Topic: What will happen after mining ends? - page 2. (Read 1378 times)
Well the idea is that the fees for confirming transactions will be large enough that it will still be worth doing.
The amount of transactions will then be large, plus the increased in Bitcoin value, the transaction fee itself will then be sufficient to cover the cost and profit for mining. All factors have been considered and in an equilibrium. The only thing that will kill Bitcoin is the lack of users and a decrease network size.
yes, miners would be paid for mining because of all the transaction costs that people will pay for sending and receiving their bitcoins, so i doubt it is a problem to be honesti think that mining will never end, because of that there is not threat for bitcoin that it will disappear or that something like that is going to happen, there are more problems that we need to worry about to be honest
The amount of transactions will then be large, plus the increased in Bitcoin value, the transaction fee itself will then be sufficient to cover the cost and profit for mining.
For the amount of transactions to replace, even the lowest future block rewards, either BTC would need a hardfork to enable a huge uplift in scaleability (many orders of magnitude) or the $ price per Bitcoin would have to be huge.
I see a move over to some form of POS combined with remaining POW, increased scaleability and a few percent per year inflation via POS in a hard fork within the medium term. Otherwise, IMHO, another currency based on blockchain will replace Bitcoin as a general currency for day to day transactions.
The amount of transactions will then be large, plus the increased in Bitcoin value, the transaction fee itself will then be sufficient to cover the cost and profit for mining. All factors have been considered and in an equilibrium. The only thing that will kill Bitcoin is the lack of users and a decrease network size.
Userbase is a completely different thing, as it depends on adoption, and today many people know about it, and will possibly get into this seeing how promising this currency is.
About the network, if you think fee will cover the cost and mining will still be profitable, then why do you say that the network size will be decreased?
The amount of transactions will then be large, plus the increased in Bitcoin value, the transaction fee itself will then be sufficient to cover the cost and profit for mining. All factors have been considered and in an equilibrium. The only thing that will kill Bitcoin is the lack of users and a decrease network size.
If everyone stops mining the blockchain will stop, transactions won't confirm and no more blocks will be generated, however the chance of that happening is really small. I think once mining becomes inprofitable for miner (due to lowered block reward or other things) they will stop mining, the consequence of that is of course that the difficulty will lower dramatically so it will be profitable again, in the end it will always be profitable for someone (probably the ones with cheap electricity or cheap equipment).
But why would someone mine knowing the fact that they will just get few pennies for their work?
Even with cheapest electricity possible, you won't break even your costs with that small transaction fee when mining will end up after all coins mined.
One more question:
Will developers decide to increase the number of bitcoins if this happens? Is it in their hands?
If this takes place, will the price remain the same?
If everyone stops mining the blockchain will stop, transactions won't confirm and no more blocks will be generated, however the chance of that happening is really small. I think once mining becomes inprofitable for miner (due to lowered block reward or other things) they will stop mining, the consequence of that is of course that the difficulty will lower dramatically so it will be profitable again, in the end it will always be profitable for someone (probably the ones with cheap electricity or cheap equipment).
Guys, a question arose in my mind so I am here with it.
Just think, when 21 MN bitcoins get mined completely and miners won't get any more rewards except fee, will they still do the mining?
If they won't, mining will stop. How will blockchain move the transactions ahead?
How will the network run? Will we see a dump when it ends or a new rise in the value?
My purpose to ask this is to know the possibilities bitcoin will face in the future after this happens, and I think this will not take much longer, not more than 1 and half year.
Just think, when 21 MN bitcoins get mined completely and miners won't get any more rewards except fee, will they still do the mining?
If they won't, mining will stop. How will blockchain move the transactions ahead?
How will the network run? Will we see a dump when it ends or a new rise in the value?
My purpose to ask this is to know the possibilities bitcoin will face in the future after this happens, and I think this will not take much longer, not more than 1 and half year.
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