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Title: what happens when all the bitcoins have been mined? Post by: simongoat on November 13, 2017, 02:17:53 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network.
Title: Re: what happens when all the bitcoins have been mined? Post by: Coin.Master636 on November 13, 2017, 02:20:41 PM Bitcoin will become more scarce and one of two things will happen:
When it will happen can't be predicted exactly. Depends on the miners and difficulty of mining. Title: Re: what happens when all the bitcoins have been mined? Post by: rajuahmed763 on November 13, 2017, 02:24:09 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. I do not know whether this will happen or not. But I think it will not be like that. Because the Bitcoin Transaction continues, there will be.Title: Re: what happens when all the bitcoins have been mined? Post by: mobnepal on November 13, 2017, 02:51:26 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. Total of 21 million bitcoin will be mined by 2140 so we might not be alive by that time. Bitcoin's price will be very high so that miners can be in profit even with just transaction fees and 0 block reward. Bitcoin network is designed to run forever... Title: Re: what happens when all the bitcoins have been mined? Post by: St4yInTh3D4rk on November 13, 2017, 02:58:06 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. Total of 21 million bitcoin will be mined by 2140 so we might not be alive by that time. Bitcoin's price will be very high so that miners can be in profit even with just transaction fees and 0 block reward. Bitcoin network is designed to run forever... As you said the last bitcoin will be mined in the year 2140,still long way to go and at the time the price of bitcoin will be unimaginably high and the miners still have to be operated if all the bitcoins were mined to confirm the bitcoin transactions and the miner will get good rewards for the confirmation because even the fraction of a bitcoin worth a lot at that time. Title: Re: what happens when all the bitcoins have been mined? Post by: Sundark on November 13, 2017, 03:08:28 PM as i heard it will take decades. over that time price of BTC will be going up. when all 21 million bitcoins will be over i guess the bubble will blow up :)
Title: Re: what happens when all the bitcoins have been mined? Post by: Sanchez747 on November 13, 2017, 03:21:07 PM In my opinion, when all the bitcoins would be mined, their price will slowly grow up like price of finite minerals (gold, platinum etc.). But there is a problem: if now miners get fixed reward from the System, then this reward would be so little, that mining as it is now, won't be in demand. So, the only way of development when all the Bitcoins would be mined, is "large" transactions with large comission, because there is no other way of motivation for miners
Title: Re: what happens when all the bitcoins have been mined? Post by: Asusnumbaone on November 13, 2017, 03:44:26 PM If all the bitcoin will all be mined, i guess its value will rise up. It will be popular because it can become the main source of the income. But now I guess bitcoin do not have an end. It has a beginning but do not have a definite end. Now miners can mine bitcoin, invest in bitcoin because we must use it well. We must be careful to our decision and do not panic if it's value drop below. Now we must think that bitcoin has an end but we must focus on it now.
Title: Re: what happens when all the bitcoins have been mined? Post by: aardvark15 on November 13, 2017, 04:02:38 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. Supposedly it will take until around the year 2140 before the last Bitcoin is mined. About 75% of Bitcoins have already been mined (under 17 million) so you can see that the mining difficulty is increasing over time. It will get to the point where less than a whole Bitcoin is mined every year. This is one reason why the value of Bitcoins should keep increasing over time as the number of Bitcoins mined every year keeps decreasing. Title: Re: what happens when all the bitcoins have been mined? Post by: simongoat on November 13, 2017, 04:35:01 PM The most direct and obvious consequence of such an event, of course, is that the miners will no longer receive rewards for mining, which is, despite the considerable slowdown in the process of calculating blocks, the main part of the financial attractiveness of mining. Miners will receive only commission for transactions, which for many of them may prove to be economically unprofitable, i.e., simply will not cover their costs. Then, theoretically, a mass outflow of miners and an avalanche-like reduction in the number of computers on which the global block-chef system is maintained and, as a result, the destruction of the entire network or its centralization in the hands of the few remaining, which is a nonsense for a real crypto currency, can begin. But this, I repeat, under the existing protocol, but it can be changed. so bitcoins protocol has to be changed for its long term survival is that correct? Title: Re: what happens when all the bitcoins have been mined? Post by: Arindava on November 13, 2017, 04:37:13 PM if Bitcoin has run out in the mine it will be very expensive and it will be difficult to medaptkan it, I think Bitcoin if everyone wants to get it I do not know how much Bitcoin price will come and I can not imagine it..
