offchain transactions)
Rising diff will push miners out of business
Falling block rewards will push miners out of business
Falling bitcoin prices will push miners out of business
The opposite of these situations can also occur, but nobody can say what the equilibrium will be.
Maybe (just maybe), bitcoins will be worth $1.000.000/1BTC by the time the block reward is close to 0. In this case 0.16BTC will be a big chunk of money, worth mining. On the other side, bitcoin might be worth $1/1BTC, in this case the fee will need to rise substantially and there will be many miners that go out of business...
as mentioned above, how will miners afford to support the network?
if you send your bitcoin you will pay fee (arround 10.000satosi), he will collect transaction fee, there are some transactions for each block, sometimes you can found 0.3btc in 1block
as mentioned above, how will miners afford to support the network?
Because they still get to collect the miner fees...
At this moment, the fees are not that much... For the two latest blocks:
https://blockchain.info/block/000000000000000002394538d6f5a2cf3fbf730c65ab1aecdc3f46a28629689f
https://blockchain.info/block/00000000000000000459e60ff756e66b1cc45a3769366121883a954d2a53d0e7
0,16 and 0.21 BTC
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 will find more blocks, and collect more fees as a result
It's an equilibrium
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