Topic: What will happen to miners when Bitcoin limit supply completely mined? - page 2. (Read 601 times)
October 10, 2019, 02:03:42 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
October 10, 2019, 01:31:02 AM
My personal sense of foresight tells me that by 2140 Bitcoin is already in use by billions of people as the world's main currency. And because of that the fees, although very low, is being paid by each of the hundreds of millions of transactions per second. That would still mean a great reward for miners.
That would probably help miners to get enough profit but, like what i have mentioned a bit in my post above (sorry for creating new post, it's hard to edit long post, lol), if most of use becoming consumers to centralize companies and don't really create transactions to the block the no matter how many transaction made is won't give any profit to miners.If there is no other way to extend the bitcoin supply then there is no other option for the miner, to take profit from the transaction fees as they cannot mine anymore.
If we extend the supply, that will make Bitcoin no longer Bitcoin (for me at least) as supply is a main thing for a cryptocurrency.While centralized exchanges may not make transactions when people execute trades, not really. There's still significant amounts of transactions that are being executed by using centralized exchanges because investors and traders still needs to do transactions when depositing or withdrawing funds. I'd say right now in the speculation phase, the usage of centralized exchanges still takes a huge percentage of the total transactions.
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. 
October 10, 2019, 01:22:50 AM
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.
Something like centralize exchanges don't really make transactions, means there is no fee goes to miners. Imagine if at that time there are a lot of centralize companies, I mean like you and I are become their consumers and we want to transact things and no matter how expensive bitcoin price is, our transactions will give nothing to miners. This is absolutely a threat of the future Bitcoin. While centralized exchanges may not make transactions when people execute trades, not really. There's still significant amounts of transactions that are being executed by using centralized exchanges because investors and traders still needs to do transactions when depositing or withdrawing funds. I'd say right now in the speculation phase, the usage of centralized exchanges still takes a huge percentage of the total transactions.
October 10, 2019, 01:01:31 AM
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.
Something like centralize exchanges don't really make transactions, means there is no fee goes to miners. Imagine if at that time there are a lot of centralize companies, I mean like you and I are become their consumers and we want to transact things and no matter how expensive bitcoin price is, our transactions will give nothing to miners. This is absolutely a threat of the future Bitcoin. This topic has been discussed many times here. A simple Google sear h would have given the correct answer. Read the below article to know what will happen once all 21 million bitcoins are mined.
https://99bitcoins.com/what-will-happen-when-all-bitcoins-are-mined/
The last bitcoin is estimated to be mined in 2140. Our next to next generation is probably going to see this.
I know I should have just googled it, but I thought I can have the answer faster by creating this thread since my specific question is what will happen to miners at that timehttps://99bitcoins.com/what-will-happen-when-all-bitcoins-are-mined/
The last bitcoin is estimated to be mined in 2140. Our next to next generation is probably going to see this.
For a brief moment during the rapiest fees in 2017 miners made more from tx fees than they did from the block reward so it is possible. The far less certain thing is how consistent they'll be as obviously the block reward is 100% dependable.
If Bitcoin is still alive by then it will still be called Bitcoin but I doubt there'll be one single scrap of anything it shares with what we call Bitcoin today other than the name. There's no way of knowing how it'll be secured by then. There may not be any need for mining at all. Maybe our hive mind will validate and process things.
Honestly i want to hear a win-win solution for users (transaction makers) and miners (transaction executors). Around December 2017 to January 2018, you maybe right but we as users were suffering to pay the fees and we were never happier than today as the fee is much lower. I understand that we don't need to think so much for what will happen in a century ahead but no one knows if what we are discussing today can be reference for the future life. If Bitcoin is still alive by then it will still be called Bitcoin but I doubt there'll be one single scrap of anything it shares with what we call Bitcoin today other than the name. There's no way of knowing how it'll be secured by then. There may not be any need for mining at all. Maybe our hive mind will validate and process things.
October 09, 2019, 10:46:11 PM
I think some of them will not stop mining, they will find another potential coin to mine. and maybe some of them will sell their mining materials at that time and finally stop their operation. as for those who are contented to only get a transaction fee, I cannot tell on which way they wanna follow. to sell or to mine different coins. I have a question if all of these miners stop their operation, are we still able to make a transactions or not?