Title: Re: what happens when all the bitcoins have been mined? Post by: tulakill on November 13, 2017, 04:43:11 PM It takes at least 30 more years to dig up the number of bitcoins. At that time, a new solution was found for bitcoin. You do not need to worry too much. I think the world will have a plan for future bitcoins
Title: Re: what happens when all the bitcoins have been mined? Post by: CoinFlippo on November 13, 2017, 04:50:04 PM That is an interesting questions there was a documentary on Netflix about how long it would take till everything is mined they said in 2040 it will all be mined after that no one knows what will happen i think satoshi will reveal itself after that happens.
Title: Re: what happens when all the bitcoins have been mined? Post by: strocifer on November 13, 2017, 05:08:46 PM The complexity of transactions validation process will be so high by the time that it will literally consume a tremendous amount of electricity.
Nowadays it appears that the Bitcoin network already consumes 1/1000 th of the electricity worldwide. This is already huge compared to other currencies / other means of payments. So this validation system will have to changed shortly in order to avoid an ecological disaster, by progressively increasing the size of the block or changing the validation method. That will decrease the value of BTC and the incentive to mine it. Else the system will blow up or will be banned by govs, and the BTC value will drop to 0. So I am not sure that all the 21 M bitcoins will eventually be mined... Title: Re: what happens when all the bitcoins have been mined? Post by: bitfocus on November 13, 2017, 05:29:54 PM It will take until the year 2140 to mine all the 21 million BTC. So, no worries. Also, BTC will remain a currency to trade - just like forex.
Title: Re: what happens when all the bitcoins have been mined? Post by: honeyb0y on November 13, 2017, 05:34:48 PM Bitcoin will become more scarce and one of two things will happen:
When it will happen can't be predicted exactly. Depends on the miners and difficulty of mining. How would mining all the coins will let bitcoin die if all coins are already circulating? Once all bitcoins are mined it will be in the circulating at least or in someone else's wallet and miners will earn from the transaction fees that are charge on every transactions. And by the time all coins are mined which is approx. 2140 transactions are enormous and fees can compensate the bitcoins that you can get from mining. Title: Re: what happens when all the bitcoins have been mined? Post by: coinycoiny on November 13, 2017, 05:47:41 PM It's estimated that the electrical power needed to confirm one transaction is enough to power the average house for a day. This is fine when miners are getting free coins which they can sell for $6k. As mining drys up the costs will have to be passed on to users in the form of transaction fees, this is already happening in part. So, look forward to $5 transaction fees. Bitcoin is doomed. Title: Re: what happens when all the bitcoins have been mined? Post by: Zekemporium on November 13, 2017, 06:15:19 PM As total 21 millions of bitcoins that can be mined in total, ones miners have unlocked these all bitcoins, supply will stopped. Unless otherwise bitcoins protocol changed to allow for larger supply.
Ones bitcoins supply reached to 21 millions, miners will be forced away from the block rewards they receive for there work. Then miners may need to rely on transaction fees in order to maintain operation. Title: Re: what happens when all the bitcoins have been mined? Post by: strocifer on November 13, 2017, 07:53:11 PM The most direct and obvious consequence of such an event, of course, is that the miners will no longer receive rewards for mining, which is, despite the considerable slowdown in the process of calculating blocks, the main part of the financial attractiveness of mining. Miners will receive only commission for transactions, which for many of them may prove to be economically unprofitable, i.e., simply will not cover their costs. Then, theoretically, a mass outflow of miners and an avalanche-like reduction in the number of computers on which the global block-chef system is maintained and, as a result, the destruction of the entire network or its centralization in the hands of the few remaining, which is a nonsense for a real crypto currency, can begin. But this, I repeat, under the existing protocol, but it can be changed. Can the protocol be changed actually? Who can? Just asking 'cause i was wondering if it's possible... Title: Re: what happens when all the bitcoins have been mined? Post by: Thaalbi on November 13, 2017, 08:06:13 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. I believe i need at least 4 to 5 to exploit everything, the price will increase.Title: Re: what happens when all the bitcoins have been mined? Post by: xBitHodler on November 13, 2017, 09:07:12 PM We can't really predict what will happen to Bitcoin if all coins are mined. Everyone here will be dead before it happens. As far as I remember, it will happen somewhere around 2133. I can't tell you what will be the value of Bitcoin by that time but I'm sure our grandchildren will be happy if we save at least 0,001 BTC for them!
