Bitcoin Forum

hi guys i want to ask you please
can same one take bitcoin mining as a source income of living for the next 20 years

thank you guys for awesome forum

Probably not, but if you have an investment size of >$50k you might be able to for less time than that as long as you have a backup plan (a secondary job or skills that could warrant one).

You need to understand that every 4 years block rewards will be cut in half, which will result in your profits being more and more reliant on transaction fees which will vary depending on various factors related to the network.

However, you mention that you have free electricity on another of your posts, and that's a good start.

thank you bro for replay i do have free electricty :) i hire that the more difficlty mining is the more bitcoin price go up

so bro what do you think ? i know there is only 25m btc can be generate , so after that what miners will do ?

they are 21M actually not 25M, they earn transaction fee which are currntly giving around 200 btc daily additionally to the block reward

in theory you could live out of mining with cheap electricity, and by selling your miner at the correct time to by new the new generation one

but it's risky because it require a huge capital, and because the competition is fierce already,which mean that you need to add miners just to stay competitive and earn the same

so brother the mining can never end even after the 21m btc generate ?

After all of the total 21m Bitcoin is generated, your profits will be entirely reliant on transaction fees.  In practice this would require huge amounts of transactions to fit into each block, which might well not happen, and well before the new Bitcoin stops being generated the amount will be statistically insignificant.

it depend, if the fee are not enough to sustain the mining activity it could end way before the reward end, the reward will be very minimal in two more halving already

otherwise yes will never end, it depend enterely on the value of bitcoin and the adoption that there will be in the future

Some guys in the Core Team wants to change the PoW algorithms. So you should be careful when investing in the mining.

apparently still can, but there is no bonus in each of the blocks because bitcoin is up mined everything, that there is only a fee from the transactions conducted

I do not think that i can mine here in my country even i know that bitcoin is profitable but not in mining method here because the electricity rate was too high. Much better to do trading or other method to generate bitcoin.

i don't know about this because its too long to thinking and why that person will start to mining in next 20 years? don't tells that if that person is newly know bitcoin and want to try to mining bitcoin. we don't know what will be happen in next 20 years, but we can follow the news from now and we can know that we can still mining bitcoin or not.

With the raising cost of hardware in mind I have to say no. Bitcoin will still be mined 50 years from now, but the rewards will be so small that the machines will need a lot of space, power and time to mine a block.
Maybe someone will eventually come up with a miner that has enormous power with minimal power consumption, who knows, but we'll be old by then :)

This is also my reason the electricity rate in my country is very high i can not see profit if i mine, but if i am lucky that i earn much bitcoin after 20 years  why not if it is enough to built solar house bitcoin mining.

i would not be so sure about this, since mining are only competing against theirselves and other miners now it's possible that if the value do not increase significally, that miners will have an hard time keep mining for profit

the possibility to mine bitcoin for the next century only depend on the value of bitcoin and nothing else, but i think the nethash could see a reduction which would reduce the diff to compensate for the unprofitability, but still retain its security

The bitcoin mining will be more concentrated as it is based on ASIC.

Concentration is never a good deal...
but if we are talking about "Concentration" in bitcoin world..
we are going against the basic logic of the project: DECENTRALIZE FOR FIGHT AGAINST ALL BANKS POWER

If there is no one mining, then there will be no one to confirm transactions. Then bitcoin transactions will be put into a halt. Fees should be high enough to cover the cost and have profit in mining when block reward is over, otherwise bitcoin is.doomed.

actually i am not sure about this but i think if we have high-end hardware that allow us to have bigger hashrate to mining, then i think we can still mining and make mining as our source income of living. because for mining bitcoin its depend on the hashrate of the hardware, the bigger hashrate you have, the more speed you can mining and you can gain much of bitcoin too.

he next 20 years will be a beautiful future because bitcoin will be forever.

Based on the numbers, I don't think that you could even mine a year and be in profit if you don't have enough cash to throw into this field as it has become a way of making money only for those companies who are actually making those hardwares. BitMain as well as other big giants have been into the game since the start and getting even a pie of the cake seems completely impossible unless you give them some really nice hashrate.

If you have very cheap electricity price, you will mine for a long time.