Think about it this way. Even if there is almost zero bitcoin left to be mined(due to the difficulty adjustment), as long as people are making transactions hence there are fees to be collected hence there is still money to be made through mining, there will always be >0 miners.
October 09, 2019, 10:41:41 PM
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?
What's your opinion about this?
Whatever happens, we are all dead by the time the last Satoshi is mined, unless you are still an egg cell or a sperm cell today and you will live for more than a century. Kidding aside, I am a little bit excited imagining the future of Bitcoin, excited to see how Satoshi's sense of foresight is made part of his overall vision.
My personal sense of foresight tells me that by 2140 Bitcoin is already in use by billions of people as the world's main currency. And because of that the fees, although very low, is being paid by each of the hundreds of millions of transactions per second. That would still mean a great reward for miners.
October 09, 2019, 09:39:21 PM
When mining is completed all are empty means then the price of transaction will increase and also the price of the bitcoin also increases more because availability of bitcoin is very less in future bitcoin will use only for transaction purpose. At presently it is alive don't worry about bitcoin mining still time is there
October 09, 2019, 09:14:52 PM
I don't care. Nor should anyone else currently alive. It is interesting to ponder though.
For a brief moment during the rapiest fees in 2017 miners made more from tx fees than they did from the block reward so it is possible. The far less certain thing is how consistent they'll be as obviously the block reward is 100% dependable.
If Bitcoin is still alive by then it will still be called Bitcoin but I doubt there'll be one single scrap of anything it shares with what we call Bitcoin today other than the name. There's no way of knowing how it'll be secured by then. There may not be any need for mining at all. Maybe our hive mind will validate and process things.
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.For a brief moment during the rapiest fees in 2017 miners made more from tx fees than they did from the block reward so it is possible. The far less certain thing is how consistent they'll be as obviously the block reward is 100% dependable.
If Bitcoin is still alive by then it will still be called Bitcoin but I doubt there'll be one single scrap of anything it shares with what we call Bitcoin today other than the name. There's no way of knowing how it'll be secured by then. There may not be any need for mining at all. Maybe our hive mind will validate and process things.
As sad as this may seem, I just don't think BTC will end up being alive during the 2040 period, it's 20 year away and for a crypto-currency market that has new ones made every day and several government already doing their own ones, I don't see BTC surviving another 15 years.
We'll see something new by the time that becomes an issue and it'll probably make crypto-currencies look outdated and replace them entirely.
We should keep in mind there's is a possiblity that Bitcoin is still alive by then though, crypto-currencies are still fairly new and there's room for improvement. We'll see something new by the time that becomes an issue and it'll probably make crypto-currencies look outdated and replace them entirely.
October 09, 2019, 08:42:37 PM
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?
What's your opinion about this?
If there is no other way to extend the bitcoin supply then there is no other option for the miner, to take profit from the transaction fees as they cannot mine anymore.
But 2140 still a long way and we are not yet sure 100% that it can last until that time but I am hoping that someday we can achieve it. I am pretty sure as the time passes by there will be some changes that will happen for the benefits of the users and the miners.
October 09, 2019, 07:25:18 PM
As sad as this may seem, I just don't think BTC will end up being alive during the 2040 period, it's 20 year away and for a crypto-currency market that has new ones made every day and several government already doing their own ones, I don't see BTC surviving another 15 years.
We'll see something new by the time that becomes an issue and it'll probably make crypto-currencies look outdated and replace them entirely.
We'll see something new by the time that becomes an issue and it'll probably make crypto-currencies look outdated and replace them entirely.
October 09, 2019, 07:15:54 PM
I don't care. Nor should anyone else currently alive. It is interesting to ponder though.
For a brief moment during the rapiest fees in 2017 miners made more from tx fees than they did from the block reward so it is possible. The far less certain thing is how consistent they'll be as obviously the block reward is 100% dependable.
If Bitcoin is still alive by then it will still be called Bitcoin but I doubt there'll be one single scrap of anything it shares with what we call Bitcoin today other than the name. There's no way of knowing how it'll be secured by then. There may not be any need for mining at all. Maybe our hive mind will validate and process things.
