Bitcoin Forum

as mentioned above, how will miners afford to support the network?

Because they still get to collect the miner fees...

At this moment, the fees are not that much... For the two latest blocks:
https://blockchain.info/block/000000000000000002394538d6f5a2cf3fbf730c65ab1aecdc3f46a28629689f
https://blockchain.info/block/00000000000000000459e60ff756e66b1cc45a3769366121883a954d2a53d0e7

0,16 and 0.21 BTC

Offcourse, it is hoped that by then those 0.16BTC will have sufficient value to make some profit for the miners... If not, some miners will stop mining, the diff will drop, the rest of the miners that didn't stop mining will find more blocks, and collect more fees as a result ;)

It's an equilibrium

Thank you, so the fee probably wont increase but the value of btc will?

if you send your bitcoin you will pay fee (arround 10.000satosi), he will collect transaction fee, there are  some transactions for each block, sometimes you can found 0.3btc in 1block

Hard to say... It'll probably be an equilibrium between the fee size and the diff (influenced by the number of miners).
It's all economics.

Rising fees will push people towards creating less (small) transactions (maybe towards altcoins or offchain transactions)
Rising diff will push miners out of business
Falling block rewards will push miners out of business
Falling bitcoin prices will push miners out of business

The opposite of these situations can also occur, but nobody can say what the equilibrium will be.
Maybe (just maybe), bitcoins will be worth $1.000.000/1BTC by the time the block reward is close to 0. In this case 0.16BTC will be a big chunk of money, worth mining. On the other side, bitcoin might be worth $1/1BTC, in this case the fee will need to rise substantially and there will be many miners that go out of business...

After everything is mined, the miners will be getting the transaction fee. Sure the bitcoin price can
be seen high than this. So eventually they will get a good amount as their transaction charge.

Do all miners get a portion of the transactions fees included in the mined blocks or only some of them receive fees? Is it like a lottery or everyone is guaranteed to profit from this?

Depends on the mining pool at the moment... If you solo mine a block, the fees are automatically yours, when using a pool, you need to read their TOS.

EDIT: i just re-read your question, and it can also be interpreted in a different way, to which the answer is: only the solo miner/pool that solved the block gets the fees... If you didn't solve a block, you get no fee ;). Offcourse, when you're part of a mining pool, the pool owner can set it up any way he/she likes when it comes to dividing the fee.

how much percentage do you think they get per transaction.
do you think small scale miners, probably home miner will have better chance once all btcs are already mined?

There will be not that many btc. And you must just save it. It is not so smart to spend it nowadays.
The value is not so high now and that is not good to sell it. Wait a little longer and you can sell it with profit.

You'll run into this issue a lot sooner than mining all the coins.

But if you assume that if trasaction volumes dont rise and fees remain roughly the same, then the Price of BTC will have to dramatically increase to support the existing network -  (increasing the cost per Transaction in fiat Terms - killing bitcoin as it will be cheaper to use alternative networks)
If Transactions increase (ie blocksize increases) then the fee total in BTC Terms can rise, allowing both slow BTC Price increases and fees that remain economic.

Not only the value of bitcoin but also the number of transactions.

If you use the standard/minimum fee as 0,0001 per transaction, at 100000 transactions per block that's 10 bitcoins reward, with increased bitcoin value that's probably enough to sustain mining.

they will be rewarded with their own fee when they spend their coins plus all the other fee from any other transaction, auto-sustaining essentially

fee will be very high when this will happen otherwise you will know that bitcoin has failed

Of course we all expect that, by then, the number of transactions has increase so much that miner fees itself will be able to give miners the required return on their invest capital on the hardware...

Yeah it is as simple as that. By the time all the Bitcoins have been mined, the miners fees might be quite high.

