What will happen when the mining ends?

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: xxkaiwaxx on February 27, 2019, 02:48:24 PM

Mining will never end.

Thats what blockchains rely on to keep moving.

PoW might end. But theres always PoS to keep it going.

Does anyone actually like pos though? I think if someone gets a lot of coins then it definitely gives them way too much power over all the cryptocurrency. It's good for small groups of people but I don't think bitcoin is right for that sort of thing.

A shift to the ln is always possible also.

Johnzky

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Quote from: rubitok on May 21, 2018, 01:22:20 AM

price grows up?
crypto currency will not?
technology will be new?
will suffice all that will be extracted and lost for use?

Price will surely grows up specially for bitcoin but i doubt tht our generation until next will have a chance to experience or see this happens,because the more bitcoin mined is the harder it can be.meaning when the last drop of bitcoin remain for sure it will take 10-20 years before another one wil be mined again

Erickan

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There is no way that cryptocurrency operators will stop working, unless it's cryptocurrency back to zero. Because in addition to the rewards earned from the mining work, they also earn money from the deals they process, which is also quite high. So we can rest assured that there will be no cryptocurrency operators, the future is a very developed industry.

xxkaiwaxx

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Mining will never end.

Thats what blockchains rely on to keep moving.

PoW might end. But theres always PoS to keep it going.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: TheBeardedBaby on February 27, 2019, 07:50:16 AM

Described like this I image the time when we used modems to access internet. Probably something similar will happen, you will need a mining device/app when making transactions to support the network.

Yes, exactly. It could be integrated with a router too.

If, for example we say there are probably over 5 million routers in the UK and ASIC chips are at 90ghs ($4) then they would provide a stable output of 450 petahashes.

This isn't including the rest of the world who probably have around 200 million or something (the US probably have about 50 million alone). Which would then give about 5 exahashes which is about the size of antpool at the moment...

TheBeardedBaby

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₿uy / $ell ..oeleo ;(

Quote from: jackg on February 26, 2019, 06:53:20 PM

Quote from: ?? on ??

it seems it will never end Grin

Without scrolling trhough two pages of probably similar stuff. There will be a point where the block reward goes below mining fees (probably). Blocks might have to get bigger to accomodate for this adjustment or the mining fees might increase but the miners will still want to keep mining anyway (even if it becomes just hobbistic miners). As the amount of time it takes to solve a block changes every 2016 blocks then the amount you can eanr is also going to follow glose to potentially the electrical cost (hopefully) which means we'll still havea decentralised network and a lot of miners. Once it becomes less profitible to mine (if that happens) then it will be good to see the increase in the number of people wanting to decentralise the currency by mining with their cell phones and also mining with their computers/full node software.

Described like this I image the time when we used modems to access internet. Probably something similar will happen, you will need a mining device/app when making transactions to support the network.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: ?? on ??

it seems it will never end Grin

Without scrolling trhough two pages of probably similar stuff. There will be a point where the block reward goes below mining fees (probably). Blocks might have to get bigger to accomodate for this adjustment or the mining fees might increase but the miners will still want to keep mining anyway (even if it becomes just hobbistic miners). As the amount of time it takes to solve a block changes every 2016 blocks then the amount you can eanr is also going to follow glose to potentially the electrical cost (hopefully) which means we'll still havea decentralised network and a lot of miners. Once it becomes less profitible to mine (if that happens) then it will be good to see the increase in the number of people wanting to decentralise the currency by mining with their cell phones and also mining with their computers/full node software.

rubitok

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Quote from: acheampong64 on June 21, 2018, 12:15:18 AM

what about this, what will happen if mining doesn't end. In fact I don't think mining is going to end. Perhaps maybe the whole crypto is going to "collapse" (which won't occur as well) then I don't think mining will end. So far as cryptos are there and new coins and innovations come each day, mining will continue to be the job of others. That's my take on this. Wink

other crypto-currencies, as it were, will increase the number of days in the progression until the end of the mining?

rubitok

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Quote from: travieso on June 20, 2018, 12:05:08 AM

if the mining ends then the price will grow faster, but I think mining will not end

Why do you think so?

acheampong64

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what about this, what will happen if mining doesn't end. In fact I don't think mining is going to end. Perhaps maybe the whole crypto is going to "collapse" (which won't occur as well) then I don't think mining will end. So far as cryptos are there and new coins and innovations come each day, mining will continue to be the job of others. That's my take on this. Wink

travieso

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if the mining ends then the price will grow faster, but I think mining will not end

rubitok

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Quote from: fraufreiheit on May 26, 2018, 12:04:45 AM

it has to end sooner or later as the overall number of bitcoins to be mined is limited. It has to happen in about 120 years. So I think that transaction fees will rise, as miner need to compensate the decreasing price of mining new coins (it gets halved regularly).

I think that this will come much earlier

fraufreiheit

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The Premier Digital Asset Management Ecosystem

Quote from: ?? on ??

Hello everybody . In my opinion. the topic of crypto currency is developing. that the mining will not end. because this is an important link in a large chain.

You are mistaken, it has to end sooner or later as the overall number of bitcoins to be mined is limited. It has to happen in about 120 years. So I think that transaction fees will rise, as miner need to compensate the decreasing price of mining new coins (it gets halved regularly).

rubitok

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Quote from: Avalonist on May 23, 2018, 03:30:07 PM

I think the stock rates will become more stable and there wont be any hype +100%/day growth
Also some new coins might appear and substitute the ones with depleted pool

I think that there will be a huge number of coins! up to the fact that everyone will have his own coin - potential!

rubitok

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Quote from: wudackprod on May 22, 2018, 09:17:44 AM

If cryptocurrency will success and nice development in future, people will use cryptocurrency in all world, the mining never will end

even with the advent of new types of computers - quantum?
or personal money? provided with the soul of man? ))

Avalonist

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I think the stock rates will become more stable and there wont be any hype +100%/day growth
Also some new coins might appear and substitute the ones with depleted pool

rubitok

copper member

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Quote from: passwordnow on May 21, 2018, 05:17:54 PM

I can't understand the rest of your question so make it clear with what you are asking.

if in the last 10 years, so much has happened, then what will be the next 50 ?!

rubitok

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Quote from: MintDiceSupport on May 21, 2018, 03:26:21 PM

You're correct, technically, in that mining will continue thriving through transaction fees. As far as traditional mining, who knows what that will look like even in a few years with all the tech advancements sure to come. Either way, with the predicted time it will take to mine all coins, all of this is truly just speculative. One thing we can hope for this that if the btc model stays true, as time goes on and less coins are available to mine, the value should increase.

the quantum computer was supposed to go out like this

rubitok

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Quote from: apoorvlathey on May 21, 2018, 11:43:22 AM

What do you mean cryptocurrency would not grow ? Are you referring to price or technological advancements ?

yes it is technical, will be invented some kind of replacement crypto-currencies

rubitok

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Quote from: ice guy john on May 21, 2018, 07:40:16 AM

Well there are only 21 million bitcoins in total and when all bitcoins have been mined essentially miners will no longer recieve a block reward for validating transactions. In this case, miners will need to rely on transaction fees in order to maintain operations. This will inevitably mean that transaction fees will have to be higher in order to continue to incentive them to maintain operations profitabily.

On the other hand one could argue that over time that mining chips will become smaller more efficient then they are today and that therefore the mining process will become cheaper, allowing for the transaction fees to be sufficient incentive for miners to continue operations

you are sure that Satoshi Nakamoto has not laid any loophole in case everything will be prey stopped - but will there be another way out?

Topic: What will happen when the mining ends? (Read 414 times)