Topic: What if Bitcoin runs out? (Read 245 times)
Based of what Ive learned on my study. A bitcoin is the new era of cryptocurrency and it value as grown astronomical over the last few years. And so I believe that bitcoin will not runs out , because it is known as one leading coins in cryptocurrency and many investors depend on it. Bitcoin's value may not good for now but i do believe, that it will grow immensely at high value, when the market will stable.
I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
When supply drops, demand will rise, and the price will go up. Sucks if you want to buy BTC, but great if you already own
Well, that is what makes me love Satoshi's invention. It will take a very long time for that to happen, and I think until then something to prepare or save us from that incidence will happen. This is crypto and blockchain, we solve problems.
I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
That is an interesting question but i think answer is very clear, miners will make money from parts that they earned from mining and people will "believe" more in bitcoin and whole crypto world thanks to more stable price that will be made thanks to "end" of mining.
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Bitcoin will still take over a hundred years to be completely mined. At that point, miners will still receive payouts from the fees paid when sending bitcoin. The idea is that adoption over time will increase, so the miner rewards will as well. This will still provide incentive for people to continue mining.
It is a common question and the answer is simple. It will take years before the block reward will reach 0 (the estimated time of mining all bitcoins is 2134). Miners earn money on block reward, which halves every 4 years, and transaction fees which usually give another 1-2 BTC profit right now. We shouldn't not worry about it because by the time it happen we will be already dead. Miners will or at least should earn enough to cover their expenses and profit from only fees. We can assume that Bitcoin will be much more popular in the future which will result in the higher price. There is also a chance that Bitcoin will be dead.
To my understanding this is partially true. But you forgot that the Bitcoin Mainnet still needs to be LIVE in order for Bitcoin to run. So, people will just run the mainnet with sophisticated hardware of the future and earn a living or some extra cash every month by doing so. Since the popularity is likely to increase, it could actually be a quite good living.
Currently digging companies still encourage miners to dig as much coin as possible before the supply reaches the threshold.
When the 21 millionth Copper Bitcoin is found, there will be no reward for the miners. However, miners still need to authenticate and store Bitcoin's blockchain transactions - so miners will only receive a transaction fee.
Currently, Bitcoin transactions are handled based on priority. The higher the transaction fee, the more incentives a miner has.
When the 21 millionth Copper Bitcoin is found, there will be no reward for the miners. However, miners still need to authenticate and store Bitcoin's blockchain transactions - so miners will only receive a transaction fee.
Currently, Bitcoin transactions are handled based on priority. The higher the transaction fee, the more incentives a miner has.
If Bitcoin is finished, there are other cryptocurrencies that can be mined, and miners will always find places! The number and type of new cryptocurrencies are now beyond your imagination!
I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
Bitcoin Miners will 'live' on the transaction fees - no more new coins 'minted' as part of the block reward.
Keep in mind, these Bitcoin miners can go elsewhere and there are plenty of somewhat self interested people/projects coming up with alternatives and forks to Bitcoin.
Most of these projects are of questionable value. There was Bitcoin Cash developed in response to high transaction fees and Bitcoin Gold is trying to be ASIC resistant - which means it wants to be good for mining on regular Graphic Processing Units.
Some coins don't have a cap. Ethereum for example currently has no upper limit, although it is likely to change in the future to be a Proof of Stake instead of Proof of Work (mining) coin.
Hope that helps, happy to go over any of this in more detail.
I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
When bitcoin runs out of mining, this has an impact on miners. Means the number of bitcoin does not increase, whereas in estimate the needs of more and more users are needed and have a higher value as an impact. 
I want to ask, what will happen when bitcoin runs out.
Of course supply will be tapped out but that doesn't mean bitcoin will gone.The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
I think it will be decided on the 22nd century. If you want to know more about it please refer to this articles:
https://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/
https://www.coindesk.com/information/how-bitcoin-mining-works/
Well as they are no longer receiving the reward, they'll make their money solely out off transactions. That was how it was envisioned anyway. They get transaction fees and that's the incentive for them to continue operation. Considering that should bitcoin ever reach this point, it probably already have a large value in fiat (or the ideal -it being sole currency), the miners have every reason to keep things running.
The knowledge of crypto currency that I have is still small, including in the analysis of bitcoin availability. Some sources say only 21 million can be mined. Logically, if bitcoin approaches the limit, then the price will be higher. I do not know when it will happen, and I think that's for a very long time.
Miners will earn only at the expense of the transaction. People will always make translations. Now the miners are not thinking about it. But it is in their interest to assist in increasing the scalability of the unit. This will make bitcoin available to use in trading. This will increase the number of transactions and the potential profits of miners.
I strongly agree on your opinion that, miners will earn only at the expense of the transaction and people will always make translations. And adding also my opinion that, bitcoin is and was never made to earn people profit, and people earning here in bitcointalk through bounty campaigns has ZERO connection with bitcoin mining. In adddition, If you mean hard fork- it's not a solution as it creates a completely different network, it doesn't change the actual amount of bitcoins that people own, it just brings people bitcoin on another network.
If don't wrong. If Bitcoin is already mined, the Bitcoin transaction will continue as usual and Miner still get the revenue even though Bitcoin is already mined. Because miner still get miner fee every transaction processing. But I dont know exactly when BTC will runs out.
Miners will earn only at the expense of the transaction. People will always make translations. Now the miners are not thinking about it. But it is in their interest to assist in increasing the scalability of the unit. This will make bitcoin available to use in trading. This will increase the number of transactions and the potential profits of miners.
I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
My knowledge regarding rhis currency is Limited, but I highly believe that the splitting of the Bitcoin that was happened last few years will be the redemption of this scary scenario, I guess admins and oir fellow geniuses regarding technology will make a way for this forum to still functional and the workers were still allowed to attain profit to this innovative currency.
If you mean hard fork- it's not a solution as it creates a completely different network, it doesn't change the actual amount of bitcoins that people own, it just brings people bitcoin on another network.
OP: If you are talking about block reward, the miners are supposed to get paid by fees only, and there are going to more transactions by the time the block reward will reach zero, so the fee amount will be higher.
We can always use mbtc instead of btc, so if bitcoin's price is 10000$, then 1mbtc will be only worth 10$, and people will own 1000 times more mbtc then the bitcoin they owned.
Miners will solely earn their rewards from the transaction fees alone.
My knowledge regarding rhis currency is Limited, but I highly believe that the splitting of the Bitcoin that was happened last few years will be the redemption of this scary scenario, I guess admins and oir fellow geniuses regarding technology will make a way for this forum to still functional and the workers were still allowed to attain profit to this innovative currency.
Just to make it clear, bitcoin is and was never made to earn people profit; and people earning here in bitcointalk through bounty campaigns has ZERO connection with bitcoin mining. You definitely need to read more on what mining actually is: https://www.coindesk.com/information/how-bitcoin-mining-works/
I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
My knowledge regarding rhis currency is Limited, but I highly believe that the splitting of the Bitcoin that was happened last few years will be the redemption of this scary scenario, I guess admins and oir fellow geniuses regarding technology will make a way for this forum to still functional and the workers were still allowed to attain profit to this innovative currency.
It is a common question and the answer is simple. It will take years before the block reward will reach 0 (the estimated time of mining all bitcoins is 2134). Miners earn money on block reward, which halves every 4 years, and transaction fees which usually give another 1-2 BTC profit right now. We shouldn't not worry about it because by the time it happen we will be already dead. Miners will or at least should earn enough to cover their expenses and profit from only fees. We can assume that Bitcoin will be much more popular in the future which will result in the higher price. There is also a chance that Bitcoin will be dead.
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