Bitcoin Forum

If the miners are the ones who validate the transactions in order to obtain the rewards from the network, what will happen to them and the network when the total supplies are reached? There will no longer be an incentive to maintain those machines and the validations will stop, won't they?

After all of the coins are in supply, the miners would be rewarded with the fees. Bitcoin blockchain needs miners to make it work and many miners to make it safe. And miners need us to pay fees so that they'd be able to run their devices. But the fees don't have to be high as the volume could make the total fees large. And bitcoin's price would be determined by the how largely it gets adopted.

You can read this https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/

The last Bitcoin is estimated to mined by 2140. A lot of things could happen in 100+ years and we don't even know if Bitcoin will still be popular or if a new technology will replace blockchain when that time comes.

That's why miners, in addition with block reward, receive transaction fee as well. When no more BTC will be left to mine, TX fee will be the only incentive. It's also possible that within that time, bitcoin may not exist because it's a hell lot of time to reach the last BTC to be mined.

that is wrong.
miners do not "validate" transactions. the only thing that miners do is performing hashes to find a good one below a certain target as part of the proof of work algorithm. it is the bitcoin nodes that perform the validation. a miner can run its own node or connect to a pool that runs the node on their behalf.
as for the second part of your question, it is already asked and answered a million times. try using google.

This has been asked for so many times. Answers are also spread all over on the internet.
A Glimpse Into The Future - What Happens When There Are No More Bitcoin To Mine? (https://cointelegraph.com/news/a-glimpse-into-the-future-what-happens-when-there-are-no-more-bitcoin-to-mine)

Not only all over the internet, but i'm also tired of reading this question on this forum...
Click on the magnifying glass at the top right corner, use the google search, enter any keyword that relates to this question (like "what if all bitcoins are mined")

aaaaand..... boom:
https://cse.google.com/cse?cx=016660200577587308545%3Aesf40ml9aag&ie=UTF-8&q=what+if+all+bitcoins+are+mined&sa=Google+search#gsc.tab=0&gsc.q=what%20if%20all%20bitcoins%20are%20mined&gsc.page=1

I guess it's more or less a chart which sometimes get downtrend & sometimes uptrend. If this was the case that mining is not profitable anymore and the number of miners are getting reduced, BTC blockchain would not have exist the last 10 years.

As I said above, it's more or less a chart of up & downtrend. In future, with the halving of block reward, it's possible that miners may get reduced for short term but it will increase once the price get increased.

Numbers of miners != hash rate though. A big mining farm could own 20% of that hash rate. Centralization (eg. mining become a business for only 100 people or so) is probably a more apparent issue than a decrease in hash rate.

Miners don't validate transactions? Don't miners create blocks and don't they validate those transactions that go into their blocks?

This topic has been discussed hundreds of times in the forum. I am confident about how mining will go, so you can find resources very easily. Satoshi was a smart person to think about all of this!
Please just some research before creating topics. Forum full of information which you are looking for. Just make a simple search in forum.

Miners can earn through fees they're the ones who validates the transaction in the Blockchain ledger so if ever the supply is completely mined they will be rewarded through that. After all, Bitcoin network need miners to secured its network, so core devs would have implement another function for it to be profitable for miners.
After all it's open and can be subject to many changes.

Miners also gets fees from transaction. But it will be not profitable at all, yes

I really, really thought this was about minging haha.


Anyway, I think what pooya meant by saying that miners don't actually validate txs is probably an answer that looks at the actual work that miners do in this case... which on the basic level just required them to solve algorithms to find the next block. This is really all they're competing with each other to do.

On a higher level, the mining pool operators do try to fit in as many transactions as they want (which typically is as much as possible) into that block to add to the chain.

The validation is done by nodes (miners also are nodes but nodes not necessarily are miners) and here, they all try to stay on the same page, weeding out the bad guys.

no they do not.
a miner is only concerned about the block header and the target. so basically they only receive and handle 80 bytes and then repeatedly hash that to find the result.
as i said a "node" validates transactions, builds merkle root, builds the block, builds that block's header and sends that header to the miner to hash. the miner doesn't even have to look at that header to see if it is valid or not!

a miner can run a node to validate himself but that still is his node that is doing the validation. and nowadays that miners connect to pools so they don't even have to run a node, they fully trust the pool to do everything and only sends them a correct header to hash.

actually a miner is someone with computing power aka someone who has the equipment (CPU, GPU, ASIC,...) and nothing more.

That is the rationale excavators, moreover with square prize, get exchange expense also. At the purpose when no more BTC are going to be left to mine, TX expense are going to be the most motivating force. It's additionally conceivable that inside that point , bitcoin might not exist since it is a damnation a part of time to reach the last BTC to be mined.