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Author Topic: Reach 21 million = loss of incentive to mine?  (Read 352 times)
SeansinWiscottle
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April 08, 2013, 11:32:45 PM
 #1

I understand why people today would want to mine for Bitcoin as there are unsolved blocks left, but what happens when all of the Bitcoins have been mined? Won't everyone lose the incentive to mine, therefore decomposing the network?
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April 08, 2013, 11:36:10 PM
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I have had that question in the back of my mind this whole time. My question is, will they still be worth the same when they reach 21 million?

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April 08, 2013, 11:38:17 PM
 #3

I have had that question in the back of my mind this whole time. My question is, will they still be worth the same when they reach 21 million?

The main thinking behind this is that once bitcoin reaches 21 million, the value will be so great that there is no reason not to mine, because miners will still receive transaction fees.

                   
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DeathAndTaxes
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April 08, 2013, 11:38:28 PM
 #4

Miners are compensated with a combination of block subsidy PLUS transaction fees.

When the network is young the transaction volume (and thus fees) are low and the subsidy is high.  As the network ages the subsidy declines and transaction fees will take the place.
SeansinWiscottle
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April 09, 2013, 01:04:09 AM
 #5

I see. Thanks for that fact sandwich!
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