Title: Re: what happens when all the bitcoins have been mined? Post by: rainbow169 on November 13, 2017, 09:16:39 PM At the time, miner will have to reply on block fees for reward. If the bitcoin price raises high enough, fee would be enough to keep the miners to run the network
Title: Re: what happens when all the bitcoins have been mined? Post by: crustycrab666 on November 13, 2017, 09:23:50 PM At the time, miner will have to reply on block fees for reward. If the bitcoin price raises high enough, fee would be enough to keep the miners to run the network Thats true, besides that in my opinion, bitcoin prices will be more expensive, know the rare items, many who want to have it. then the miners will also start switching to altcoin.Title: Re: what happens when all the bitcoins have been mined? Post by: ajmapalo22 on November 13, 2017, 09:31:07 PM If all bitcoin will be mined chances are: there's no more supply to come meaning everything is in the circulation so if ever the demand increases they will adjust the price to get some bitcoin and make it available in the market. Or they will encourage the use of alternative coins and drop bitcoin price so that the market will be divert till bitcoin will become available again
Title: Re: what happens when all the bitcoins have been mined? Post by: Dexion on November 13, 2017, 10:31:53 PM I do not know, that would take a very long time, because too many people are mining in this world, even I have seen the profile of bitcoin miner, he said that the income in every week is $ 16000, this resulted in decreased inventory of bitcoin stock every year. and of course bitcoin network will experience maintance.
Title: Re: what happens when all the bitcoins have been mined? Post by: coinycoiny on November 13, 2017, 10:40:55 PM Is everyone here on drugs?
Seriously, btc needs miners to confirm transactions. This takes a lot of electricity This has to be paid for Either by free coins or transaction fees If you don't reward with free coins then you need transaction fees and that is going to be very expensive and nobody wants to talk about it cos your all hodling worthless coins Title: Re: what happens when all the bitcoins have been mined? Post by: bamboylee on November 14, 2017, 12:18:52 AM Like they said, miners will earn bitcoin through tx fees. And the price of bitcoin will be too high. Unfortunately, bitcoin tx fees will be too high also. And if you are complaining how high tx fees are right now, wait til that day comes. Fortunately that is not our problem yet, miners are still getting block rewards. Tx fees are high but still manageable.
Title: Re: what happens when all the bitcoins have been mined? Post by: Glydel1999 on November 14, 2017, 02:14:37 AM maybe it's easy to get here with bitcoin no matter how difficult it can be and help the poor to join it in bitcoin.
Title: Re: what happens when all the bitcoins have been mined? Post by: Oppang Inamo on November 14, 2017, 02:20:06 AM Maybe all users will not gain bitcoin anymore, because what been said in the forum, All bitcoin so it means all bitcoins will be gone because it is mined, but the maker of it will sureley not let that happen because if all bitcoins will be mined, there is no reason for us to post and join forums, and there will be no reason for the bitcoin do make campaigs and bounties.
