Will miner be motivated to mine/verify tx if 100% mined?

GreatOrchid

legendary

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Quote from: BrewMaster on December 29, 2017, 12:46:45 AM

yes because if anyone stops being motivated, they will leave and when they leave difficulty drops and when difficulty drops it becomes easier to mine blocks so the remaining miners will be finding more blocks

They will be getting profit only for the fees of the transactions, it means that the fees will be much more increased than what they are now.

But came on, dont worry about this, the whole blocks and bitcoins are going to be finally mined on 2140, that is more than 120 years from now, we are not even going to be alive to see those incredible fees.

If the lightning network gets implemented, i dont know what is going to happen to fees, that is something that i am not 100% introduced in.

jseverson

hero member

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This is projected to happen more than a century from now so it's really hard to say. We can only really speak in hypotheticals.

If Bitcoin were still active by then, it would be safe to assume that it has achieved mass adoption or near it, so there would be loads and loads of transactions per day. Theoretically, the fees from those should be enough for miners to profit. There's also a huge chance that Bitcoin would work completely differently by then to address this potential problem. Either way, this isn't going to happen in our lifetimes so it's up for the next generation to figure it out lol.

avikz

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Quote from: phips28 on December 29, 2017, 12:03:49 AM

If all the BTC supply is 100% mined, would miner still be motivated to mine/verify transactions?
They only receive the transaction fees, no block reward right?

When a block is mined, it consists of block rewards as well as miner fees. Once 100% bitcoin is mined, only fees component will remain. MIners will have to run a full node to support the bitcoin network. here you have raised a very valid question. I too am not very sure how bitcoin will survive once all the blocks are mined. Probably people will have to move to another crypto currency like ETH or Ripple or any other coins to continue the crypto movement. A new currency will take over bitcoin then.

erwiggins12

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Quote from: BrewMaster on December 29, 2017, 12:46:45 AM

yes because if anyone stops being motivated, they will leave and when they leave difficulty drops and when difficulty drops it becomes easier to mine blocks so the remaining miners will be finding more blocks and getting more reward and it remains profitable for them.

Right this is very true. Mining a block is only very difficult because the degree of difficulty in the proof-of-work algorithm is so jacked up now. I am now paying almost $40 to send a BTC transaction and if u figure 2,000 or 3,000 transactions per block, the block reward is still pretty high. Besides you have another halving in 2020 and then one in 2024 and if u figure the price of BTC will likely be over $100K even 3 BTC is a lot of money. I think that the miner issue is one of the easiest that BTC has. The real issue is how to make transactions confirm much faster than they currently do. Only then will BTC reach its true potential as a currency and not just as a store of value.

VitKoyn

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Quote from: phips28 on December 29, 2017, 12:03:49 AM

If all the BTC supply is 100% mined, would miner still be motivated to mine/verify transactions?
They only receive the transaction fees, no block reward right?

You are right, when all the supply of Bitcoin gets mined, miners will no longer be rewarded on every block they mined and will only get profit from transaction fees. We still don't know if transaction fees on that time will be sufficient for miners to continue to confirm all transactions in Bitcoin network or they will switch to more profitable cryptocurrency to mine that will result of the drop in mining difficulty and I think that will happen is there will be no more big mining farm that operate, only small miners will remain and maybe it is profitable for small miners. But still early to talk about this, it won't happen any time soon.

BrewMaster

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There is trouble abrewing

yes because if anyone stops being motivated, they will leave and when they leave difficulty drops and when difficulty drops it becomes easier to mine blocks so the remaining miners will be finding more blocks and getting more reward and it remains profitable for them.

fatalbert

newbie

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It will be fee based. Right now they get 12.5 btc for the block and 3-8 btc for the fee so block rewards are sometimes 21 btc total.

This will drop to 3-10 btc in fees. Tech and power consumption will be very minor relative to today when this happens.

Also, this is why bitcoin cash roadmap is superior. Unlimited transactions with cent fees each will add up to more than a 1mb fee Only block.

If everything held constant. Btc would die and bch will live due to miners switching over.

2k transactions at $10 fee each = $20k usd. This is btc

Bch Be 100k transactions at 21 cents each = $21k usd

Dexion

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yes, no reward block. they only benefit from the fee's. if BTC is 100% in the mine, that's not possible, as few people are attracted to bitcoin, especially because the fee's are expensive.

phips28

member

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If all the BTC supply is 100% mined, would miner still be motivated to mine/verify transactions?
They only receive the transaction fees, no block reward right?

Topic: Will miner be motivated to mine/verify tx if 100% mined? (Read 155 times)