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

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.

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

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.

Mining will never end.

Thats what blockchains rely on to keep moving.

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

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...

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.

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.

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

Why do you think so?

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.

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

I think that this will come much earlier

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).

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

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

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

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

the quantum computer was supposed to go out like this

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

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?

The progress will continue and there will be tons of projects that will be developed but the mining goes on and it will be continuous.

In the past, when only a few electronic coins, this concept would certainly be true. but now. as the amount of money is increasing. I'm not sure ... that this concept will work for all electronic coins after the digging

Bitcoin after mining
Bitcoin will eventually be fully exploited by 2140. Once you have created 21 million Bitcoins, you will not get any more Bitcoins. This does not mean that the Bitcoin world will collapse. Besides the bonus of each block, Bitcoin also charges a transaction fee.

Currently, these fees are quite low - about 1%; However, as the number of Bitcoins diminished, transaction fees and Bitcoin values ​​will increase.

Finally, these transaction fees will become valuable enough for the diggers to be encouraged to continue mining. So while the new Bitcoin will no longer be created, the diggers will still make a profit from the exploit.

As Bitcoin digging became more difficult, the diggers had to use better equipment to exploit Bitcoin more efficiently. Power consumption is a major problem for diggers: Older devices can consume more electrical power, making digging bitcoin unprofitable. As a result, diggers will often use new, more efficient machines.

The value of Bitcoin will continue to increase
For sufficient Bitcoin transaction fees to encourage diggers to maintain their mining operations, the value of Bitcoin will have to increase significantly. Fortunately, Bitcoin is on the way to achieving that goal.

Other currencies have unlimited supplies and the government can increase that supply. However, increasing supply will reduce the value of the currency. Imagine that the money supply is a giant pizza.

As you increase your supply, you do not increase the size of the pizza; Instead, you're cutting it into smaller pieces. As the government increases supply, the value of the currency will decrease.

Increasing money supply tends to stimulate investment, because companies and people are encouraged to spend before it loses too much value. In other words, the government often deliberately reduces the value of your property.

With Bitcoin, supply will increase to 2140. However, due to the tight and predictable supply, it has no negative impact on the government's money supply.

In fact, in July 2016, the number of newly created Bitcoins fell to half, down from 25 BTC to 12.5 BTC. During this time, Bitcoin prices have increased dramatically, from under $ 450 to over $ 750. As the newly created Bitcoin halves - in July 2020 - Bitcoin prices may continue to rise. And the same thing will happen in four years.

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

We can avoid these issues all together if we switch to something more sustainable like POS instead of relying on POW to validate transactions. I highly doubt transaction fees will cover the expenses of running these miners once all coins are in circulation unless we find a cheaper and faster way of validating transactions.

I think mining will not end, as long as Bitcoin and other minable altcoins are still in circulation. The number of active miners may drop.

When max supply of each coin has been reached, there's no more block reward for validating transactions, then transaction fee must valuable enough to keep miners to maintain their job. Otherwise, certain number of miners may quit or temporarily cease operation due to high cost. Fewer players will get better transaction fees, and setup new balance in the supply and demand of mining field.

New balance can still help remaining miners survive, and keep the chains in work.

No, it's not, after all bitcoins are mined I think bitcoin will still stay active and miners still can earn by mining they can still get earn in transaction fees of all miners are gone the bitcoin transaction will be going to slow down like what happened in the past few days the traffic increase and the transaction are stuck because of higher demand of bitcoin and fewer miners.

If BTC is mined and nothing more to mine then I believe a new ICE project will be develop to keep this mining machine working in the future...

Yeah price goes up if all the coins have been mine as it's limited but the miners will still mine for confirming transactions.
I can't understand the rest of your question so make it clear with what you are asking.

By the time that comes to play we'll be 6 feet under.
That's more than 100years away and if all goes well bitcoin will probably be obsolete in a few decades.
Technology is rapidly evolving.

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 halving of mining bitcoin block occurs every 4 years. In 2140, the last bitcoin block would be mined and the miners would have only one way to get bitcoins - from transaction fees.

It cannot be necessarily said whether 122 years from now the price would increase or decrease.
But from our past experience : During halving in 2016 the price rose from $450 to $750. Also, as the amount of bitcoins is limited and the new coins generated gets lower in amount + many bitcoins are also lost, the price is expected to rise.

What do you mean cryptocurrency would not grow ? Are you referring to price or technological advancements ? For price I have already discussed and regarding upgradation of code, it would still be carried out like currently we have segwit and lightning.

As total bitcoins that can ever exist is fixed at 21 Million and each satoshi is 100 Million^th part of a bitcoin, so it might be sufficient for all considering some coins are lost too from those 21 million.

I think miners won't stop mining as bitcoin is going all around from 1(miner) to another and back to the 1(miner). Bitcoin will not go out of stack because every bitcoin owner pay for the transaction fee when they withdraw and other purposes. Imagine there are lots of people around the world selling bitcoin for fiat currency and fiat to bitcoin. Bitcoin is recycling again and again from one person to another(my opinion, just like the fiat money). Miners would also sell their bitcoin for fiat then that means every fee from a transaction will add more bitcoin to every block that will be mined by miners.

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

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