Title: Re: what happens when all the bitcoins have been mined? Post by: lupinvn on November 14, 2017, 02:22:26 AM The most direct and obvious consequence of such an event, of course, is that the miners will no longer receive rewards for mining, which is, despite the considerable slowdown in the process of calculating blocks, the main part of the financial attractiveness of mining. Miners will receive only commission for transactions, which for many of them may prove to be economically unprofitable, i.e., simply will not cover their costs. Then, theoretically, a mass outflow of miners and an avalanche-like reduction in the number of computers on which the global block-chef system is maintained and, as a result, the destruction of the entire network or its centralization in the hands of the few remaining, which is a nonsense for a real crypto currency, can begin. But this, I repeat, under the existing protocol, but it can be changed. I don't think they would not received anything from mining bitcoin. Because they still get miner fee of a transaction and I think till then, the fee would increase a little bit and the price of bitcoin is rocket to the sky so they still get their profits for mining bitcoin and keep the system continued to run.Title: Re: what happens when all the bitcoins have been mined? Post by: Periodik on November 14, 2017, 02:35:41 AM Maybe all users will not gain bitcoin anymore, because what been said in the forum, All bitcoin so it means all bitcoins will be gone because it is mined, but the maker of it will sureley not let that happen because if all bitcoins will be mined, there is no reason for us to post and join forums, and there will be no reason for the bitcoin do make campaigs and bounties. I think you need to read, study and understand more about crypto before posting in this forum. This forum is about bitcoin and other crypto currency talks that make sense. Bitcoin will become more scarce when all of its supply are mined. When supply is getting scarce due to high demand then the price will have no any other destination but upward. Title: Re: what happens when all the bitcoins have been mined? Post by: strocifer on November 14, 2017, 11:13:46 AM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network First off, the total supply of Bitcoin is 21million. Logic supposes that there is no way the whole 21m will ever be mined because some are already lost in transit either from untraceable transactions, death of owner or key lost. Therefore, what this means is that there will be scarcity of supply once the blockchain is completed. This scarcity will make demand for it loud and over the hook and price will go haywire. This is true assuming the demand will be high at the time. How sure are you about that ? Title: Re: what happens when all the bitcoins have been mined? Post by: krisnt80 on November 14, 2017, 11:17:34 AM Bitcoin mining is sheduled to end around 2140, and once last block mined well all believe fees will take place the previous block rewards, its expected bitcoin to be worthing much more then now, around 40000- 200 000 dollars, soo fees will easy replace, even considering this more a waste then a shield, wonder how much energy is being spent to keep bitcoin alive.
Title: Re: what happens when all the bitcoins have been mined? Post by: simongoat on November 14, 2017, 03:14:55 PM thanks everyone for your comments, they are very helpful. Would it be fair to say that bitcoin is going to have to be tweaked a lot if it is going to be used as a successful currency in hundreds of years time?
Title: Re: what happens when all the bitcoins have been mined? Post by: w5pn73 on November 14, 2017, 03:22:55 PM We will either go up and see a strong rise or we will go down significantly due to not having the mining industry behind it no more.
thanks everyone for your comments, they are very helpful. Would it be fair to say that bitcoin is going to have to be tweaked a lot if it is going to be used as a successful currency in hundreds of years time? Yes, btc scales horribly and fee's are through the roof. Title: Re: what happens when all the bitcoins have been mined? Post by: michkima on November 14, 2017, 03:28:57 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. It will happen by about 2140. That's pretty far away, so we don't really have to worry, but the next generations will. There is no issue when it comes to the time every bitcoin has been mined. Actually, miners are not mining bitcoins but blocks. The bitcoins they get are just rewards for finding the block. When bitcoins reach 21 million then that would mean there won't be anymore rewards to be given to the miner that finds the block. What will happen though is that the miners will still get the miner's fees. So they will work for that. Title: Re: what happens when all the bitcoins have been mined? Post by: wisdomcn on November 14, 2017, 03:47:52 PM This is a technology, it will not die rather it will be upgraded or converted into another form. Just like crude oil exploration have existed for decays and it have not been completely drilled, so bitcoin will exist in this form as long as the coin is accepted for goods and services.
Title: Re: what happens when all the bitcoins have been mined? Post by: rajsimran on November 14, 2017, 03:51:03 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. I think price will be moon after this.Becsause no bitcoin will create after that and people want bitcoin then the price will be moon.Also another thing can happen after the price will be dropped. no one exactly what will happen.Title: Re: what happens when all the bitcoins have been mined? Post by: X2PR8888 on November 14, 2017, 03:54:25 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. Total of 21 million bitcoin will be mined by 2140 so we might not be alive by that time. Bitcoin's price will be very high so that miners can be in profit even with just transaction fees and 0 block reward. Bitcoin network is designed to run forever... This is very good to know. It's always nice to be reassured of the longevity of the bitcoin sysytem because you'll always have that reminder that it is never too late to start learning about it and actually using it. 🤗 Title: Re: what happens when all the bitcoins have been mined? Post by: pri3oner on November 14, 2017, 03:55:45 PM As for me, I suppose that... we will be died before it happened :( Technically, nothing wrong wont happen with bitcoin cos the good that has its end costs more every single moment. Philosophically, everything has its end whatever it is.