For a brief moment during the rapiest fees in 2017 miners made more from tx fees than they did from the block reward so it is possible. The far less certain thing is how consistent they'll be as obviously the block reward is 100% dependable.
If Bitcoin is still alive by then it will still be called Bitcoin but I doubt there'll be one single scrap of anything it shares with what we call Bitcoin today other than the name. There's no way of knowing how it'll be secured by then. There may not be any need for mining at all. Maybe our hive mind will validate and process things.
October 09, 2019, 07:14:38 PM
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?
What's your opinion about this?
I think some of them will not stop mining, they will find another potential coin to mine. and maybe some of them will sell their mining materials at that time and finally stop their operation. as for those who are contented to only get a transaction fee, I cannot tell on which way they wanna follow. to sell or to mine different coins. I have a question if all of these miners stop their operation, are we still able to make a transactions or not?
October 09, 2019, 07:06:19 PM
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 think a more extreme version of what's going to happen next year will happen, because next year is when we will see the effects of the probably biggest halving we've seen yet (so much more money and miners in the industry now then before).What's your opinion about this?
I'm going to guess that the miners will be able to survive solely on the fees alone, but in order for that to happen we'll see an increase in fees for everyone.
2140 is more then 20 years away, let's not worry about it just yet guys.
October 09, 2019, 06:48:10 PM
The most "natural" way is the miners will survive with the fees, but there's a lot of time until then and we will be dead and won't see the exactly result
But this is only one way, BTC could be dead before, BTC could change to something different, only time will tell
But this is only one way, BTC could be dead before, BTC could change to something different, only time will tell
October 09, 2019, 06:45:37 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.
October 09, 2019, 12:29:26 PM
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?
What makes you think that 2140 bitcoin will be depleted in the mines?What's your opinion about this?
According to the value of the less supply, the value will be higher, so the cost of the transaction may be sufficient if seen that the value is higher. This analysis is too low a possibility, so in my opinion not rational, the value of bitcoin in the future also cannot be accurately predicted.
October 09, 2019, 12:14:50 PM
Obviously, miners will have to live off the transaction fees. Some suggest, like the article avikz mentioned, that the transaction fees will continue to rise, and thus miners will stay motivated. I think miners will have quite a lot of work with transaction confirmations, but if the fees are truly going to rise, it can be a big problem, because even $5-$10 seems like a lot to pay. Basically, it would mean that Bitcoin would become suitable only for huge transactions. But perhaps the bigger number of transactions and some miners going out of business will make the situation normal both for miners and for users. I tried to find some information about it, but it seems that it is still an unresolved question whether it will be alright with miners living off the transaction fees or not.
October 09, 2019, 11:53:03 AM
This topic has been discussed many times here. A simple Google sear h would have given the correct answer. Read the below article to know what will happen once all 21 million bitcoins are mined.
https://99bitcoins.com/what-will-happen-when-all-bitcoins-are-mined/
The last bitcoin is estimated to be mined in 2140. Our next to next generation is probably going to see this.
https://99bitcoins.com/what-will-happen-when-all-bitcoins-are-mined/
The last bitcoin is estimated to be mined in 2140. Our next to next generation is probably going to see this.
October 09, 2019, 11:16:57 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?
What's your opinion about this?
It is so hard to make guesses about what will Bitcoin miners do in 2140. There is more than one hundred years to that time. But if I make a guess, I say that the transaction fees Bitcoin miners may not be enough for them while we want as lower fees as possible.
October 09, 2019, 11:07:28 AM
This is a very hot topic and should interest all the people in the crypto community. As I know all the bitcoins will be mined by 2140. Until then the price of Bitcoin should increase considerably in order for miners to still make a profit as the block rewards will drop significantly. This is a very bullish fundamental factor if you ask me.
After all the bitcoins will be mined I think we should be at a level where Bitcoin is already pretty much adopted and is massively used for day-to-day transactions. Many transactions translates in more fees for miners that will hopefully compensate for no block rewards.
After all the bitcoins will be mined I think we should be at a level where Bitcoin is already pretty much adopted and is massively used for day-to-day transactions. Many transactions translates in more fees for miners that will hopefully compensate for no block rewards.
Jump to: