asad777 (OP)
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September 11, 2015, 08:55:31 AM |
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Algorithmic maximum = 20,999,999.9769 BTC [ https://en.bitcoin.it/wiki/Units ] what will happen to them ? and can they used for anything else ? and can the sellers of them do anything to prevent losing money ? |
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I HATE TABLES I HATE TABLES I HA(╯°□°）╯︵ ┻━┻ TABLES I HATE TABLES I HATE TABLES
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flikflak
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September 11, 2015, 09:54:22 AM |
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The reward halves every 210 000 blocks. 50 -> 25 (now) -> 12.5 ->6.25 ...
After that, the transaction fees are the reward to the miners -> which would be currently less than 1%
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asad777 (OP)
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September 11, 2015, 12:43:39 PM |
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The reward halves every 210 000 blocks. 50 -> 25 (now) -> 12.5 ->6.25 ...
After that, the transaction fees are the reward to the miners -> which would be currently less than 1%
i am talking mining hardware not miners |
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Tupsu
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September 11, 2015, 01:12:28 PM |
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The reward halves every 210 000 blocks. 50 -> 25 (now) -> 12.5 ->6.25 ...
After that, the transaction fees are the reward to the miners -> which would be currently less than 1%
i am talking mining hardware not miners |
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Hugroll
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September 11, 2015, 01:17:50 PM |
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i guess the mining hardware would just be used to mine other altcoins.
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philipma1957
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'The right to privacy matters'
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September 11, 2015, 09:29:04 PM |
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i guess the mining hardware would just be used to mine other altcoins.
By the time it gets close I assume the miners will all be dual chips like the ones we currently have (sha/scrypt) to keep this going but by that time if Bitcoin is still going I would be impressed but too bad we will all be dead. speak for yourself I am going to use my btc to buy the fountain of youth I plan to be alive for 500+ years. back to op's question. july 2016 = 12.5 dec 2018 = 6.25 aug 2021 = 3.125 jan 2024 = 1.5625 sept 2026 = 0.78125 feb 2029 = 0.390625 I will be 72 oct 2031 = 0.1903125 mar 2034 = 0.095156125 I will be 77 the network will be making about 13.7 coins a day if the network exists coins will be worth a lot 18 year later in 2052 I will be 96 the network will be making .099 coins a day we still won't be at your question yet. I will venture this. btc has died or humans have died or it is all good coins at about 20 k usd each and it all works on transactions fees. |
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toptek
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September 11, 2015, 10:54:27 PM |
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i guess the mining hardware would just be used to mine other altcoins.
By the time it gets close I assume the miners will all be dual chips like the ones we currently have (sha/scrypt) to keep this going but by that time if Bitcoin is still going I would be impressed but too bad we will all be dead. speak for yourself I am going to use my btc to buy the fountain of youth I plan to be alive for 500+ years. back to op's question. july 2016 = 12.5 dec 2018 = 6.25 aug 2021 = 3.125 jan 2024 = 1.5625 sept 2026 = 0.78125 feb 2029 = 0.390625 I will be 72 oct 2031 = 0.1903125 mar 2034 = 0.095156125 I will be 77 the network will be making about 13.7 coins a day if the network exists coins will be worth a lot 18 year later in 2052 I will be 96 the network will be making .099 coins a day we still won't be at your question yet. I will venture this. btc has died or humans have died or it is all good coins at about 20 k usd each and it all works on transactions fees. sept 2026 = 0.78125 I'll be 70 i plan to live at least to see 80. i guess mining in 2026 starts not to be worth it or is but hard as hell to do ?. |
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worhiper_-_
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September 11, 2015, 10:58:09 PM |
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Well, everyone that has posted here would probably be dead by that time. But if bitcoin survives as we know it and keeps being used though all those years it's unlikely that mining will stop. Right now the miners are mining the block reward plus the fees of transactions in each block. That means that even when the reward is zero, miners are still going to receive the fees as a reward. I can't wait until 2016 halvening btw.  |
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generalt
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September 11, 2015, 11:15:29 PM |
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If the bitcoin value doesn't go up then I think bitcoin might be in trouble. When mining becomes unprofitable, then people will shutdown their farms and the hash rate will drop tremendously. By then I would imagine that miners will be pretty beefy in terms of hashing power. Of course they will be worthless since mining isn't profitable. It would just take one really bored individual to buy up a bunch of old miners and get over 50% of the hash rate and easily fork the network at their will. Of course if bitcoins do go up to $20k US then I'll be kicking myself for spending any of the bitcoins I've had before then. Plus there's also plenty of time between now and then for them to adjust for either of these situations.
My question is what would happen if somebody like Pablo Escobar laundered his billions through some super crazy bitcoin mining farm instead of just letting rats eat billions of his dollars?
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BTC: 1GENERALrtBAjEv2Ps5cmEW1FADnXh1bCZ
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toptek
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September 11, 2015, 11:17:28 PM
Last edit: September 11, 2015, 11:38:53 PM by toptek |
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Well, everyone that has posted here would probably be dead by that time. But if bitcoin survives as we know it and keeps being used though all those years it's unlikely that mining will stop. Right now the miners are mining the block reward plus the fees of transactions in each block. That means that even when the reward is zero, miners are still going to receive the fees as a reward. I can't wait until 2016 halvening btw. I can't either i want it to come i some how only see good from it ..... 2016 i mean. I have no plans what so ever to stop mining any time soon the only thing that will stop me is no miner to be bought or the used ones are to out of date to be worth the buy or i Die. |
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sidehack
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September 12, 2015, 01:09:37 AM |
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My mom plans on living to 100, and I'm her retirement policy, so I need to see at least 74 which carries me to 2060. Gonna be interesting to see what the network's doing then, when block rewards are about 0.01BTC per day.
