Who will process transactions when we'll hit 21MBTC? - page 2.

Dude.Lebowski

full member

Activity: 129

Merit: 101

Quote from: sir.humus on June 08, 2017, 02:46:41 AM

Maybe it's a newbie question, but I suddenly thought about it.
In a few years (in terms of history), about 100 years, all the 21 million bitcoins will be on the market.
then, miner will get only transaction fees for processing the blockchain and no reward.
I believe that many of the miners will find it not profitable, and will quit out.
What do you think will happen then?

Transaction fees are already enough for the miners. The mining reward is simply a gift.

giveen

hero member

Activity: 826

Merit: 1004

As you mentioned it will take some 100 years and I'm pretty sure the percentage of all of us on the forum being alive is too rare , so unfortunately you will end this world with a suspense. But speaking of reaching 21 million i don't think bitcoin will ever reach that mark as the mining difficulty will increase and it won't be profit to mine using a super computer also and mostly probably people will dump bitcoin

jc89

sr. member

Activity: 364

Merit: 250

A possible scenario if ever the last block of bitcoin was mined, the transactions are still handled by miners of course. However, since there are no more rewards for every block they mine, the best way for them to continue as miners is to add transaction fees. The only way they can have profit is from transaction fees so increasing it is inevitable. Another is by increasing the block size ever further, this way the miners can process more transactions, hence, more profit.

jtipt

hero member

Activity: 1050

Merit: 529

Quote from: sir.humus on June 08, 2017, 02:46:41 AM

Maybe it's a newbie question, but I suddenly thought about it.
In a few years (in terms of history), about 100 years, all the 21 million bitcoins will be on the market.
then, miner will get only transaction fees for processing the blockchain and no reward.
I believe that many of the miners will find it not profitable, and will quit out.
What do you think will happen then?

The miner will still continue to process the transactions, the only difference is that they won't get any block reward but they still will get the transaction's fee and in 100 years I think the computing power will be way more advanced than today and would be able to mine the blocks very easily and efficiently thus only the fees would be enough for miners.

Pemburu1

member

Activity: 264

Merit: 11

I think it is still so far away possible to our grandchildren.
Which we now enjoy first.
😀😀😀

CyberKuro

hero member

Activity: 798

Merit: 506

We don't have to worry about it, as it still far away, like a hundred years? Grin

When bitcoin price increase at that time, it should be sufficient to cover miners expense I guess.
There will always miners left to mine bitcoin fees, or at least I will do it, Cheesy

, still big money obviously.

grermezter

sr. member

Activity: 434

Merit: 250

Quote from: sir.humus on June 08, 2017, 02:46:41 AM

Maybe it's a newbie question, but I suddenly thought about it.
In a few years (in terms of history), about 100 years, all the 21 million bitcoins will be on the market.
then, miner will get only transaction fees for processing the blockchain and no reward.
I believe that many of the miners will find it not profitable, and will quit out.
What do you think will happen then?

Maybe miners will start to charge high transaction fees as a means of Profit, or the creator will add more bitcoins to the market, i dont know how thats going to affect the market, but if miners dont find it profitable any longer, i think we will be buying and selling whats on the market.

Tyrantt

hero member

Activity: 1022

Merit: 564

Need some spare btc for a new PC

I'm more interested in the difficulty when about 19m btcs are mined. What power will it require and will that too affect the price and fees? I mean, if the mining is out of question today, what's it going to be when most of the blocks are mined. But we may not even be alive today (very probably) but it's still kind of interesting and also will the development of quantum computing lower the difficulty?

sir.humus

hero member

Activity: 700

Merit: 500

Quote from: mocacinno on June 08, 2017, 02:54:08 AM

Quote from: sir.humus on June 08, 2017, 02:46:41 AM

Maybe it's a newbie question, but I suddenly thought about it.
In a few years (in terms of history), about 100 years, all the 21 million bitcoins will be on the market.
then, miner will get only transaction fees for processing the blockchain and no reward.
I believe that many of the miners will find it not profitable, and will quit out.
What do you think will happen then?

Theoretically, an equilibrium will form.
When the amount of BTC goes down due to the lowering block rewards, miners that can no longer make a profit with the fees alone will shut off their ASICS, this lowers the diff, the lower diff will make it easyer for the leftover miners to solve a block... So the leftover miners will solve more blocks with the same hashrate and rake in more fees (so have a bigger income while their expenses stay the same)... In the end, the network's hashrate might lower a bit, but theoretically, that shouldn't be a problem.

Offcourse, how much miners will decide to turn off their equipment in the end will depend on how much fee/byte will be added on average, how big the blocks will be, and it will also depend on the bitcoin price...

This equilibrium is really complicate.
from one hand, when it'll happen the bitcoin price will start to rise since there will be no flow of new coins.
but since there will be less miners, the fees might be higher, and really expensive to spend bitcoins.
but then again, if it will make people use it less, the price will go down, and even less miners will stay on the stage.
I know it will happen in more than 100 years, but I'm afraid it might be the end of this wonderful coin.

mocacinno

legendary

Activity: 3514

Merit: 5123

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: sir.humus on June 08, 2017, 02:46:41 AM

Maybe it's a newbie question, but I suddenly thought about it.
In a few years (in terms of history), about 100 years, all the 21 million bitcoins will be on the market.
then, miner will get only transaction fees for processing the blockchain and no reward.
I believe that many of the miners will find it not profitable, and will quit out.
What do you think will happen then?

Theoretically, an equilibrium will form.
When the amount of BTC goes down due to the lowering block rewards, miners that can no longer make a profit with the fees alone will shut off their ASICS, this lowers the diff, the lower diff will make it easyer for the leftover miners to solve a block... So the leftover miners will solve more blocks with the same hashrate and rake in more fees (so have a bigger income while their expenses stay the same)... In the end, the network's hashrate might lower a bit, but theoretically, that shouldn't be a problem.

Offcourse, how much miners will decide to turn off their equipment in the end will depend on how much fee/byte will be added on average, how big the blocks will be, and it will also depend on the bitcoin price...

sir.humus

hero member

Activity: 700

Merit: 500

Maybe it's a newbie question, but I suddenly thought about it.
In a few years (in terms of history), about 100 years, all the 21 million bitcoins will be on the market.
then, miner will get only transaction fees for processing the blockchain and no reward.
I believe that many of the miners will find it not profitable, and will quit out.
What do you think will happen then?

Topic: Who will process transactions when we'll hit 21MBTC? - page 2. (Read 1060 times)