Until that happens, this is just an experiment.  ::) We {collectively} have to work hard to grow adoption for the transactions too increase to generate enough income to reward the miners for their

work. I predict some organizations will invest in mining just to support their other main operations... because they will be depended on that to sustain their main income. They could even outsource

this or run it in a cloud environment on one of the services providing for this. {Microsoft Azure}

the way i see it is by the time we have mined all bitcoins then we must have enough adoption that enough people are making transactions and paying fees which would then make it profitable to continue mining to scoop up these fees. If mass adoption never happens then i cant see how bitcoin would survive after all coins are mined. the only way possible would be with a massive price drop.

by the time all the bitcoins have been mined out we will have much more powerful computers and technology..

we might not even use money anymore to buy things..

bitcoin might be something in a museum.

if bitcoin have mined all by miners,so bitcoin cannot mined anymore,and there only bitcoins on wallet and exchange,just trade bitcoin-altcoin-money.

Then miners will get transaction fees.

Pretty much this most will stop mining I assume, although bitcoin will adjust difficulty to always make it "worth" in the long run.

Miners at that stage will be making large fees from transaction fees, as by that stage there will be massive amount of transactions per block..... hopefully

This is a really good explanation. i thought about this topic, too, and wondered what happend and if it could destroy Bitcoin.

Your explanation make me believe that it will not happen ;)

They still get the transaction fees from each block, I think. By then the bitcoin price will be so high that a block worth of transaction fees would be worth pretty much the same as the current block reward...

more then likely what will happen is if bitcoin takes off.. and chips get cheap. every electronic item in your house with wifi, tv, coffee maker, microwave.. will have a bitcoin mining chip in it.. of course it will probably be hard coded to mine for the company that made the device..

you wont have to worry about mining bitcoin, cause there will literally be millions of miners.

I really hope this day will come sooner but unfortunately not in our lifetime- Out of sight, out of mind!!

Hopefully by then the value of bitcoin is high enough that the miners will recover their cost with the fee itself.

I do not worry about that- if bitcoin can survive that long, the value of bitcoin will be significant!

You mine for dem transaction fees bruh!!!

I am amused by that idea of BTC n museum :P . I think you are very right as until all BTC are mined, it would be around 50-100 years from now and then i think supercomputers will be a common thing in every house.

When we mined all BTC, BTC price will go up instantly. I think this is good news.  ;)

You just have to wait, for what is going to happen in the future. The value will be down I think.
Or just high, you never know. It is very hard to predict a currency so you dont know what is going to happen if that is going to happen.

In year 2147 the last  subsidied Bitcoin will be mined.

we expect that by then, the double spend problem would be either fully solved, so mining will not be necessary.

another possibility, that Bitcoins will be so expensive in year 2147, that network can fully operate from fees.
This means that Bitcoin will become the virtual gold and will be much more expensive than gold.

Another possibility is that Bitcoin dies, and will not exist in year 2147 because everybody quits.

I think that time is some 150 years away from current world. But yes once all Bitcoins have been mined I do not know why would miners mine. Hmm .. maybe we will have to depend on altcoins then ?

since we are not going to mine all the BTC at once i don't see why the price should go up instantly.
this is going to be a slow process over time.

What happens when we have mined all the BTC?

well of course all miners for sure are capable to support the network.
perhaps all miners also have their own savings too.

every transaction you make in bitcoin will be charged a transaction fee to confirm as a reward obtained by the miners.

when all the btc has been mined. the miners will continue to make profit by confirming transactions. but they wont get a block reward, the money they earn would be from the transaction fees that users pay, which means that fees will likely increase in the future.

Maybe there will also be other variations and technical advancements done to the blockchain and improvements because by then bitcoin technology maybe deemed obsolete. I think though developers will continue to enhance it so miners can earn via transactions or other means.

global warming will catch up to bitcoin mining until then.

That fact that there will never be a time where all the blocks are mined, which makes your statement kind of true. It would take an indefinite amount of time to be able to mine all which means global warming has an indefinite amount of time to catch up to bitcoin mining.

when all coins are mined out, miner still will be going to have a small amount for fee.
And I don't think that would happen very soon, I read an article once that stating all BTC would be mined in the year 2160. So, their earning from fee would be more than current ones as bitcoin price at that time might be huge.

i think people who running the bitcoin Qt wallet full nodes, will help bitcoin network.
also miner will be interesting to collect bitcoin fee.