Bitcoin Forum
September 25, 2018, 10:08:32 AM *
News: ♦♦ New info! Bitcoin Core users absolutely must upgrade to previously-announced 0.16.3 [Torrent]. All Bitcoin users should temporarily trust confirmations slightly less. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: What happens to bitcoin mining??  (Read 610 times)
rajat08
Full Member
***
Offline Offline

Activity: 182
Merit: 100


View Profile
December 25, 2015, 07:17:39 AM
 #1

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??
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1537870112
Hero Member
*
Offline Offline

Posts: 1537870112

View Profile Personal Message (Offline)

Ignore
1537870112
Reply with quote  #2

1537870112
Report to moderator
1537870112
Hero Member
*
Offline Offline

Posts: 1537870112

View Profile Personal Message (Offline)

Ignore
1537870112
Reply with quote  #2

1537870112
Report to moderator
1537870112
Hero Member
*
Offline Offline

Posts: 1537870112

View Profile Personal Message (Offline)

Ignore
1537870112
Reply with quote  #2

1537870112
Report to moderator
VirosaGITS
Legendary
*
Offline Offline

Activity: 1106
Merit: 1058



View Profile
December 25, 2015, 07:28:44 AM
 #2

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.

We are the Mineority @ https://mineority.io
Currently not accepting commissions for Custom BIOS work @OhGodACompany
OhGodAnAi@gmail.com / virosabios@gmail.com
rajat08
Full Member
***
Offline Offline

Activity: 182
Merit: 100


View Profile
December 25, 2015, 07:34:56 AM
 #3

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??
PokerFace3
Hero Member
*****
Offline Offline

Activity: 700
Merit: 500



View Profile
December 25, 2015, 07:39:00 AM
 #4

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 .
KenR
Hero Member
*****
Offline Offline

Activity: 910
Merit: 1000


「きみはこれ&#


View Profile
December 25, 2015, 07:40:26 AM
 #5

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.

  ████
█ ████
█ ████
█ ████
█ ████ █
█ ████ █
█ ████ █
█ ████ █
█ ████ █
  ████ █
  ████ █
  ████ █
  ████
  ████
█ ████
█ ████
█ ████
█ ████ █
█ ████ █
█ ████ █
█ ████ █
█ ████ █
  ████ █
  ████ █
  ████ █
  ████
  .WEBSITE.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
  .ANN THREAD.
.
▄▄▄▄▄▄▄▄
  ████
█ ████
█ ████
█ ████
█ ████ █
█ ████ █
█ ████ █
█ ████ █
█ ████ █
  ████ █
  ████ █
  ████ █
  ████
rajat08
Full Member
***
Offline Offline

Activity: 182
Merit: 100


View Profile
December 25, 2015, 07:46:53 AM
 #6

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!
Amph
Legendary
*
Offline Offline

Activity: 1988
Merit: 1001



View Profile
December 25, 2015, 07:47:14 AM
 #7

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

 
notlist3d
Legendary
*
Offline Offline

Activity: 1470
Merit: 1000



View Profile
December 25, 2015, 07:30:59 PM
 #8

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.
gkv9
Legendary
*
Offline Offline

Activity: 1246
Merit: 1000


!!! RiSe aBovE ThE StoRm !!!


View Profile
December 26, 2015, 11:55:58 AM
 #9

@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...

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!