Topic: Will mining pools exist after 2100? (Read 490 times)
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Times are changing and different event or occurrences happens we really can't say what will happen in 2100 that's quiet a long time the crypto world is evolving let's stick to what we have now and see what the future holds for us ..
Everyone is ignoring the fact that mined output consist of two parts - 1. Block Reward and 2. Fee Reward
The block reward will decline everytime when the halving occurs. But the fee reward is likely to increase in the future, as the adoption and acceptability increases. I would assume that the mining pools would continue to flourish as the user base increases. Let's assume that the exchange rate of BTC would be $100,000 by 2100 (very conservative estimate). Then the fee reward per block would be in the range of $50-150K.
The block reward will decline everytime when the halving occurs. But the fee reward is likely to increase in the future, as the adoption and acceptability increases. I would assume that the mining pools would continue to flourish as the user base increases. Let's assume that the exchange rate of BTC would be $100,000 by 2100 (very conservative estimate). Then the fee reward per block would be in the range of $50-150K.
That actually depends if the Cryptocurrency Industry will flourish then it would be a great investment in mining. Nobody know what might happen in the incoming years and yes, thinking about splitting satoshis are very complex. We might even see some more advancement in the future so we can never know.
On mining pools all miners get rewarded with the analogous CPU they have used.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
Many will still mining to maintain the blockchain but your subject is too far away. There is still 80 years left for this to happen and the future will tell whether it will happen or not. Where many people do not believe in cryptocurrency. We definitely want Bitcoin to reach the top of popularity. I believe that mining pools will exist after 2100.
I don't even think that we can safely assume that bitcoin will exist in 2100, so why worry about the splitting of the satoshis generated by mining pools?
Crypto is evolving at a crazy speed and the world... well, in January who would guess we would be where we are now... and besides, in 2100 probably we won't be alive to se it anyway...
Crypto is evolving at a crazy speed and the world... well, in January who would guess we would be where we are now... and besides, in 2100 probably we won't be alive to se it anyway...
On mining pools all miners get rewarded with the analogous CPU they have used.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
Do you think the year 2100 is very close? Only God knows what will happen in the future. New technologies will be created in the future. Many new transaction systems will be created. So there is nothing to think about right now.
On mining pools all miners get rewarded with the analogous CPU they have used.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
I think that way before 2100,at some point,Bitcoin mining will become unprofitable.What's the point of getting a 1 satoshi reward,when the Bitcoin price might never reach 1M or even 100K USD?
After 100 years,the Bitcoin price might be even lower than the current price.
After 100 years,the electricity costs might be way different than now-green energy might become really efficient and we might discover a source of endless cheap and clean energy.
What if this doesn't happen and electricity actually becomes more expensive?
To answer you question-yeah,one satoshi can be divided,if there's consensus in the BTC community for such fork.
I think you are thinking far too far ahead in the future. Will the world still exist then? Will banks? Will fiat? Looking at how the world is going on right now I think we have more to worry about then what currency we use.
a lot can happen in 80 years time but I like to think that things will go better. I still believe mining pols in some form will exist. Humans together can do more then one alone. Same with mining power. Whatever method is used to create or maintain the currency, that method can be multiplied and therefore working together will always be better.
Another thing is. What is a mining pool? Do two miners count as a pool? Does only using one single miner make it not a pool?
a lot can happen in 80 years time but I like to think that things will go better. I still believe mining pols in some form will exist. Humans together can do more then one alone. Same with mining power. Whatever method is used to create or maintain the currency, that method can be multiplied and therefore working together will always be better.
Another thing is. What is a mining pool? Do two miners count as a pool? Does only using one single miner make it not a pool?
On mining pools all miners get rewarded with the analogous CPU they have used.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
I have not to expect that I'm still alive at that time or if I am, I'm not in crypto trading at all.I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
Do we think that the mining pool will put into an end? Maybe we can't tell either but unless crypto will still exist miners will still continue mining until the last block of BTC will be mined.
This is what has been discussed in the past 7 years ago https://bitcoin.stackexchange.com/questions/4612/can-bitcoins-be-split-up-into-greater-than-a-billion-parts and it have no possibility that it will happens.
I think most pools will disappear when mining becomes unprofitable (sooner than you think).
There might be a few volunteer maintained efforts, not unlike solo.ckpool.org, getting donated funds to remain alive. In practice, very few people will keep mining anyway, maybe try their lottery solo mining, which you could do with your own node.
If those running the pool do not care that it gives nothing (ie. 0 pool fee for years) i guess they could remain, but for how long?
In the not too far future, when the prize for finding a block is measured in satoshis and with most miners already gone, so will the pools go with them.
Unless something makes the price of bitcoin spike (like the USD collapsing) which would revitalize and delay this process again a few years. But it depends in how the politicians treat their fiat from now on...
Bitcoin has nothing to fear as long as there are people out there who want it to be used. There will always be some enthusiasts hobbyist running nodes and solo mining (maybe even pool mining) left.
And the last ones are those with "free" energy, such as from natural renewable sources.
There might be a few volunteer maintained efforts, not unlike solo.ckpool.org, getting donated funds to remain alive. In practice, very few people will keep mining anyway, maybe try their lottery solo mining, which you could do with your own node.
If those running the pool do not care that it gives nothing (ie. 0 pool fee for years) i guess they could remain, but for how long?
In the not too far future, when the prize for finding a block is measured in satoshis and with most miners already gone, so will the pools go with them.
Unless something makes the price of bitcoin spike (like the USD collapsing) which would revitalize and delay this process again a few years. But it depends in how the politicians treat their fiat from now on...
