Topic: What if there is nomore coins to mine? - page 4. (Read 4946 times)

Many farm will run out of business.

I am more worried about the altcoin mining. 7970 is excellent for Ethereum mining, but the mining will finish in a year's time. These cards are not great for modern game now.

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.

Welllllllll.... If nobody is mining blocks, no transactions will be included, no confirmations, nothing... So even for pre-mined altcoins, mining is necessary.

Pre-mining is usually just a trick to cash out and scam the community (there might be exeptions to this rule)

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?

I believe when that time comes there is nothing more to mine, transactions will be tripled in quantity or maybe more to which transaction fees may not have to be raise. imagine thousands if not millions of transactions each day to which fees goes to the miners. those will be enough more like solving blocksizes.

By the way, there are many altcoins which are pre-mined. Nobody needs to mine it they are already in the market.

If there is no more coins to mine, i think the bitcoin price will increase so high. and maybe many faucets will reduce the payment. and also the rate of signature campaign also decrease. But it's okay, because the bitcoin price is high.

We know that the difficulty of mining increases exponentially. Last btc will be very hard to mine. It takes so many time and resources (electricity, time, etc.) So if 1 btc price is not more than 6 digits no one will want to mine it. 

By that time, BTC will be so widely adopted that tx fees will easily supplement block rewards.

It should be right to believe that only limited quantity of btc is there.
And one time miner won't able to mine..
But think bitcoin transaction will,never end.. so being blocks will never end and the transaction fees in blocks can be mined..
It is true that difficulty will increase but I don't think there will be a rigid stop to mining..
Possibly there should be low profitable

yeah that's correct, the diff will most likely keep with the value increase, so this mean that we can not rely only on the price increase but with need transaction fee increase and total tx increase, which is somehow correlated with adoption increase

I think when the mining will stop but what all said the transaction fees will be moving it and the buying and selling of bitcoins will be their in the market so the transaction fees will me more so their should not be any problem.

Then i think who ever is keeping high stock of bitcoins will raise the price and sell the bitcoins so the price raise will also be their. with every high price the transaction fees will also be get riched

If the difficulty keeps on rising, even the 100x price rise is not enough. Does it indicate the price will rise more than 100x?

Less hash power will make the system more vulnerable to attack, especially when there are many retired old generation mining rigs which can be bought cheaply to assemble an attack

I think it will be best that the hash rate continuously climb without stop, similar to bitcoin's supply continuously shrink without stop, thus the security of the network is forever increasing. However, that will depend on two variables: Exchange rate and Miner's fee income

Suppose that exchange rate doubles every 4 years, then the income of miners will remain the same after reward halving. Notice that reward halving is a cut-off event while exchange rate won't jump 100% over night, so basically when the reward halving happens, hash rate is always following the exchange rate, and some kind of shock would still be observed: Halving will reduce the hash rate for a while similar to a difficulty jump of 100%, until new generation chips are manufactured

However, if exchange rate do not change a lot during a 4+ years' period, then the miner's income will really become less, but due to the same reason as above, the hash rate will always self-adjust to the most stable status where majority of the miners can make a small profit

But diminishing mining COIN income is a bad thing. The success of bitcoin is mostly based on the fact that people can through mining get lots of bitcoins. If you can not get enough coins through mining, then it is like a centrally planned economy where early adopters already sitting tight on majority of the coins and preventing future people to get enough coins, kind of market manipulation similar to central banks holding large amount of gold reserve but never use them

So it is better to slowly raise the fee and keep the future mining income per block above 10 bitcoin at least, so that miner act as a money redistributor, constantly receive money from existing users against the transaction service to avoid wealth concentration

Less hash power will solve it. It's not a huge problem to think about. What more important is the size of the user base for the future of BTC.

I like bitcoin for the ease of transacting. If we need sufficiently higher fees for the miners, that's going to take away transaction volume which is important for an economy.. how is that supposed to work? BItcoin seems to be heading towards "large transactions only"?

From what I understand the miners will get fees. Maybe then it might be viable for us to get into mining. I imagine most the big miners will shut up shop so we will have to keep things going ourselves.

nothing... my other post was wrong, from the look of the blockchain stats it seems that there are 32 btc in fee each day which is somehow 1/100 of the total bitcoin mined today

this simply means that the value in future must increase 100x, or the fee increased to 100x(0.01+) or the number of total transactions per day raised to 100x which means 20M per day

but the last point is hindered by the block limit, and even 8MB will not suffice

It is interesting to see how people think about this "problem" now and how they thought about it 4&5 years ago before ASIC dominance..

https://bitcointalksearch.org/topic/bitcoin-tragedy-of-the-commons-67900
https://bitcointalksearch.org/topic/if-tx-limit-is-removed-disturbingly-low-future-difficulty-equilibrium-6284

Those are thoughts worth considering Amph. Very low levels of use could lead to truly high fees. I suppose that would be scaling also, but not the kind we want.