Bitcoin Forum
January 22, 2019, 03:38:34 AM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: What if Bitcoin runs out?  (Read 126 times)
yerger
Newbie
*
Offline Offline

Activity: 98
Merit: 0


View Profile
April 15, 2018, 03:46:35 PM
 #1

I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
1548128314
Hero Member
*
Offline Offline

Posts: 1548128314

View Profile Personal Message (Offline)

Ignore
1548128314
Reply with quote  #2

1548128314
Report to moderator
1548128314
Hero Member
*
Offline Offline

Posts: 1548128314

View Profile Personal Message (Offline)

Ignore
1548128314
Reply with quote  #2

1548128314
Report to moderator
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1548128314
Hero Member
*
Offline Offline

Posts: 1548128314

View Profile Personal Message (Offline)

Ignore
1548128314
Reply with quote  #2

1548128314
Report to moderator
1548128314
Hero Member
*
Offline Offline

Posts: 1548128314

View Profile Personal Message (Offline)

Ignore
1548128314
Reply with quote  #2

1548128314
Report to moderator
1548128314
Hero Member
*
Offline Offline

Posts: 1548128314

View Profile Personal Message (Offline)

Ignore
1548128314
Reply with quote  #2

1548128314
Report to moderator
sampalokmix
Full Member
***
Offline Offline

Activity: 315
Merit: 100


Investing in the future development of blockchain


View Profile
April 15, 2018, 03:50:46 PM
 #2

I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?

My knowledge regarding rhis currency is Limited, but I highly believe that the splitting of the Bitcoin that was happened last few years will be the redemption of this scary scenario, I guess admins and oir fellow geniuses regarding technology will make a way for this forum to still functional and the workers were still allowed to attain profit to this innovative currency.

BelieveInBTC
Member
**
Offline Offline

Activity: 280
Merit: 15

BookiePro.Fun - The World's Betting Exchange


View Profile
April 15, 2018, 03:53:17 PM
Merited by Welsh (1)
 #3

It is a common question and the answer is simple. It will take years before the block reward will reach 0 (the estimated time of mining all bitcoins is 2134). Miners earn money on block reward, which halves every 4 years, and transaction fees which usually give another 1-2 BTC profit right now. We shouldn't not worry about it because by the time it happen we will be already dead. Miners will or at least should earn enough to cover their expenses and profit from only fees. We can assume that Bitcoin will be much more popular in the future which will result in the higher price. There is also a chance that Bitcoin will be dead.

mjglqw
Hero Member
*****
Offline Offline

Activity: 826
Merit: 502


https://coinsources.io/bitcoin


View Profile WWW
April 15, 2018, 03:54:37 PM
Merited by Welsh (1)
 #4

Miners will solely earn their rewards from the transaction fees alone.

I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?

My knowledge regarding rhis currency is Limited, but I highly believe that the splitting of the Bitcoin that was happened last few years will be the redemption of this scary scenario, I guess admins and oir fellow geniuses regarding technology will make a way for this forum to still functional and the workers were still allowed to attain profit to this innovative currency.
Just to make it clear, bitcoin is and was never made to earn people profit; and people earning here in bitcointalk through bounty campaigns has ZERO connection with bitcoin mining. You definitely need to read more on what mining actually is: https://www.coindesk.com/information/how-bitcoin-mining-works/

BillCoin
Sr. Member
****
Offline Offline

Activity: 476
Merit: 259



View Profile
April 15, 2018, 03:55:23 PM
 #5

I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?

My knowledge regarding rhis currency is Limited, but I highly believe that the splitting of the Bitcoin that was happened last few years will be the redemption of this scary scenario, I guess admins and oir fellow geniuses regarding technology will make a way for this forum to still functional and the workers were still allowed to attain profit to this innovative currency.
Splitting bitcoin? do you even know what you are talking about?
If you mean hard fork- it's not a solution as it creates a completely different network, it doesn't change the actual amount of bitcoins that people own, it just brings people bitcoin on another network.

OP: If you are talking about block reward, the miners are supposed to get paid by fees only, and there are going to more transactions by the time the block reward will reach zero, so the fee amount will be higher.
We can always use mbtc instead of btc, so if bitcoin's price is 10000$, then 1mbtc will be only worth 10$, and people will own 1000 times more mbtc then the bitcoin they owned.

Building A Better Internet
━━━━━━━━━━━━━━━━━━━ ━━━━━━━━━━━━━━━━━━━

 
 █b
▐█=
║█
██                                         ¡▄▄▄▄▄▄▄▄┌
██M                                  ╒▄▄▄▄█▀    ▂▂ ╙▀▀▆▄
██▌                                ╓, ,██╨      ▀▀▀    ╜▀█▌
███                                ▀▀██╙     ▄▄▄▄▄      ╓█L
█ █▌                            ▄▄▄▄█▀          └▀▀▀▀█Φ█▀"
█▌ █▄                            ██▀           ▄█▀
▐▌  ▀▌                       ▀▄██▀            ▄▀
▐█     ▂▂▂                ▄  ▄█▀           ▄▄▀
 █▌  ╙▀▀▀▀▀█▄         ▄   ███▀     ▁▂▃▄▄▄█▀▀
  █▄        █▌    █▄  ██▄█▀        ▔▔╙▀▐█
   █▄       █▌ ▀▀████▀▀▀               ▐▌
    ▀█     █▀                          ▐▌
     ╙█▄  ▄▌                        ╓█ ▐█
       └▀██  ╓▄▄µ╓▄▄µ            ,▄█▀┘  █▌    ▄▄ ╓▄▄µ
         ██▄█▀▀███▀▀█▄       ╓▄▄█▀▀      ▀█▄█▀▀▀██▄╙▀█▄▄
          ▀╙    ▀▀▀  ▀▀▀  ▀▀▀▀╙           `      "▀▀  └╙
You Can See Me Now, Hi :}
VARANIDA

