what will happen after 21 million bitcoins are mined? (in layman's terms) - page 3.

o_e_l_e_o

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Quote from: Darker45 on September 17, 2022, 05:36:37 AM

After all, the last Satoshi wouldn't be mined until around the year 2140, long after we're all gone.

Sure, but this question will be become pertinent long before then. Average fees earned per block is somewhere in the region of 0.1 - 0.2 BTC at the moment. By the 9th halving, the block subsidy will be 0.09765625 BTC, which will mean it will be less than the average fees. This will happen around 2044, so only 20 years away. Another few halvings after that and the block subsidy will be ~10% of the total fees. If fees aren't enough to maintain the security of the network alone (as will be the case in 2140), then it is very unlikely that fees +10% will be enough to maintain the security of the network, which is scenario which will be reached in the lifetime of many (or even most) current bitcoin users.

I think the combination of the increasing value of bitcoin coupled with most smaller transactions moving to layer two, resulting in the base layer being used predominantly for larger transactions and channel opening/closing and therefore larger fees being acceptable, will be enough for fees alone to maintain the security of the network.

There is some very interesting discussion about this in the following forum thread and on the dev mailing list:
"Surprisingly, Tail Emission Is Not Inflationary" -- A post by Peter Todd
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2022-July/020665.html

Leviathan.007

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Leading Crypto Sports Betting & Casino Platform

I do not think it will be possible to mine all the 21 million bitcoins completely, but regarding what is going to happen after all 21 million bitcoins have been mined, all I have to say is what can be found online if you search for it and get it. When the price of bitcoin rises, this will lead to a greater value on the market. On the other hand, there will be fewer rewards for miners and they will only be able to make money through transaction fees, which is going to motivate miners to continue mining bitcoin.

Asiska02

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I believe that not much will actually happen. The only difference is that following that, there won't be any more bitcoin to mine.
1. The bitcoin that miners earn for their effort after successfully mining a block into the blockchain will probably be kept by them for trading.
2. Bitcoin will continue to exist and their prices will fluctuate as long as people continue to own them, use them for transactions, and save money in them.
3. There won't be any more halvings where there is a constant spike in bitcoin's price prior to the halving.
4. As long as bitcoin is still in existence, miners can continue to support themselves by earning transaction fees after a transaction is included in a block.
5. Since blocks in the blockchain cannot be altered or attacked by hacktivists, the security of the bitcoin blockchain is already secured for now.

Darker45

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If all the 21 million Bitcoin are already mined, it means there's no more new Bitcoin to release. Which means that miners won't anymore receive block rewards. Bitcoin mining could continue but since there's no more Bitcoin left to mine, what they will receive in return will only be transaction fees. Today, miners receive block rewards and transaction fees. The moment the maximum supply is reached, only transaction fees remain.

The rest, whether it would still be profitable to mine, whether Bitcoin's security would remain intact, whether Bitcoin would finally face its end, and so on we could only speculate. After all, the last Satoshi wouldn't be mined until around the year 2140, long after we're all gone.

Sandra_hakeem

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Goodnight, ohh Leo!!! 🦅

...so maybe OP should simply browse the forum history to get a profound response?

21 million bitcoin is mined. Miner won't just go away cus there'd be alot to adjust so some psycho-code enthusiast (hackers)won't keep on the grind till they finally got the blockchain compromised.
Nothing much will happen.

Sandra_

Maus0728

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Miners will earn from the transaction fees as the block reward goes 0 somewhere near 2140.

When Bitcoin reaches its maximum supply cap, will miners stop operating? Most probably NO, since the system is designed so that the miners stay in the game. When there are more miners, the profit drops, driving more people away. And when there are less miners, profit increases, luring more miners again, repeating the same cycle.

- How will Bitcoin survive after all 21M coins have been mined?
- What happens when all bitcoins are mined?

odolvlobo

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This question has literally been asked millions of times.

A google search of your question returns

Quote

About 2,360,000 results (0.53 seconds)

The answer is that nothing will happen. Nothing will change except that there will no longer be any new bitcoins.

AGD

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Earning by fees will be the motivation to run miners long before the last few Bitcoins are mined. The last block reward will be 1 Satoshi for about 4 years.

keepsearching

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I've been asked this questions many times, but it feels to me like I know answer it in the right way. I would like to know what do you think, and how you explain it in the most simple way, a way that people that are not technical can also understand

Topic: what will happen after 21 million bitcoins are mined? (in layman's terms) - page 3. (Read 501 times)