Title: What will happen after all Bitcoin blocks have been found? Post by: chronicsky on January 23, 2015, 11:03:26 AM Though as we know , we get a confirmation and our blockchain move's because somewhere someone is mining a block, though lately cos of high load of hashes , it takes quite time much time(sometimes 30 minutes) for blockchain.info(i prefer using it) to get a Confirmation.
Recently i saw a video showing it is expected all blocks will be found till year 2140. What will happen then ? I mean how will the chain move ? i know it's gonna be lot time for that , but am just curious . :o Title: Re: What will happen after all Bitcoin blocks have been found? Post by: tonygal on January 23, 2015, 11:08:55 AM The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found.. Title: Re: What will happen after all Bitcoin blocks have been found? Post by: chronicsky on January 23, 2015, 03:37:07 PM The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever. Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found.. what do you mean by "Fees" , what fees exactly ? :/ Title: Re: What will happen after all Bitcoin blocks have been found? Post by: tonygal on January 23, 2015, 03:58:03 PM The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever. Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found.. what do you mean by "Fees" , what fees exactly ? :/ https://en.bitcoin.it/wiki/Transaction_fees (https://en.bitcoin.it/wiki/Transaction_fees) Title: Re: What will happen after all Bitcoin blocks have been found? Post by: klondike_bar on January 23, 2015, 04:56:36 PM The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever. Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found.. what do you mean by "Fees" , what fees exactly ? :/ https://en.bitcoin.it/wiki/Transaction_fees (https://en.bitcoin.it/wiki/Transaction_fees) right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average. In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees I expect the transaction fees>block reward before 2040 Title: Re: What will happen after all Bitcoin blocks have been found? Post by: Amph on January 23, 2015, 05:16:56 PM they mining will continue with fee, but the reward would be too low for the majority, maybe only one mega farm will remain
Title: Re: What will happen after all Bitcoin blocks have been found? Post by: chronicsky on January 23, 2015, 05:49:24 PM The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever. Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found.. what do you mean by "Fees" , what fees exactly ? :/ https://en.bitcoin.it/wiki/Transaction_fees (https://en.bitcoin.it/wiki/Transaction_fees) the site ain't loading for me , idk why , thanks anyways right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average. In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees I expect the transaction fees>block reward before 2040 oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue Thanks Title: Re: What will happen after all Bitcoin blocks have been found? Post by: klondike_bar on January 23, 2015, 07:52:33 PM right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average. In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees I expect the transaction fees>block reward before 2040 oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue Thanks Title: Re: What will happen after all Bitcoin blocks have been found? Post by: chronicsky on January 23, 2015, 08:07:08 PM right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average. In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees I expect the transaction fees>block reward before 2040 oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue Thanks ammmm.. kinda confused here sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes that should not happen right ? since , the average time is 10 minutes Title: Re: What will happen after all Bitcoin blocks have been found? Post by: tonygal on January 23, 2015, 09:57:33 PM sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes Hmm, I think you got something wrong here.. ???that should not happen right ? Title: Re: What will happen after all Bitcoin blocks have been found? Post by: cheekychap on January 23, 2015, 10:13:25 PM Lets get to 2050 and then worry about it .
Until thenn sit back and have fun ;) Title: Re: What will happen after all Bitcoin blocks have been found? Post by: tadakaluri on January 24, 2015, 03:21:05 AM Yes, we can think about it after 2050.
Title: Re: What will happen after all Bitcoin blocks have been found? Post by: chronicsky on January 24, 2015, 04:06:08 AM well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity :)
Title: Re: What will happen after all Bitcoin blocks have been found? Post by: klondike_bar on January 24, 2015, 04:29:33 PM right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average. In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees I expect the transaction fees>block reward before 2040 oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue Thanks ammmm.. kinda confused here sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes that should not happen right ? since , the average time is 10 minutes average is he key word. sometimes a block is solved within a minute, other times it can take hours. The average is always about 10min, and probably 50% of blocks are found within 5-15min Title: Re: What will happen after all Bitcoin blocks have been found? Post by: serje on January 24, 2015, 04:36:05 PM well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity :) OMFG 2140??? They got it all wrong! Maybe 2040 :)))) Show us the link I really want to laugh my ass off P.S. also sent you a pm with the content of the page is not loading Title: Re: What will happen after all Bitcoin blocks have been found? Post by: chronicsky on January 24, 2015, 04:39:53 PM average is he key word. sometimes a block is solved within a minute, other times it can take hours. The average is always about 10min, and probably 50% of blocks are found within 5-15min kool! got it now ;) Thank you well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity :) OMFG 2140??? They got it all wrong! Maybe 2040 :)))) Show us the link I really want to laugh my ass off P.S. also sent you a pm with the content of the page is not loading Yeah thank you just saw it! https://bitcointalk.org/index.php?topic=924929.0;topicseen here it is , someone posted a video on it |