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Title: Is transaction fees enough for miners when the last bitcoin is mineed? Post by: gbolly1151 on December 08, 2017, 12:35:54 PM One thing i like about bitcoin is the fixed supply and that is 21million of bitcoin will ever exist in which new coin are generated by mining process
Base on my little knowledge about bitcoin,every miners is rewarded some new bitcoin once a block is found and miners also benefit from transaction fees Do you think the transaction fees will be ok for miners once the last bitcoin has been mined? Title: Re: Is transaction fees enough for miners when the last bitcoin is mineed? Post by: bob123 on December 08, 2017, 12:54:25 PM There hasn't been much consideration about that yet.
The last satoshis will be mined in about 2140. Thats more than a century away. In ~2136 the block reward will be halfed to 1 satoshis. In 2140 the reward would be halved to a fraction of a satoshi and therefore not being payed out. Now there already more than 80% of all possible BTC's mined. But when the last satoshi exactly will be mined is hard to determine because the hashrate of the network can vary heavily. Title: Re: Is transaction fees enough for miners when the last bitcoin is mineed? Post by: MrVuuu on December 08, 2017, 01:09:20 PM Do you think the transaction fees will be ok for miners once the last bitcoin has been mined? There were cases when the total cost of commissions exceeded the cost of the extracted block, so I believe that the fees for transactions will be acceptable for miners, if the network will undergo many transactions.Title: Re: Is transaction fees enough for miners when the last bitcoin is mineed? Post by: iL_P4driNo on December 08, 2017, 01:25:53 PM It's too early to think about it. Nobody knows what will be bitcoin price there, nobody knows even knows if bitcoin still exist at this point.
Title: Re: Is transaction fees enough for miners when the last bitcoin is mineed? Post by: eternalgloom on December 08, 2017, 01:46:45 PM I would definitely think so, though it's impossible to predict what the future price will be like or how many fees will get added to blocks on average in the future.
Have a look at the latest blocks mined and see how much fees are added, I can see blocks with over 4 BTC in fees. Example: https://blockchain.info/block/0000000000000000003c1d5c185e3ceca9d8e111d45e3f3302dc362199cdc37e Title: Re: Is transaction fees enough for miners when the last bitcoin is mineed? Post by: stompix on December 08, 2017, 02:55:24 PM One thing i like about bitcoin is the fixed supply and that is 21million of bitcoin will ever exist in which new coin are generated by mining process Base on my little knowledge about bitcoin,every miners is rewarded some new bitcoin once a block is found and miners also benefit from transaction fees Do you think the transaction fees will be ok for miners once the last bitcoin has been mined? Currently the fees are around 1.5 BTC per block. At the "current price" it would mean around 22.5 k usd. 3 Years ago we had a block reward of 25 but the price was abut 500 or even 200 so the reward per block was 5000 per block. So right now the income from tx fees is 4 times the entire reward from 3 years ago. Does this answer your question? Title: Re: Is transaction fees enough for miners when the last bitcoin is mineed? Post by: Mometaskers on December 08, 2017, 03:17:13 PM It would be hard to predict things that will happen a century from now, especially the prices of things. With the rate they are earning today, I can say it would also continue rising.
If all goes well, that should be enough to sustain them if almost everyone's using bitcoins. |