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Author Topic: After 21M have been released, then what?  (Read 1124 times)
Catmony
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February 23, 2017, 08:17:56 AM
 #21

After all 21M bitcoins have released to the public (miners), what incentive will miners have to continue the mining process?  
They will get all fee associated in all transaction that will be included in that block. Obviously reward will be very low than what it is right now per block but in future demand for bitcoin will be high and supply will be limited which will increase price per coin. So even <0.50BTC per block will be enough reward for miners.

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February 23, 2017, 08:47:53 AM
 #22

So, I've been doing a bunch of research and trying to find the answer to this question.

No, you didn't because with already little basic effort you'd have your answer already.

https://bitcointalk.org/index.php?topic=71176.0
http://bitcoin.stackexchange.com/questions/18103/what-happens-when-the-21-million-cap-is-reached (marked as duplicate!)
http://bitcoin.stackexchange.com/questions/5275/what-will-happen-to-mining-after-the-20-999-999th-bitcoin
https://news.bitcoin.com/what-happens-bitcoin-miners-all-coins-mined/

etc. I could go on and on and this post - including my bunch of research - took me less than 5 minutes.


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Betwrong
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February 23, 2017, 09:09:05 AM
 #23

So, I've been doing a bunch of research and trying to find the answer to this question.

No, you didn't because with already little basic effort you'd have your answer already.

https://bitcointalk.org/index.php?topic=71176.0
http://bitcoin.stackexchange.com/questions/18103/what-happens-when-the-21-million-cap-is-reached (marked as duplicate!)
http://bitcoin.stackexchange.com/questions/5275/what-will-happen-to-mining-after-the-20-999-999th-bitcoin
https://news.bitcoin.com/what-happens-bitcoin-miners-all-coins-mined/

etc. I could go on and on and this post - including my bunch of research - took me less than 5 minutes.


Rico


You've made a great selection of related articles on the subject, but still I think it's interesting to see what people of this forum think right now. So I think creating this topic wasn't pointless.

IMO miners will still do their job in order to collect transaction fees. Bitcoin will be used by almost everyone by that time so even the $0.2 transaction fee will be enough to generate hundreds of millions of dollars per day in fees alone.

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February 23, 2017, 11:14:55 AM
 #24

Yes, transactions will still need to be processed somehow, so miners won't be left without a job.
And, till 21m are released, we still have time to figure out what to do next and make Bitcoin more mainstream. End of Bitcoin issuing is not the end of the world.

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February 23, 2017, 11:57:54 AM
 #25

So, I've been doing a bunch of research and trying to find the answer to this question.  Keyword searches have failed to find anyone discussing this topic, but I would imagine it has been discussed in the past.  Looking to be pointed the right direction here.

After all 21M bitcoins have released to the public (miners), what incentive will miners have to continue the mining process?  

There are already 21 million bitcoin in circulation and that means that there are actually 21 millions bitcoin that are released to the market and to the public to use. But I get what you are talking about you are referring to the maximum number of bitcoin to be mined and released to the public. If all bitcoin was released the miners will continue to mine and the incentive they will get is still the miners fee of course.

requester
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February 23, 2017, 01:09:14 PM
 #26

well after 21 million bitcoin released into the market people (user and miners) will have to just circulate the available bitcoin and day by day due to increase in its demand price will will touch the sky and transaction would be in terms of satoshi not 0.0000001btc instead it will be so called like 100 satoshi which is far standard.
bitcampaign
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February 23, 2017, 01:37:32 PM
 #27

we've seen how transaction costs are increasing that is what will be used in the future when 21 million bitcoin has been completed is found in mining, I think the miners will benefit from any transaction costs at least there may be little other large companies grow to mining bitcoin future

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lol3c
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February 23, 2017, 01:43:10 PM
 #28

Then there will no more coin to mine. miners only mine for fees and I bet that the prices are high enough so that the miners can live with fees. We expect that the prices will reach more than $1000000 after finishing the mining process. or maybe Bitcoin will be destroyed since no one want to use Bitcoin anymore because there are too many good cryptos outside

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