That link has a lot going on about not reaching the cap due to rounding ... and the affect of that ... which is zero.
Clearly someone at that link has very little idea about it and seems to be simply some marketing guy attempting to make sense of what some random person told them.
Topic: Will miners continue to mine bitcoin after all the coins are mined ? (Read 190 times)
October 13, 2021, 08:45:41 PM
October 13, 2021, 05:45:27 PM
As far as i know (and feel free to correct me if am wrong) miners currently get paid the block reward which consists of the inflationary subsidy in addition to the sum of all transaction fees of all transactions in that block everytime they "mine" a new block and add it to the blockchain and since the bitcoin circulating supply is hard capped at 21 million coins so when this number is reached miners will no longer be getting the inflationary subsidy after minning a new block instead they will only be getting the transaction fees.
So the question is will bitcoin minning be still profitable then ?
Note:
i did a quick google search and couldn't find data on how much bitcoin miners make from transaction fees so if anyone has a way of calculating it please share.
So the question is will bitcoin minning be still profitable then ?
Note:
i did a quick google search and couldn't find data on how much bitcoin miners make from transaction fees so if anyone has a way of calculating it please share.
We cannot predict the real effects over bitcoin once the full 21M supply has been mined. The logic behind the ecosystem is that mining cannot stop. As such, once the full supply has been mined, miners will keep receiving fees. As said we cannot predict the effects of this happening; we can probably see a huge increase in fees cost or competition between miner may take them lower... who knows. Even so, Bitcoin is still underdeveloped and many things are still to come.
You can maybe find answers to your questions here
October 04, 2021, 12:11:24 PM
It's a nonsense question. There's no way to know what the value of Bitcoin will be 100 years from now. There's no way to know how high of a fee an average transaction will pay 100 years from now. There's no way to know how much electricity will cost 100 years from now. There's no way to know what the mining difficulty will be 100 years from now. There's no way to know if humans will still exist 100 years from now. There's no way to know if people will still be using Bitcoin 100 years from now.
So, for your nonsense question, I give you a nonsense answer. The answer is yes.
Bitcoin is designed with feedback loops in it. If the value of a block drops, then unprofitable miners stop mining. When unprofitable miners stop mining, the remaining miners become MORE profitable. This continues until ONLY the profitable miners remain. Therefore, it will always be profitable for some people to mine, assuming that Bitcoin still exists. Remember, there were miners back when the mining reward was worth less than $0.01, so humanity has already demonstrated that people will mine bitcoin regardless of its value.
Now that the nonsense question is answered with a nonsense answer, can we lock this thread before it fills up with a few hundred pages of sig ad nonsense?
Dunno why are you this mad but great points really..So, for your nonsense question, I give you a nonsense answer. The answer is yes.
Bitcoin is designed with feedback loops in it. If the value of a block drops, then unprofitable miners stop mining. When unprofitable miners stop mining, the remaining miners become MORE profitable. This continues until ONLY the profitable miners remain. Therefore, it will always be profitable for some people to mine, assuming that Bitcoin still exists. Remember, there were miners back when the mining reward was worth less than $0.01, so humanity has already demonstrated that people will mine bitcoin regardless of its value.
Now that the nonsense question is answered with a nonsense answer, can we lock this thread before it fills up with a few hundred pages of sig ad nonsense?
Bitcoin is designed with feedback loops in it. If the value of a block drops, then unprofitable miners stop mining. When unprofitable miners stop mining, the remaining miners become MORE profitable. This continues until ONLY the profitable miners remain. Therefore, it will always be profitable for some people to mine, assuming that Bitcoin still exists. Remember, there were miners back when the mining reward was worth less than $0.01, so humanity has already demonstrated that people will mine bitcoin regardless of its value.
but when a good chunk of miners (also reffered to as "unprofitable miners") leave the network wouldn't that make it kinda more centralized and vulnerable to 51% attacks ? (in a nonsensical universe of course)
October 04, 2021, 12:01:03 PM
Wrong area - this belongs in General Discussion.
