What will happen to miners when Bitcoin limit supply completely mined? - page 3.

CryptoBry

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Quote from: rijaljun on October 09, 2019, 08:48:53 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 case Bitcoin miners will only be relying on transaction fees then I think many of them will be getting out of business as there is a big possibility that the whole enterprise may not anymore be profitable (especially as compared at today's numbers). Now, I know that 2140 is quite a long, long way ahead of 2019 and I am sure all of here in this forum can already be gone to the "kingdom come" so personally this concern would not bother me at all. But then again, there is a possibility that fewer miners will continue doing business and then transaction volume have gone to the stratosphere already.

teosanru

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Quote from: TravelMug on October 09, 2019, 10:36:00 AM

Quote from: rijaljun on October 09, 2019, 08:48:53 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?

You don't need to wait for 2140, the next bitcoin block halving will be a good leverage to see how much money is to make base on fees and miners profitability. Almost 86% of all bitcoin have been mined so far, add that to the many bitcoins that has been lost, we are closer that everyone thinks to the fact that "almost all" has been mined.

Pretty well said, moreover with coming of supercomputer the efficiency of mining can be greatly improved but this comes with a greater price tag which would be a problem for miners. As prices of computer power keeps on increasing and rewards keep on decreasing only thing which could keep miners back to life is if the prices increase exponentially but however that also will bring scalability issues to bitcoin which could further affect it's usage and price so it's kind of a vicious circle going around.

uray

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Quote from: mk4 on October 09, 2019, 10:07:59 AM

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.

That is the assumption where miners will be able to survive with the transaction fees alone in the future and sure we have a lot of time when all the coins are mined, but there are a lot of development yet to be done to include more transaction in a block for that to be realistic as no one will pay a higher transaction fees to retain the miners and i am sure the developers will come up with a solution .

AniviaBtc

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Quote from: rijaljun on October 09, 2019, 08:48:53 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?

When that time comes since they give low transactions fees, it is not enough for the hard-worker bitcoin miner who want to gain more profit. We need to give credit to those people who spend their time mining for us who want to own a bitcoin. We need to increase the transaction fees for them to gain profit as an exchange to their hardwork.

TravelMug

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Quote from: rijaljun on October 09, 2019, 08:48:53 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?

You don't need to wait for 2140, the next bitcoin block halving will be a good leverage to see how much money is to make base on fees and miners profitability. Almost 86% of all bitcoin have been mined so far, add that to the many bitcoins that has been lost, we are closer that everyone thinks to the fact that "almost all" has been mined.

Quote from: rijaljun on October 09, 2019, 08:48:53 AM

What's your opinion about this?

mk4

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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.

rijaljun

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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?

Topic: What will happen to miners when Bitcoin limit supply completely mined? - page 3. (Read 603 times)