What if there is nomore coins to mine? - page 6.

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Quote from: richardsNY on January 14, 2016, 09:48:00 AM

Quote from: electronicash on January 14, 2016, 09:44:26 AM

Miners will still be able to turn a profit from transaction fees.

Assuming the prices are going up to right now unseen price levels. Then yes, they will be able to mine at a profit when also the fees get higher due to the fact that there is nothing left to mine.

Which is one of the argument for people to say that the price will rise. They say that if the price don't rise transactions would stop so price has to rise otherwise miners wouldn't profit and then btc would be dead. Which is still a possibility after all.

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Of course there will be money to make in fees but that's not the only reason to keep the network security in place. If Bitcoin survives in its present form for another 125 years then millions of businesses will depend on it. Those businesses (let's say, like BitPay) will keep farms going to support the system that their business depends on. Fees collected will be a secondary concern for them.

wadili89

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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

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Also, fun fact, if I'm not wrong, there will only be 21 million coins released and we have currently mined 15 million..

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Quote from: mocacinno on January 14, 2016, 09:41:15 AM

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

So I was watching videos on youtube and I came across to a video rearding 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 i what will happen to the miners if tere will be no more coins to mine? Since there is only a limit on how many bitcokns can be produced, a time will vome that minin will put on stop. What will happen to the bitcoin price if then?

The miners still get the fees, so hopefully by then, the fees should be worth enough to make mining profitable
If the fees aren't enough for mining to be profitable, some miners will stop mining, raising the amount of blocks found by the leftover miners... that way the leftover miners find more blocks => more fees => profit

This is the best explanation IMO. Simple but still very accurate. I'll try to make it even more simple:

The lesser the number of the miners the more the rewards the left miners get.

So, no worries, Bitcoin will be here until the end of times. )

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Quote from: BillyBobZorton on January 14, 2016, 09:49:03 AM

But the fees will need to be high enough for the miners to bother, that is why I doubt we can have super low fees for life. Imagine we are in 2140... do you think we will still be paying the current fees? I don't think so. Well when I say "we" I obviously mean "they", unfortunately.

currently we see 0.3-0.5btc tx fees for each block and it will increase with time when more users start using bitcoin and do transaction.the time when bitcoin block rewards go very down price will also increase to make it worth mining.at that time this small tx fees will enough for miners to make profit from mining.

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But the fees will need to be high enough for the miners to bother, that is why I doubt we can have super low fees for life. Imagine we are in 2140... do you think we will still be paying the current fees? I don't think so. Well when I say "we" I obviously mean "they", unfortunately.

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Quote from: electronicash on January 14, 2016, 09:44:26 AM

Miners will still be able to turn a profit from transaction fees.

Assuming the prices are going up to right now unseen price levels. Then yes, they will be able to mine at a profit when also the fees get higher due to the fact that there is nothing left to mine.

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Quote from: electronicash on January 14, 2016, 09:44:26 AM

Miners will still be able to turn a profit from transaction fees.

Yep.

If you want to understand the idea, then the white paper is a good place to start and end. You can find it linked in my sig where it says "the gospel according to Satoshi".

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Miners will still be able to turn a profit from transaction fees.

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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 across to a video rearding 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 i what will happen to the miners if tere will be no more coins to mine? Since there is only a limit on how many bitcokns can be produced, a time will vome that minin will put on stop. What will happen to the bitcoin price if then?

The miners still get the fees, so hopefully by then, the fees should be worth enough to make mining profitable
If the fees aren't enough for mining to be profitable, some miners will stop mining, raising the amount of blocks found by the leftover miners... that way the leftover miners find more blocks => more fees => profit

jacee

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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?

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