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toptek
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September 12, 2015, 03:58:50 AM
Last edit: September 12, 2015, 04:24:01 AM by toptek |
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My mom plans on living to 100, and I'm her retirement policy, so I need to see at least 74 which carries me to 2060. Gonna be interesting to see what the network's doing then, when block rewards are about 0.01BTC per day.
By 2060 il be dust if I'm not then I'll still be doing it unless it cost to much aka no gear or the cost of used gear is not worth it or the coin it self is worthless. o yea , if the leaders of the US don't total destroy the US by then that seems that's in there mind set to do or they are bent on hell to do, right now. My mom just hit 80 she wants to live till 90 +, she told me the other day . |
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CrazyGuy
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September 12, 2015, 04:23:10 AM |
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By 2060 we should be able to upload our consiousness to server farms where we can live forever digitally. Around the same time, Bitmain will be releasing the S2000, for 18.6 million USD(inflation...), which will allow miners to live inside the blockchain. Buyers of the S1999 will be offered $100 coupons.
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ASICPuppy.net ASIC Mining Hardware and Accessories - Compac F in stock!
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toptek
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September 12, 2015, 04:25:01 AM |
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By 2060 we should be able to upload our consiousness to server farms where we can live forever digitally. Around the same time, Bitmain will be releasing the S2000, for 18.6 million USD(inflation...), which will allow miners to live inside the blockchain. Buyers of the S1999 will be offered $100 coupons.
LMAO, but true it can happen. |
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sidehack
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September 12, 2015, 04:30:28 AM |
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Ashes to ashes, dust to dust transactions.
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CrazyGuy
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September 12, 2015, 04:54:02 AM |
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Ashes to ashes, dust to dust transactions.
"Let us commend him to the mercy of Bitcoin. We therefore commit his conscious to block 2739337" |
ASICPuppy.net ASIC Mining Hardware and Accessories - Compac F in stock!
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toptek
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September 12, 2015, 05:26:21 AM
Last edit: September 12, 2015, 06:05:04 AM by toptek |
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wasn't it @ one time your hand shake was your word or you paid with a chicken etc . or you took off one shoe usually the right foot and then followed thu on the deal. I'm not even sure in history why money came to play, i guess that chicken wasn't enough or that hand shake became a way of stealing like per orders now . I agree the way things are right now money is destroying everything not just the US dollar either . when i grow up every one had it money no one really wanted for a thing etc. in 2016 I'm hoping that bitcoins halving makes bitcoins even more value able and miner prices drop down were it is very afford able for everyone like it should be now and was for a while or the BTC price pass what it cost for gear so it doesn't mater what hey charge with in reason. when bitcoins started I remember reading about it and thought another get rich scheme, boy was i wrong, i Polly would be a million air now if i had done it back then i had the PC power etc . |
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ranochigo
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September 12, 2015, 05:38:06 AM |
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Currently, the bitcoin supply is relatively big due to the larger block rewards, reducing the demands. As the halving continues, Bitcoin is most likely going to increase in value due to the limited supply. The hardwares are going to be more efficient and electrical costs would drop significantly as we progress. By the time the block rewards become insignificant the transaction fee would become the main revenue , the electrical price, hardware cost and efficiency would result in a possible profitable scenario.
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afriezalie
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September 12, 2015, 05:43:43 AM |
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Algorithmic maximum = 20,999,999.9769 BTC [ https://en.bitcoin.it/wiki/Units ] what will happen to them ? and can they used for anything else ? and can the sellers of them do anything to prevent losing money ? Bitcoin mining hardware are still useful after we reach about 21 million BTC. It can be used for confirm others transaction and get their transaction fees as block reward. But it's still a long time to achieve 21 million BTC. I don't know what will happened to ASIC miner sellers, people will lose their intention to buy ASIC miners in future because block rewards are so small in that time. |
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Soros Shorts
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September 12, 2015, 10:16:12 AM |
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Algorithmic maximum = 20,999,999.9769 BTC [ https://en.bitcoin.it/wiki/Units ] what will happen to them ? and can they used for anything else ? and can the sellers of them do anything to prevent losing money ? By then the fees would be so much larger than the reward. People who mine would be operating their miners for the fees and not the block rewards. When the last satoshi is mined nobody would even notice that the reward has disappeared and they won't suddenly stop mining. So nothing abrubt would happen to the value of mining hardware when the time comes. Also, since this is so far into the future do you really care? Today's mining hardware would have been long sent to the scrapyard by then. |
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worhiper_-_
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September 16, 2015, 02:06:42 PM |
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Algorithmic maximum = 20,999,999.9769 BTC [ https://en.bitcoin.it/wiki/Units ] what will happen to them ? and can they used for anything else ? and can the sellers of them do anything to prevent losing money ? By then the fees would be so much larger than the reward. People who mine would be operating their miners for the fees and not the block rewards. When the last satoshi is mined nobody would even notice that the reward has disappeared and they won't suddenly stop mining. So nothing abrubt would happen to the value of mining hardware when the time comes. Also, since this is so far into the future do you really care? Today's mining hardware would have been long sent to the scrapyard by then. Fees could only get bigger under two conditions. 1. Getting a transaction included into a block is judged by the fee market. Larger fee= fast confirmation | no fee=no/very slow confirmation etc. messing with the block size could damage the fee market as getting transactions included into blocks would be easier. 2. There's enough demand. With the current use, the fee market is barely moving. Expecting that the fees will get bigger implies that bitcoin's use will increase and that it will also happen with transactions that are not off-blockchain |
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