Questuon about mining bitcoins

[lu-Media]

Hello Community,

I have a question will bitcoin mining be finish one day or whats the story about the blocks etc?

[Frijj]

Yes mining will stop one day but we'll all be dead so it doesn't matter. I don't think anything has been decided on the blocks yet but they will need to be enlarged at some point for sure.

[NeuroticFish]

At some point all the bitcoins will be mined and from that point the miners will earn their money only from the transaction fees. But mining will not stop.
https://en.wikipedia.org/wiki/Bitcoin#Supply

[RodeoX]

Also, as the block reward shrinks over time mining is predicted to become increasingly unprofitable. just like gold mining it will likely shut down when prices are low and start up again when prices rise. The very last bitcoin (or percent of 1 BTC) will never get mined and so we will have mined almost but not quite 21 million.   

[lu-Media]

So in let's say 10 years it would still be possible to mining ?

[LiteCoinGuy]

[jeannemadrigal2]

So in let's say 10 years it would still be possible to mining ?

Yes.  I forgot the exact year, but I think mining stops like 2120 or something?  So you have a long time

If you are thinking of mining check out the forum section on that.  But basically your main limiting factor is the costs of your electricity.  In my area it is 20 cents kwh base plus scaled with use, so even if I got all the hardware for free I would still lose money.  There is a lot more to it that that, but if you have high costs like me then you might want to check out Bitmain's services instead.  You can buy one of their machines and they will host it for you, you pay a maintenance fee but you can still make money with it.  Some people will tell you not to bother mining because you can't do it anymore.  This is obviously not true, but you should be careful to look at the numbers before spending the money on it.

Edit:  there you go, LTCguy always with the best graphics and things!

[LiteCoinGuy]

@jeannemadrigal2

2140

[ikydesu]

So in let's say 10 years it would still be possible to mining ?

Possible i think, but look on difficult : http://www.coinwarz.com/cryptocurrency
I don't think if mining will profitable, with recent difficult. You need farm mining and cheap electric, even you need a free electric. Altcoin is alternative for your mining income, although altcoin is risky to dump.

[Rmcdermott927]

Yes mining will stop one day but we'll all be dead so it doesn't matter. I don't think anything has been decided on the blocks yet but they will need to be enlarged at some point for sure.

I don't understand why everyone thinks that is the best solution to that problem.  Why not change the block target time from 10 minutes to 2 minutes.   and dive the block reward by 5 for each block.  It seems to me that would solve more problems than simply increasing block size.    It would allow for more transactions as well as significantly decrease confirmation times.    It is not uncommon to have to wait 30-60 minutes for 1 confirmation with the ten minute target currently.   

I know it would require a hard fork, but it would be for the better in the long run.

[Amph]

Yes mining will stop one day but we'll all be dead so it doesn't matter. I don't think anything has been decided on the blocks yet but they will need to be enlarged at some point for sure.

what you're talking about, mining will never end otherwise the network will be fucked so badly, without security

miners are the guard that protect the "bitcoin bank", they will keep mining for fee, which by that time will have(hopefully) a very strong value

snip

@jeannemadrigal2

2140

notice after the year 2024 is a bit pointless to take in consideration the halving, because we have almost the whole supply at that point

[subSTRATA]

notice after the year 2024 is a bit pointless to take in consideration the halving, because we have almost the whole supply at that point

and at that point, miner fees might overtake the block rewards themselves.

[pooya87]

Hello Community,

I have a question will bitcoin mining be finish one day or whats the story about the blocks etc?

Yes mining will stop one day but we'll all be dead so it doesn't matter. I don't think anything has been decided on the blocks yet but they will need to be enlarged at some point for sure.

what are you guys talking about?!! mining never stops

mining bitcoin means a miner is adding the transaction to the blockchain and the block chain serves to confirm transactions to the rest of the network as having taken place.

actually nothing about mining is going to end not even block rewards. block reward is currently 25 and it will be halved so it will never end!

i suggest you read bitcoin wiki page specifically the mining section: https://en.bitcoin.it/wiki/Mining

[cryptocompare]

check out these guides hopefully they'll help you understand it all a bit better!

https://www.cryptocompare.com/mining/guides/#/overview

[jeroenn13]

@jeannemadrigal2

2140

Nice graphs. thank you for sharing!
OT: http://bitcoinclock.com/ shows the time until block halving, interesting for OP.

[Nowi]

So in let's say 10 years it would still be possible to mining ?

Ech, in theory it can be still possible but not in practically most of bitcoins will be mined. So the rewards will be so low, and mining will be so hard and it will take long time.