Will bitcoins no longer be mined after 2024?

HeRetiK

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Quote from: Fenixsfeather on April 24, 2018, 06:23:20 PM

Quote from: Rath_ on April 24, 2018, 02:01:02 PM

Assuming that someone will use Bitcoin in the 2140, miners will earn bitcoins only from the transaction fees.

Is the fact that miners will get reward only from transaction fees means that mining won't be so profitable, or that fees will cost more?

The profitability of Bitcoin mining won't change, the network's hashrate will. The hashrate (or rather: the resources spent on Bitcoin mining) will depend on the total amount of transaction fees spent. The transaction fees will depend on the amount of people using Bitcoin.

Quote from: ranochigo on April 24, 2018, 07:12:02 PM

Not necessarily. In the future, the volume for Bitcoin might increase substantially and more transactions can fit inside a block. That means for any given block, more fees would be collected collectively. It would depend largely on how far the scaling has gone though.

Oh yeah, and that too.

ranochigo

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Quote from: Fenixsfeather on April 24, 2018, 06:23:20 PM

Is the fact that miners will get reward only from transaction fees means that mining won't be so profitable, or that fees will cost more?

Not necessarily. In the future, the volume for Bitcoin might increase substantially and more transactions can fit inside a block. That means for any given block, more fees would be collected collectively. It would depend largely on how far the scaling has gone though.

If the efficiency of ASIC increases, the operating costs would be lower. If everything remains constant, then the difficulty would reach an equilibrium with the profits from the mining; if its too unprofitable, people stops mining and it becomes easier to mine and vice versa.

Fenixsfeather

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Quote from: Rath_ on April 24, 2018, 02:01:02 PM

Assuming that someone will use Bitcoin in the 2140, miners will earn bitcoins only from the transaction fees.

Is the fact that miners will get reward only from transaction fees means that mining won't be so profitable, or that fees will cost more?

Rath_

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Quote from: Fenixsfeather on April 24, 2018, 01:47:02 PM

As I know, mining is a process of generating new blocks in blochchain. So, when all bitcoins will be generated, mining will still be mining. Coins just a rewards for them. Isn't it?

Yes, miners are rewarded for each solved block + they get all the fees from transactions that were included in the block. Assuming that someone will use Bitcoin in the 2140, miners will earn bitcoins only from the transaction fees.

Quote from: bob123 on April 24, 2018, 10:15:39 AM

Even after PoS being implemented, coins are going to be mined. It just doesn't require work anymore (which does require electricity) but staking coins.

To be more specific, it's rather called forging than mining. It still requires some electricity, but definitely way less than PoW.

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Quote from: bob123 on April 24, 2018, 10:15:39 AM

Quote from: xyz_abc_def on April 24, 2018, 09:26:09 AM

With ethereum moving towards Casper Proof of Stake you wonder if or when Bitcoin will follow suite. With the environmental impact and increasing cost of mining it's probably inevitable.

Ether is still going to be mined. Mining describe the process of 'generating' new coins.
PoW and PoS are just 'ways' to control the creation of new coins.
Even after PoS being implemented, coins are going to be mined. It just doesn't require work anymore (which does require electricity) but staking coins.

As I know, mining is a process of generating new blocks in blochchain. So, when all bitcoins will be generated, mining will still be mining. Coins just a rewards for them. Isn't it?

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Quote from: bob123 on April 24, 2018, 10:15:39 AM

I'd highly recommend to press the ignore-button at the left side of his post.
I literally did this 5 minutes ago, and already have the subjective impresson of the forum being 'cleaner' regarding shitposts and a rapid growth in IQ-average here.

It's actually amusing arguing with Anti-Cen. When you point out the fallacy of their argument they start by trying to just ignore it and carry on making the same false claim. But if you keep pressing them on their falsehoods then eventually they run away for a couple of weeks and then come back and pretend nothing happened.

Quote from: ?? on ??

Do you imply that most cryptocurrency use "Bankers" system since the protocol force user (or wallet include fee by default) to pay fees on transaction?

Anti-Cen likes to try and throw in 'Bank' as often as possible as it goes against everything Bitcoin is about. But he fails to understand that charging fees makes someone a money transmitter and that in no way meets the definition of a bank.

https://en.oxforddictionaries.com/definition/bank#h47386879896420

Quote

bank²

NOUN
1 A financial establishment that uses money deposited by customers for investment, pays it out when required, makes loans at interest, and exchanges currency.

leowonderful

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PoS hasn’t been implemented successfully in any coin as of now, and unless we see significant advantages and improvements on PoS, BTC will likely continue be on PoW. It’ll be interesting to see how successful PoS will be on Ethereum’s Casper protocol when it’s fully implemented. No solution, especially those with scaling and proof systems, is ever perfect with Crypto, but we’re always open to improvements.

