What will happen to miners when Bitcoin limit supply completely mined?

Wexnident

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Quote from: rijaljun on October 09, 2019, 09:48:53 AM

We are estimating Bitcoin supply to be completely mined by 2140 and there won't be any Bitcoin left to mine. At that time, reward for miners would be only from the transaction fee (not sure enough tbh). Do you guys think that the transactions fee are enough for miners to make profit while today we always want to pay transaction fee as low as possible?

What's your opinion about this?

I'd doubt the community would let the miners financial situation be a bleak future. After all, they'd have to rely on them with the transactions made so most likely, miners would still live satsifyingly. That, or the communitt somehow manages to create a system that could replace miners.

Quote from: rijaljun on October 11, 2019, 09:03:13 AM

Quote from: ?? on ??

2140 is a long way to go. Assuming this, it might be an end for miners because mining was their way of their profit, there will be a sudden shift here.

Are you trying to say that it would be okay for Bitcoin to no longer have miners? Then, people will just move from Bitcoin to other crypto?

Such a pessimistic thought.

So the guy is basically saying transactions would stop by the end of the year 2040? Doesn't that seem way too farferched? Your basically not only telling the miners would disappear, you're also declaring that bitcoin circulation will stop since miners are as you said, would be gone?

Astvile

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Quote from: Astvile on October 09, 2019, 07:45:37 PM

When the year 2140 comes when all bitcoins are mined miners will still survive for sure but the profit I think would be lessen and they'll be living of pure transaction fees and no more profits on mining ( I guess correct me if I'm wrong). But surely they will profit big on fees because by the time we reach the year 2140 it's sure that bitcoins price will be double might be triple of the current ATH now.

Double? That's all Really? You do get that standard inflation is 2%, it would need to do much more than double in 140 years for people to be going all out for TX fees, just think about much 100$ was worth in 1900, that buying value dropped a massive amount and it will again in 120 years.

I do get that the standard inflation rate is 2% and bitcoin should be able to do and pump more for a hundred years but for me, It is what I believe and hopes for bitcoins price, I've come up to this conclusion considering the fact that bitcoin is maybe gone by that year and we can't see it anymore.

20kevin20

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Quote from: rijaljun on October 11, 2019, 09:03:13 AM

Quote from: ?? on ??

2140 is a long way to go. Assuming this, it might be an end for miners because mining was their way of their profit, there will be a sudden shift here.

Are you trying to say that it would be okay for Bitcoin to no longer have miners? Then, people will just move from Bitcoin to other crypto?

Such a pessimistic thought.

Mining will turn into sustaining the blockchain, and as far as I know they will still earn money off tx fees so that they can continue keeping Bitcoin on its feet. Otherwise, there would be no point in mining if there's no profit. We had those people at the beginning of BTC mining so many coins just for fun, nowadays it costs a fortune to do so.

As soon as the last block gets mined though, the price should be very high. There will be no more BTC to mine so if price becomes kinda stable until then, it might drastically change due to the fears and thoughts of the market. Correct me if I'm wrong regarding the first paragraph.

desticy

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Some of the miners will switch their equipment to mining of other coins, the rest will remain in normal operation for network maintenance and transaction processing.
So you can not worry about the miners, they will remain in their place, although everything will depend on the profitability of mining.
Soon we will find out how halving will affect the profitability of mining and what will happen to the price.

Dabs

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The last bitcoin will be mined around the year 2140.
The last percent of minable bitcoin will start around the year 2032, because by then we will have mined 99% of all bitcoins. Then it's a hundred years until the last bitcoin.

Around 2050, we will begin to see, at whatever price bitcoin is at, if it will be enough to compensate miners for their work.

By 2100, 50 years after 2050, still about 40 years before the last bitcoin, but halfway through the last one percent ... one can only imagine, but I suspect we will be seeing miners still happily mining and being able to pay their bills.

rijaljun

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Quote from: ?? on ??

2140 is a long way to go. Assuming this, it might be an end for miners because mining was their way of their profit, there will be a sudden shift here.

Are you trying to say that it would be okay for Bitcoin to no longer have miners? Then, people will just move from Bitcoin to other crypto?

Such a pessimistic thought.

rijaljun

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Quote from: gentlemand on October 10, 2019, 09:02:03 AM

Quote from: MicroGuy on October 10, 2019, 08:35:40 AM

In 2140 the block reward resets to 50, meaning BTC's inflation continues growing indefinitely, forever.

Is this a previously unknown Y2K style bug or just a fond fantasy?

I enjoy discussing problems that won't need solving until we're all dead. I wish more problems were like this.

