What will transaction fees be like once no more BTC can be mined?

[Amph]

they will certainly hold the same value as the total coin mined per day right now, otherwise miners would lose money, so let's assume this is true

we would end up with 3600 x 450 = $1.6M, so fee will range from 1M to 1.6M, at least 1M in value, to allow miner to not drop the mining scene

and since only 50 btc of fee can be mined each day, you have that 1 btc should be valued around $20k

[1715450008]

1715450008

[Cyaren]

I doubt it will increase from the current levels. When there is no more practical BTC that can be mined, the bitcoin price will be high. And therefore if the recommended transaction fee is too high, it'll cost too much for people to send small amounts of bitcoin.

The miners should make around the same in terms of purchasing value from the transaction fees though.

[Denker]

they will certainly hold the same value as the total coin mined per day right now, otherwise miners would lose money, so let's assume this is true

we would end up with 3600 x 450 = $1.6M, so fee will range from 1M to 1.6M, at least 1M in value, to allow miner to not drop the mining scene

and since only 50 btc of fee can be mined each day, you have that 1 btc should be valued around $20k

I don't know why but I don't get that part.Could you explain that please?
Why is it only possible to mine 50 btc of fee each day?

[julian071]

BTC being totally transparent, you can just calculate:

If the miners want to make the same amount they do today, at a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today).
Using 5  transactions/sec as maximum speed (with current block size), 300 transactions each minute.
$1250/300 transactions = $4,16 per transaction.

Of course this changes as the metrics change:
2x higher BTC price -> 2x higher fees
2x more transactions per block -> 1/2 fees

Are you sure it's that easy? Clearly the metrics you state do influence transaction fees. But there are also a number of other factors that make calculation a bit more complicated or outright impossible.

For example, one has to consider investment costs in hardware and the efficiency of the hardware. Also cost of electricity is important. I think as we head into the future, efficiency will improve further on all fronts due to increased competition - that might even include use of heat generated by miners for industrial purposes. Therefore I expect that the cost per transaction will increase far less than a simple calculation based on number of transactions, reward, and blocksize might suggest.

(Btw. I think that 2x higher BTC price leads to half the fees in BTC and the same fees in fiat.)

ya.ya.yo!

No, of course it's not that easy, I mostly want to help to get this discussion started. Most complicating thing is the relation between mining costs, difficulty and bitcoin price. You can write pages full of theories about it, and knowing how that relation works might make you understand what will happen to the price after the halving. I for one agree with r0ach who says that the mining ecosystem works as a decentralised exchange.

[lolxxxx]

I don't think that there will be any effect on transaction fees it will be on us to put or not to put the fees.
But yes if the price of bitcoin at that time is 1k$ then 0.0001 will have larger value . Like now at current price 0.0001 has the value of 0.004+ $ . So the transaction fees will remain same only the value changes . We all know we only need some fees to get the transaction confirmed . We can send transaction without fees too.

[Jasad]

Will they be high?

Once no more bitcoin can be mined,bitcoin transaction will become high,just like another currency,for example paypal,they put high fee because paypal can getting from miner,its just like another currency. that my opinion. but if bitcoin amount still normal,i think fee of transaction will keep on low amount.

[justspare]

I think that the transaction fees would be pretty high but it is really nothing for you to be worried about. It is only going to happen in about 120 years, so yeah.....

[TastyChillySauce00]

the fee will probably be the same only the value of bitcoin to dollar increased, so,actually fee will get higher maybe about 2x in dollar,and still the same in bitcoin
or those miners will get away from bitcoin and mine another altcoin, who knows?

[Amph]

they will certainly hold the same value as the total coin mined per day right now, otherwise miners would lose money, so let's assume this is true

we would end up with 3600 x 450 = $1.6M, so fee will range from 1M to 1.6M, at least 1M in value, to allow miner to not drop the mining scene

and since only 50 btc of fee can be mined each day, you have that 1 btc should be valued around $20k

I don't know why but I don't get that part.Could you explain that please?
Why is it only possible to mine 50 btc of fee each day?

50 bitcoin is the average fee that miners are making currently, it may be bigger in the future or lower, it depend on the number of transactions