Edited for a small grammar correction to clarify first sentence.

xyz_abc_def

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Quote from: bob123 on April 24, 2018, 10:15:39 AM

Quote from: xyz_abc_def on April 24, 2018, 09:26:09 AM

With ethereum moving towards Casper Proof of Stake you wonder if or when Bitcoin will follow suite. With the environmental impact and increasing cost of mining it's probably inevitable.

Ether is still going to be mined. Mining describe the process of 'generating' new coins.
PoW and PoS are just 'ways' to control the creation of new coins.
Even after PoS being implemented, coins are going to be mined. It just doesn't require work anymore (which does require electricity) but staking coins.

Quote from: ?? on ??

Well if they are not mining coins and rely on fees then should we not just rename them to something more
appropriate like "Bankers" to save all the confusion.

Because charging fees alone doesn't make something a bank. You should know that by now with the number of times I've explained it to you.

I'd highly recommend to press the ignore-button at the left side of his post.
I literally did this 5 minutes ago, and already have the subjective impresson of the forum being 'cleaner' regarding shitposts and a rapid growth in IQ-average here.

Yes staking instead of work, sorry I should have been clearer

bob123

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Quote from: xyz_abc_def on April 24, 2018, 09:26:09 AM

With ethereum moving towards Casper Proof of Stake you wonder if or when Bitcoin will follow suite. With the environmental impact and increasing cost of mining it's probably inevitable.

Ether is still going to be mined. Mining describe the process of 'generating' new coins.
PoW and PoS are just 'ways' to control the creation of new coins.
Even after PoS being implemented, coins are going to be mined. It just doesn't require work anymore (which does require electricity) but staking coins.

Quote from: ?? on ??

Well if they are not mining coins and rely on fees then should we not just rename them to something more
appropriate like "Bankers" to save all the confusion.

Because charging fees alone doesn't make something a bank. You should know that by now with the number of times I've explained it to you.

I'd highly recommend to press the ignore-button at the left side of his post.
I literally did this 5 minutes ago, and already have the subjective impresson of the forum being 'cleaner' regarding shitposts and a rapid growth in IQ-average here.

xyz_abc_def

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With ethereum moving towards Casper Proof of Stake you wonder if or when Bitcoin will follow suite. With the environmental impact and increasing cost of mining it's probably inevitable.

Xynerise

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Quote from: robocop3 on April 24, 2018, 08:32:22 AM

what about the btc after it no btc to mining?
there will no miners and how to keep the net active?

Miners will be rewarded with transaction fees only when that happens.

robocop3

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what about the btc after it no btc to mining?
there will no miners and how to keep the net active?

Ulfatron

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Quote from: devonneburger7 on April 24, 2018, 04:15:56 AM

I think the mistake you are making is deducting instead of halving.

The estimated year is 2140. You can view the reward schedule here: https://docs.google.com/spreadsheets/d/12tR_9WrY0Hj4AQLoJYj9EDBzfA38XIVLQSOOOVePNm0/edit#gid=0

Thanks for this info, the spreadsheet was really useful!

irukandji

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Quote from: devonneburger7 on April 24, 2018, 04:15:56 AM

I think the mistake you are making is deducting instead of halving.

The estimated year is 2140. You can view the reward schedule here: https://docs.google.com/spreadsheets/d/12tR_9WrY0Hj4AQLoJYj9EDBzfA38XIVLQSOOOVePNm0/edit#gid=0

Thank you . I wasn't sure but I suspected it did go further, but I found it hard to find information to confirm this.

I think I also went wrong because I kept seeing that the total amount would be just under 21m. I now realise that if you keep halving you never quite reach the "target", so yes you were right I was not getting the "halving."

Thanks again

devonneburger7

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I think the mistake you are making is deducting instead of halving.

The estimated year is 2140. You can view the reward schedule here: https://docs.google.com/spreadsheets/d/12tR_9WrY0Hj4AQLoJYj9EDBzfA38XIVLQSOOOVePNm0/edit#gid=0

irukandji

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Will bitcoins no longer be mined after 2024? (or thereabouts).

The block reward is now 12.5 BTC. On or around 2020 it will reduce to 6.25 until around 2024.

After 4 years of 6.25 block rewards are not more bitcoins mined?

https://en.bitcoin.it/wiki/Controlled_supply

Topic: Will bitcoins no longer be mined after 2024? (Read 307 times)