I thought it belongs to mining because..you know its minning related
Plus - there is already the exact same Topic there https://bitcointalksearch.org/topic/what-will-happen-after-21-million-bitcoin-have-been-mined-5363338 I suggest you peruse it and lock or delete this one...
I already saw that topic and i didn't come across a reply to my question anywhere thus why i created this topic.
October 04, 2021, 11:54:51 AM
It's a nonsense question. There's no way to know what the value of Bitcoin will be 100 years from now. There's no way to know how high of a fee an average transaction will pay 100 years from now. There's no way to know how much electricity will cost 100 years from now. There's no way to know what the mining difficulty will be 100 years from now. There's no way to know if humans will still exist 100 years from now. There's no way to know if people will still be using Bitcoin 100 years from now.
So, for your nonsense question, I give you a nonsense answer. The answer is yes.
Bitcoin is designed with feedback loops in it. If the value of a block drops, then unprofitable miners stop mining. When unprofitable miners stop mining, the remaining miners become MORE profitable. This continues until ONLY the profitable miners remain. Therefore, it will always be profitable for some people to mine, assuming that Bitcoin still exists. Remember, there were miners back when the mining reward was worth less than $0.01, so humanity has already demonstrated that people will mine bitcoin regardless of its value.
Now that the nonsense question is answered with a nonsense answer, can we lock this thread before it fills up with a few hundred pages of sig ad nonsense?
So, for your nonsense question, I give you a nonsense answer. The answer is yes.
Bitcoin is designed with feedback loops in it. If the value of a block drops, then unprofitable miners stop mining. When unprofitable miners stop mining, the remaining miners become MORE profitable. This continues until ONLY the profitable miners remain. Therefore, it will always be profitable for some people to mine, assuming that Bitcoin still exists. Remember, there were miners back when the mining reward was worth less than $0.01, so humanity has already demonstrated that people will mine bitcoin regardless of its value.
Now that the nonsense question is answered with a nonsense answer, can we lock this thread before it fills up with a few hundred pages of sig ad nonsense?
October 04, 2021, 11:54:12 AM
Note:
i did a quick google search and couldn't find data on how much bitcoin miners make from transaction fees so if anyone has a way of calculating it please share.
Even today, there's no way you can calculate transaction fees for future blocks as there's no exact amount/fee for every transaction, every blocks has different numbers of transactions and different fees so there's no way you can calculate it, what certain is miners will only get fees as their reward once all bitcoin is mined, and for sure bitcoin price is more than what the price now when all bitcoin is mined. i did a quick google search and couldn't find data on how much bitcoin miners make from transaction fees so if anyone has a way of calculating it please share.
October 04, 2021, 11:43:21 AM
edit edit: and has been moved back here again....
Plus - there is already the exact same Topic there https://bitcointalksearch.org/topic/what-will-happen-after-21-million-bitcoin-have-been-mined-5363338 I suggest you peruse it and lock or delete this one...
As for fees -- there is no calculating involved. Fees only depend on what folks are willing to pay.
October 04, 2021, 11:33:28 AM
As far as i know (and feel free to correct me if am wrong) miners currently get paid the block reward which consists of the inflationary subsidy in addition to the sum of all transaction fees of all transactions in that block everytime they "mine" a new block and add it to the blockchain and since the bitcoin circulating supply is hard capped at 21 million coins so when this number is reached miners will no longer be getting the inflationary subsidy after minning a new block instead they will only be getting the transaction fees.
So the question is will bitcoin minning be still profitable then ?
Note:
i did a quick google search and couldn't find data on how much bitcoin miners make from transaction fees so if anyone has a way of calculating it please share.
So the question is will bitcoin minning be still profitable then ?
Note:
i did a quick google search and couldn't find data on how much bitcoin miners make from transaction fees so if anyone has a way of calculating it please share.
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