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Title: What happens to bitcoin mining?? Post by: rajat08 on December 25, 2015, 07:17:39 AM I am new to this bitcoin community!!Please correct me if I am wrong!!
But, I have heard that there is limit that 21 million bitcoins will be generated! What happens when no more bitcoins will be generated?? Title: Re: What happens to bitcoin mining?? Post by: VirosaGITS on December 25, 2015, 07:28:44 AM I am new to this bitcoin community!!Please correct me if I am wrong!! But, I have heard that there is limit that 21 million bitcoins will be generated! What happens when no more bitcoins will be generated?? No more bitcoins will be generated and mining with continue like always to collect mining fees. Though that won't happen in our lifetime, so not much point worrying about it. Title: Re: What happens to bitcoin mining?? Post by: rajat08 on December 25, 2015, 07:34:56 AM I am new to this bitcoin community!!Please correct me if I am wrong!! But, I have heard that there is limit that 21 million bitcoins will be generated! What happens when no more bitcoins will be generated?? No more bitcoins will be generated and mining with continue like always to collect mining fees. Though that won't happen in our lifetime, so not much point worrying about it. Where will mining fees come from?? Title: Re: What happens to bitcoin mining?? Post by: PokerFace3 on December 25, 2015, 07:39:00 AM I am new to this bitcoin community!!Please correct me if I am wrong!! But, I have heard that there is limit that 21 million bitcoins will be generated! What happens when no more bitcoins will be generated?? No more bitcoins will be generated and mining with continue like always to collect mining fees. Though that won't happen in our lifetime, so not much point worrying about it. Where will mining fees come from?? Mining fees ? you are the person who are sending transaction puts the mining fees to get its transaction confirmed in network , however , you can put 0 fees to your transactions . Title: Re: What happens to bitcoin mining?? Post by: KenR on December 25, 2015, 07:40:26 AM This is somewhat similar like Central Banks generating fiats .For example : There are limited number of bitcoins that could be mined and now its already saturated so mining is not recommended since its not profitable anymore .The big companies are doing mining on a big scale typically the call it mine farms.So the transaction fees right now are covered by them.
Title: Re: What happens to bitcoin mining?? Post by: rajat08 on December 25, 2015, 07:46:53 AM This is somewhat similar like Central Banks generating fiats .For example : There are limited number of bitcoins that could be mined and now its already saturated so mining is not recommended since its not profitable anymore .The big companies are doing mining on a big scale typically the call it mine farms.So the transaction fees right now are covered by them. So you mean after no more bitcoins are generated then we have to give fees to the network to confirm our transactions!!Am I right? But I THINK Bitcoins was made to never give transaction fees! Title: Re: What happens to bitcoin mining?? Post by: Amph on December 25, 2015, 07:47:14 AM I am new to this bitcoin community!!Please correct me if I am wrong!! But, I have heard that there is limit that 21 million bitcoins will be generated! What happens when no more bitcoins will be generated?? No more bitcoins will be generated and mining with continue like always to collect mining fees. Though that won't happen in our lifetime, so not much point worrying about it. Where will mining fees come from?? the fee are those 10k satoshi that you already pay, but right now they have no value because the bitcoin value is very low it was intended in this way to permit adoption and have a chance to have a greater value for bitcoin, at that point fee will suffice for miner as a new earning Title: Re: What happens to bitcoin mining?? Post by: notlist3d on December 25, 2015, 07:30:59 PM I am new to this bitcoin community!!Please correct me if I am wrong!! But, I have heard that there is limit that 21 million bitcoins will be generated! What happens when no more bitcoins will be generated?? No more bitcoins will be generated and mining with continue like always to collect mining fees. Though that won't happen in our lifetime, so not much point worrying about it. Where will mining fees come from?? the fee are those 10k satoshi that you already pay, but right now they have no value because the bitcoin value is very low it was intended in this way to permit adoption and have a chance to have a greater value for bitcoin, at that point fee will suffice for miner as a new earning Were quite a while away from it. But that is the hope that it will happen this way. It seems far away as the block reward is where most miners make money from. Hopefully though it will allow us to keep mining. I think it's hard to say anything this far away even with good speculation. We just don't know value of BTC then. Title: Re: What happens to bitcoin mining?? Post by: gkv9 on December 26, 2015, 11:55:58 AM @OP,
It's going to take way long before all the Bitcoins get generated based on amount of halving taking place in future... Whatever will happen, mining will still go on as without the same, the network won't be able to run and that's the protocol as even if it runs out of coins, I guess our transaction fees will work as miners' fee at that time... |