Imagining what will happen after we're all dead is interesting cause we don't need to predict it correctly but that guy seems gone too far from the railway.

rodel caling

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Quote from: mk4 on October 09, 2019, 11:07:59 AM

Time will tell. The 2140 estimated year is a loooong time from today. Assuming the Bitcoin network still exists and is still up and running at that time, we should probably expect that there will be a lot of transactions that will be taking place on the network(both on-chain and off-chain txs); and we should also probably assume that bitcoin's price is far higher at that time. That should probably(?) be enough bitcoin for the miners to collect fees and profit from.

Exactly mate only time can tell and it's obvious if that time comes bitcoin price are too much expnesive, and for the miner of course if the limit is reach need to stop transaction operation because they work with nothing. Bitcoin circulate limited volumes for every holders. So we need to find another solution about this situation how bitcoin continue to exist.

Moiyah

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In some perspective of others, transaction fees can provide the circulation of btc even btc will all mined. They need to rely on transaction fees to continuously sustain the functions of the operations. The most directly pretentious in this matter are the Bitcoin Miner themselves, not unless the code of behavior of btc will revolutionize which someone manages to add more btc. Year 2140 is still too long, but I believe in others perspective that btc is still regulated after the 2140, because in this present time we see the excellent effect of btc in trading and exchanges. We know that year btc will also evolved, and that is something we should observe, or maybe by our children in the future.

atjiat

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It seems to me that if you look ahead for decades to come, then first you need to raise the question not about the existence of miners, but about the prospects of Bitcoin at that time. To date, Bitcoin has already faced many problems, which is why it is losing its popularity, which proves a significant decrease in capitalization. The fact is that today on the cryptocurrency market there are quite more promising cryptocurrencies that can occupy leadership positions in the cryptocurrency market and at the same time will have technical characteristics much higher than Bitcoin. Even if you take for example the ethereum, which is already significantly higher in quality than Bitcoin.

jake zyrus

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2140 is still way too far from today. There are a lot of circumstances that might happen within the coming years. We never know if bitcoin were still existing when we reach 2140. Plus we don't have to worry when that time comes 'cause we're already dead. Let those people in that era to solve their problems when bitcoin were completely mined.

mk4

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Quote from: rijaljun on October 10, 2019, 08:11:48 AM

Quote from: mk4 on October 10, 2019, 04:52:48 AM

only IF that happens.
Actually, there are two things I want to focus on this thread

We always want pay fee as cheap as possible, but miners won't be happy about that
IF in the future there are a lot centralized companies and most of us would be using their services, there will be less transaction no matter how expensive Bitcoin and its transaction fee is, also miners won't be happy about that

Sure. There will be a lot of centralized companies simply because not every single internet service needs to be "decentralized" or need to be on a blockchain. And if those services needs payments, then bitcoin transactions will be made. Both off-chain for smaller coffee-sized payments(but still recorded on the blockchain, just not immediately), and on-chain for the bigger payments.

Again, layer2 and layer3 solutions are CHEAP transactions that are recorded on the blockchain in finality; hence there are fees. People on the industry are betting on the Lightning Network, not centralized transactions. People that will be transferring huge amounts of money(through bitcoin), are surely willing to pay a couple of dollars worth of fees just to make sure that their transactions becomes recorded on-chain as soon as possible.

minersday

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Quote from: MicroGuy on October 10, 2019, 08:35:40 AM

Quote from: rijaljun on October 09, 2019, 09:48:53 AM

We are estimating Bitcoin supply to be completely mined by 2140 and there won't be any Bitcoin left to mine. At that time, reward for miners would be only from the transaction fee (not sure enough tbh). Do you guys think that the transactions fee are enough for miners to make profit while today we always want to pay transaction fee as low as possible?

What's your opinion about this?

In 2140 the block reward resets to 50, meaning BTC's inflation continues growing indefinitely, forever.

This meant cause a drop in the value of Bitcoin. I don't agree with you on this. The possible way I see miners getting rewarded will be the use of transactions fees. As it stands now, transactions fees taken for every transactions made on the Bitcoin blockchain network are not given to miners. Where do you think these fees go to ?? I believe they are stored somewhere to be the next payment option for miners when all the bitcoins are mined..

gentlemand

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Quote from: MicroGuy on October 10, 2019, 08:35:40 AM

In 2140 the block reward resets to 50, meaning BTC's inflation continues growing indefinitely, forever.

Is this a previously unknown Y2K style bug or just a fond fantasy?