Bitcoin has nothing to fear as long as there are people out there who want it to be used. There will always be some enthusiasts hobbyist running nodes and solo mining (maybe even pool mining) left.
And the last ones are those with "free" energy, such as from natural renewable sources.
I would always mine unless the government bans it.
I would simply use less gear.
Op’s question is never going to need an answer for 2100.
As BTC will need radical change by 2032 or 2036.
On mining pools all miners get rewarded with the analogous CPU they have used.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
Miners do not profit from mining the default block reward alone. Along with the mined blocks are the transaction fees which in the future may seem sufficient for the miners to have profit and continue mining. So definitely mining pools will still exist after 2100 to mine for the transaction fees.
I think most pools will disappear when mining becomes unprofitable (sooner than you think).
There might be a few volunteer maintained efforts, not unlike solo.ckpool.org, getting donated funds to remain alive. In practice, very few people will keep mining anyway, maybe try their lottery solo mining, which you could do with your own node.
If those running the pool do not care that it gives nothing (ie. 0 pool fee for years) i guess they could remain, but for how long?
In the not too far future, when the prize for finding a block is measured in satoshis and with most miners already gone, so will the pools go with them.
Unless something makes the price of bitcoin spike (like the USD collapsing) which would revitalize and delay this process again a few years. But it depends in how the politicians treat their fiat from now on...
Bitcoin has nothing to fear as long as there are people out there who want it to be used. There will always be some enthusiasts hobbyist running nodes and solo mining (maybe even pool mining) left.
And the last ones are those with "free" energy, such as from natural renewable sources.
There might be a few volunteer maintained efforts, not unlike solo.ckpool.org, getting donated funds to remain alive. In practice, very few people will keep mining anyway, maybe try their lottery solo mining, which you could do with your own node.
If those running the pool do not care that it gives nothing (ie. 0 pool fee for years) i guess they could remain, but for how long?
In the not too far future, when the prize for finding a block is measured in satoshis and with most miners already gone, so will the pools go with them.
Unless something makes the price of bitcoin spike (like the USD collapsing) which would revitalize and delay this process again a few years. But it depends in how the politicians treat their fiat from now on...
Bitcoin has nothing to fear as long as there are people out there who want it to be used. There will always be some enthusiasts hobbyist running nodes and solo mining (maybe even pool mining) left.
And the last ones are those with "free" energy, such as from natural renewable sources.
Maybe it depends on the future Bitcoin price. Who knows will be mining profitable after 2100 or not?
Mining makes The bitcoin network countinue to run and keep on processing transactions as usual, if there won't be any miners running the block-chain then the transactions won't be processed as usual and The network will come to a halt. But as everyone knows that after 2140 or a little bit before all the blocks containing bitcoins as block reward will mined.
Now the question comes what would be the incentive to mine those bitcoins??
The answer is that the transaction fees combined with the number of transactions that the network is processing will be high enough to incentivise the miners.
We still don’t know what will happen to cryptocurrency in 80 years. One thing is clear: it will not exist in its current form. Technological progress has accelerated noticeably, and the cryptocurrency has just begun to develop. Perhaps in 80 years everything will change so much that people will not be able to answer this question. We can only guess what will happen to cryptocurrency in ten years. It's already very difficult to say what will happen a little further
If the incentives (transaction fees) can cover their expenses on operating their miners plus some profits, then there's definitely a market for bitcoin miners still. The need for someone to confirm transactions doesn't end when the last bitcoin is mined, so the process of mining should never stop. However if the price does not suit the current reward for miners to make a decent profit and operating budget, that might be the end of bitcoin, or at least some alternative to mining may be introduced to ensure that transactions still gets confirmed, but I doubt that there would be any other alternative since bitcoin is a pure PoW coin and many devs and people stand by it.
Maybe it depends on the future Bitcoin price. Who knows will be mining profitable after 2100 or not?
Im not sure that btc mining after 10-20-30 years will be profitable
On mining pools all miners get rewarded with the analogous CPU they have used.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?
1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.
Well, no one here will be able to see what will happen in 2100 or how many satoshi will be generated on blocks in 2100. There is no grantee that bitcoin will survive by that time and people may not have shifted to some other more better way for performing transactions. Also, even if the life exists after 2100, our life's will be end already.
You should read this article for more better understand, BITCOIN BLOCK REWARDS WILL BE JUST 1 SATOSHI BY 2140. Hope you understand that we don't need split Satoshi. There you will find a chart that will describe you mining reward up to 2140. Take a look on below picture.
Source; https://twitter.com/CryptooIndia/status/1193493686383824898
So if bitcoin exist after 2140 then everyone related stuff will be exist like mining pools. We don't know what will happen after 120 years. The only thing will happen if bitcoin exist, the mining reward will end, but miners will get transaction fees which would enough to generate their revenue.
That's very helpful, but it's really close to needing to split. And even if not for miners' rewards (it never occurred to me that their rewards might reach the point of being less than 1 Satoshi, and it seems like they indeed never will), I am still pretty sure that satoshis will have to be split into smaller parts if a huge amount of people is going to use BTC and the price, naturally, skyrockets. I think it's a very real scenario where 1 satoshi will be too much. I hope that the fees will somehow drop by then, of course, and that people will use Bitcoin as money widely. So if bitcoin exist after 2140 then everyone related stuff will be exist like mining pools. We don't know what will happen after 120 years. The only thing will happen if bitcoin exist, the mining reward will end, but miners will get transaction fees which would enough to generate their revenue.
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