What if there is nomore coins to mine? - page 3.

davinchi

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Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

It will be the end of the mining only as if no more coins are mined, the users who own the coins would just keep exchange them with other users but no more coins would be generated and this would affect the bitcoin price as well. It would stop the supply of bitcoins and probably be the end of bitcoins.

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Quote from: Next BillG on January 27, 2016, 05:28:57 AM

Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

The miners will still mine for the transaction fees. They are supporting the network, so they will get paid. This will last forever.

it depend on the value of bitcoin and on the number of transaction per second, currently miners are earning 32-50 btc max from fee

and they need to match the same revebue from their reward which is 3600 coins per day = $1440000

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Quote from: erikalui on January 27, 2016, 06:23:03 AM

Quote from: Anegg on January 24, 2016, 07:13:29 PM

It is going to take another 100 years before all the coins are mined, the fees will be huge by that time. I hope.

Not 100 years but it will probably take 2-3 years more till all the 20,999,999.9769 coins are mined. Currently we have 15,133,075 coins mined and I don't know why the amount is finite and cannot exceed 20,999,999.9769 coins in total. As per the blockchain graph, the number increases by 2,000,000 every 12 months.

it can not exceed because the nb mined is divided per 2 all 4 years...it comes a moment where only 6 bitcoin are mined every 10 minutes then 3 then 1.5 (or so) etc...

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Quote from: erikalui on January 27, 2016, 06:23:03 AM

Quote from: Anegg on January 24, 2016, 07:13:29 PM

It is going to take another 100 years before all the coins are mined, the fees will be huge by that time. I hope.

Not 100 years but it will probably take 2-3 years more till all the 20,999,999.9769 coins are mined.

2-3 years?!?!?!?!

just for reference take a look here http://bitcoin.stackexchange.com/questions/10486/when-will-the-last-bitcoin-be-mined

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With the continuous halving, the value would probably increase bit by bit till there is little to no supply. It would likely stabilize to a much higher amount. Bitcoin block size would also be huge when coin distribution ends, thus allowing for miners to gain more coins from a block. As miners shut down their miners, the difficulty would decrease to compensate and thus giving miners their profit back. If the blocks become much slower due to large number of miners turning off their ASICs at the middle of period, fees would increase and miners would switch it back on. By the time Bitcoin gets there, the ASICs and electrical fees would be so cheap that it is still profitable for larger mining farms.

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Quote from: winspiral on January 27, 2016, 06:06:36 AM

I'm impatient to see what will happen after the halving.
12.5 BTC per block is not much...if the price will not double...
many many miners will give up...certainly

Yes, generally to maintain the miners earnings prior to halving, the price must double to compensate the total value in Fiat but who knows. Once the price doubles there will be a massive sell off from those who are taking their profits and there are lots of them, so it's possible that the price will have a major dip unless the whales will inject some money to the exchanges to buy those sell orders.

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Quote from: Anegg on January 24, 2016, 07:13:29 PM

It is going to take another 100 years before all the coins are mined, the fees will be huge by that time. I hope.

Not 100 years but it will probably take 2-3 years more till all the 20,999,999.9769 coins are mined. Currently we have 15,133,075 coins mined and I don't know why the amount is finite and cannot exceed 20,999,999.9769 coins in total. As per the blockchain graph, the number increases by 2,000,000 every 12 months.

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I'm impatient to see what will happen after the halving.
12.5 BTC per block is not much...if the price will not double...
many many miners will give up...certainly

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Quote from: wadili89 on January 14, 2016, 10:12:26 AM

the master mind satoshi have made a almost perfect thing it is not going any where miners still gonna get profit probably more and i think when there is no more coins to mine that time bitcoin price will also rise and will be stable then now because no new coins are being mined only old coins are in the market

Agree with you, satoshi had thought all of that to avoid the defects of the system that might come up in the future.

Next BillG

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Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

The miners will still mine for the transaction fees. They are supporting the network, so they will get paid. This will last forever.

michnelli6

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Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

elizabethqueen

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Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?

if it really happen,i think bitcoin will lost so many users,and there just bitcoin transaction in this world,no more bitcoin miners or bitcoin classic. i think need 10 or more years until bitcoin reach limit.

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It is going to take another 100 years before all the coins are mined, the fees will be huge by that time. I hope.

fuathan

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There are many altcoins which are pre-mined. So no worries... Grin

rio3233

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I think if there is nomore coins to mine, the bitcoin price will increase so high because you can mine it again. and maybe so many people start using bitcoin because the price so high.

AliceWonderMiscreations

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I might be dead by the time it happens, but I suspect at some point mining will no longer be directly profitable.

It will be done by hobbyists and business just to keep the network secure, just like many of us rub a full-node client 24/7 to help keep the network secure.

Next BillG

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Quote from: crazyivan on January 20, 2016, 02:30:45 AM

I m more worried regarding the fact what happens if BTC halves and the price does not go up 2x. This means lots of farms will be become instantly unprofitable, stop mining, the diff will crumble and what then?

When the difficulty crumble and it become profitable for some miners to mine again, the network is still maintained.

Windpower

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The miners would get the transaction fees from people's transactions. Hopefully they rise so mining can still be profitable.

virtualdn

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This will only happen in 100 years. Miners will still earn from the transaction fees. But there is no use worrying about this now.

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Quote from: arbitrage on January 20, 2016, 06:07:40 AM

Till then bitcoin will be much more adapted and integrated in internet transactions..
Mining is just one phase in life of bitcoin..
Usage is the next phase i think every day we finding new wey of usage for bitcoin in real life.

Yes, you are right. The transactions fees will be there for miners, they will receive it always. The transaction fee is always the source for them and as the bitcoin gets higher value like one satoshi's value some $5 or $10. Then there is no need of block reward just a the fees are more than enough with millions of transactions.

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