I enjoy discussing problems that won't need solving until we're all dead. I wish more problems were like this.

minersday

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Quote from: ?? on ??

In fact, there are two scenarios, either mining can change or it will disappear

There is no way mining will disappear but for the changing aspect, that might be possible. Transactions can't be made without mining, so there is no way mining will ever disappear..

MicroGuy

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Quote from: rijaljun on October 09, 2019, 09:48:53 AM

We are estimating Bitcoin supply to be completely mined by 2140 and there won't be any Bitcoin left to mine. At that time, reward for miners would be only from the transaction fee (not sure enough tbh). Do you guys think that the transactions fee are enough for miners to make profit while today we always want to pay transaction fee as low as possible?

What's your opinion about this?

In 2140 the block reward resets to 50, meaning BTC's inflation continues growing indefinitely, forever.

gentlemand

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Quote from: Kyraishi on October 09, 2019, 10:14:52 PM

I agree, I doubt even crypto-currencies as a whole will be alive in 21 years from now, governments are already working on their own currencies and there's a high chance they just take over the market and there's no use for bitcoin.

If there ever is to be a government crypto it'll make the case for Bitcoin several times more compelling than it already is. The present set up is a groaning morass of systems of varying ages with varying levels of accessibility and communication.

A governmentcoin would be under their absolute and instant control. Any whim could be executed immediately and no one has any redress. The only escape would be... Bitcoin.

I fully expect Bitcoin to survive in the long term. The case for its existence is too obvious to ignore. I also expect much of what we're used to about it now to be long gone eventually.

rijaljun

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Quote from: bitbunnny on October 10, 2019, 03:03:42 AM

I think that every miner is well aware that Bitcoins will be completely mined one day so there will be no surprises. So it's logocal, there will be no need for miners no more in that narrow sense but people still will be making transactions so their share of profit will be stll available for them

The question is, will it be enough for miners to make profit?

Quote from: mk4 on October 10, 2019, 04:52:48 AM

That's completely assuming that both parties will be using a centralized wallet. People use Coinbase for the same function, instantaneous and fee-less off-chain transactions from Coinbase wallet <-> Coinbase wallet. But what makes you say that people will use the same kinds of wallets in the future? That's why we have 2nd layer solutions like the Lightning Network. LN transactions are almost fee-less and instant, but will still be settled on-chain in finality.

only IF that happens.
Actually, there are two things I want to focus on this thread

We always want pay fee as cheap as possible, but miners won't be happy about that
IF in the future there are a lot centralized companies and most of us would be using their services, there will be less transaction no matter how expensive Bitcoin and its transaction fee is, also miners won't be happy about that

Quote from: lighpulsar07 on October 10, 2019, 04:26:19 AM

This topic was discussed in this forum many times already just read the other threads the have been listed above... anyway, simple answer is if the last bitcoin has been mined the transaction fees will be the payment for the miners since there is no block reward left to mine. Anyway, 2140 is very far we are dead if the last bitcoin supply mined don't bother about it.

I knew it even before creating this thread and I have put the reason on my previous reply (take a look some previous posts, don't just focus on the first post)). I bet you also have replied all of those threads with similar answers. You don't need to reply this thread if you don't want to join the discussion. Oh, you are spamming your signature... aren't you?

mk4

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Quote from: rijaljun on October 10, 2019, 02:31:02 AM

Quote from: mk4 on October 10, 2019, 02:22:50 AM

Okay, let's find another example beside just exchange. Imagine both of us are consumer of same wallet provided by a centralize company, you sell me a bread and i pay you with bitcoin. Since we are using a same wallet, we do transaction, but we don't put it on the block. From our transaction will result no fee for miners and imagine millions or even billion of us will be doing this in the future. I know people will say or hope in the future, there will be less centralizes exchanges but it won't be that easy to decentralize everything, we fight with government, we fight each other.

That's completely assuming that both parties will be using a centralized wallet. People use Coinbase for the same function, instantaneous and fee-less off-chain transactions from Coinbase wallet <-> Coinbase wallet. But what makes you say that people will use the same kinds of wallets in the future? That's why we have 2nd layer solutions like the Lightning Network. LN transactions are almost fee-less and instant, but will still be settled on-chain in finality.

lighpulsar07

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This topic was discussed in this forum many times already just read the other threads the have been listed above... anyway, simple answer is if the last bitcoin has been mined the transaction fees will be the payment for the miners since there is no block reward left to mine. Anyway, 2140 is very far we are dead if the last bitcoin supply mined don't bother about it.

Topic: What will happen to miners when Bitcoin limit supply completely mined? (Read 534 times)