Title: Re: what happens when all the bitcoins have been mined? Post by: strocifer on November 14, 2017, 03:57:31 PM thanks everyone for your comments, they are very helpful. Would it be fair to say that bitcoin is going to have to be tweaked a lot if it is going to be used as a successful currency in hundreds of years time? Definitely BTC has to evolve in order to survive: either by changing the validation process so that the transactions become less costly in time and energy, or by creating a fork toward a much more efficient currency Title: Re: what happens when all the bitcoins have been mined? Post by: jackhdt on November 14, 2017, 04:04:14 PM estimates in the year 2140 21 million Bitcoin will be mined out. We don't need attention to that issue because it's too far away. I bet no one here witnessed that time
Title: Re: what happens when all the bitcoins have been mined? Post by: johnwest on November 14, 2017, 04:06:02 PM The miners will have to generate the fees through transactions now. I think they will be in loss and will definitely find some ways to increase their revenue.
Title: Re: what happens when all the bitcoins have been mined? Post by: SMB-2525 on November 14, 2017, 04:09:54 PM Patience. In this respect, the network is self calibrating.
If the reward for mining bitcoin decreases, then the hashing power dedicated to it will decrease, the difficulty will decrease, and the cost to mine will decrease. All of these are the problem for 15-20 years from now. Title: Re: what happens when all the bitcoins have been mined? Post by: Vatimins on November 14, 2017, 04:36:38 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. My best guess would be after a 150 years. That is when i think all Bitcoins will be mined.simply because Bitcoins can be divided into so many parts. And this will really help make the time before it all gets mined be a lot longer. Plus the amounts that can be mined everyday are decreasing. But let's say it ran out already, the price will rocket and become so so high. Amd it will lose its great volatility and become a currency that is most likely as stable as american dollars. That is what i think. Title: Re: what happens when all the bitcoins have been mined? Post by: marcuslong on November 14, 2017, 04:40:06 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. Bitcoin will become more appropriate and all of them will ise bitcoin soon and so fort but to be honest most of the smart people will use to create their own alt coin nor alternative coins which they will use it to pump bitcoin easily ask they which more compitition = more profit and moneyTitle: Re: what happens when all the bitcoins have been mined? Post by: Leodalat on November 14, 2017, 04:43:27 PM You do not need to worry about when bitcoin will be mined, but you should ask how long bitcoin will last in your life.
Title: Re: what happens when all the bitcoins have been mined? Post by: eneyardi on November 14, 2017, 06:28:21 PM When will the last bitcoin be extracted ?!
Title: Re: what happens when all the bitcoins have been mined? Post by: simongoat on November 15, 2017, 01:30:43 PM As for me, I suppose that... we will be died before it happened :( Technically, nothing wrong wont happen with bitcoin cos the good that has its end costs more every single moment. Philosophically, everything has its end whatever it is. hopefully it will last as it would be fantastic to be able to pass on some bitcoins to my children. Title: Re: what happens when all the bitcoins have been mined? Post by: Coin.Master636 on November 20, 2017, 10:12:39 AM Bitcoin will become more scarce and one of two things will happen:
When it will happen can't be predicted exactly. Depends on the miners and difficulty of mining. How would mining all the coins will let bitcoin die if all coins are already circulating? Once all bitcoins are mined it will be in the circulating at least or in someone else's wallet and miners will earn from the transaction fees that are charge on every transactions. And by the time all coins are mined which is approx. 2140 transactions are enormous and fees can compensate the bitcoins that you can get from mining. That's true. That's why I added "(unlikely)", but in the crypto world, you never know. Many unprecedented and unexpected things already happened. Be prepared for everything. Title: Re: what happens when all the bitcoins have been mined? Post by: DoublerHunter on November 20, 2017, 11:37:07 AM When all the bitcoins have been mined then it will result for more volatility because the market will be controlled by the people who have got the most supply and the miners will just earn from confirming transaction and it might be a threat for the life of bitcoin to stay longer because miners might migrate to another coin because of the issue in profitability.
Title: Re: what happens when all the bitcoins have been mined? Post by: bitgolden on November 20, 2017, 03:04:15 PM hi, can anyone tell me how long it will take to mine all the coins and what will happen to the network. I believe i need at least 4 to 5 to exploit everything, the price will increase. |