 
 
 
 
               ▄██   ▄███▄
              ▄███████  ██
              ██    ▀████▀
             ██
  ▄▄  ▄▄█████████████▄▄  ▄▄
▄███████████████████████████▄
█████████████████████████████
▀███████    █████    ███████▀
  ▀█████    █████    █████▀
   ███████████████████████
    █████▄  ▀▀▀▀▀  ▄█████
     ▀█████▄▄▄▄▄▄▄█████▀
        ▀▀█████████▀▀
|
Proton2233
Sr. Member
****
Offline Offline

Activity: 420
Merit: 252


View Profile
April 15, 2018, 03:56:28 PM
 #6

Miners will earn only at the expense of the transaction. People will always make translations. Now the miners are not thinking about it. But it is in their interest to assist in increasing the scalability of the unit. This will make bitcoin available to use in trading. This will increase the number of transactions and the potential profits of miners.
vorseb
Newbie
*
Offline Offline

Activity: 126
Merit: 0


View Profile
April 15, 2018, 03:56:35 PM
 #7

If don't wrong. If Bitcoin is already mined, the Bitcoin transaction will continue as usual and Miner still get the revenue even though Bitcoin is already mined. Because miner still get miner fee every transaction processing. But I dont know exactly when BTC will runs out.
prediction on bush
Member
**
Offline Offline

Activity: 234
Merit: 10


View Profile
April 15, 2018, 04:06:29 PM
 #8

Miners will earn only at the expense of the transaction. People will always make translations. Now the miners are not thinking about it. But it is in their interest to assist in increasing the scalability of the unit. This will make bitcoin available to use in trading. This will increase the number of transactions and the potential profits of miners.

I strongly agree on your opinion that, miners will earn only at the expense of the transaction and people will always make translations. And adding also my opinion that, bitcoin is and was never made to earn people profit, and people earning here in bitcointalk through bounty campaigns has ZERO connection with bitcoin mining. In adddition, If you mean hard fork- it's not a solution as it creates a completely different network, it doesn't change the actual amount of bitcoins that people own, it just brings people bitcoin on another network.
dobidobi88
Newbie
*
Offline Offline

Activity: 166
Merit: 0


View Profile
April 15, 2018, 04:15:25 PM
 #9

The knowledge of crypto currency that I have is still small, including in the analysis of bitcoin availability. Some sources say only 21 million can be mined. Logically, if bitcoin approaches the limit, then the price will be higher. I do not know when it will happen, and I think that's for a very long time.
merchantofzeny
Sr. Member
****
Offline Offline

Activity: 476
Merit: 261


I'm honest, it's the world that's awful


View Profile
April 15, 2018, 04:24:03 PM
 #10

Well as they are no longer receiving the reward, they'll make their money solely out off transactions. That was how it was envisioned anyway. They get transaction fees and that's the incentive for them to continue operation. Considering that should bitcoin ever reach this point, it probably already have a large value in fiat (or the ideal -it being sole currency), the miners have every reason to keep things running.
Hexah
Sr. Member
****
Offline Offline

Activity: 728
Merit: 265



View Profile
April 15, 2018, 04:30:09 PM
 #11

I want to ask, what will happen when bitcoin runs out.
Of course supply will be tapped out but that doesn't mean bitcoin will gone.
The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
I think it will be decided on the 22nd century.

If you want to know more about it please refer to this articles:
https://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/
https://www.coindesk.com/information/how-bitcoin-mining-works/
Obeng ketok
Newbie
*
Offline Offline

Activity: 67
Merit: 0


View Profile
April 15, 2018, 04:35:55 PM
 #12

I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
When bitcoin runs out of mining, this has an impact on miners. Means the number of bitcoin does not increase, whereas in estimate the needs of more and more users are needed and have a higher value as an impact.
TheHas
Full Member
***
Offline Offline

Activity: 518
Merit: 119


WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN


View Profile
June 26, 2018, 11:14:26 AM
 #13

I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?

Bitcoin Miners will 'live' on the transaction fees - no more new coins 'minted' as part of the block reward.

Keep in mind, these Bitcoin miners can go elsewhere and there are plenty of somewhat self interested people/projects coming up with alternatives and forks to Bitcoin.

Most of these projects are of questionable value. There was Bitcoin Cash developed in response to high transaction fees and Bitcoin Gold is trying to be ASIC resistant - which means it wants to be good for mining on regular Graphic Processing Units.

Some coins don't have a cap. Ethereum for example currently has no upper limit, although it is likely to change in the future to be a Proof of Stake instead of Proof of Work (mining) coin.

Hope that helps, happy to go over any of this in more detail.
   

           ﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
☆═══━┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈━═══☆
≈ WORLD POWER PRODUCTION ≈


【 BACKED ASSET GREEN ENERGY TOKEN 】
☆═━┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈━═☆
duoleduo
Newbie
*
Offline Offline

Activity: 81
Merit: 0


View Profile
June 26, 2018, 02:20:23 PM
 #14

If Bitcoin is finished, there are other cryptocurrencies that can be mined, and miners will always find places! The number and type of new cryptocurrencies are now beyond your imagination!
cuong1610
Newbie
*
Offline Offline

Activity: 252
Merit: 0


View Profile
June 26, 2018, 02:50:02 PM
 #15

Currently digging companies still encourage miners to dig as much coin as possible before the supply reaches the threshold.
When the 21 millionth Copper Bitcoin is found, there will be no reward for the miners. However, miners still need to authenticate and store Bitcoin's blockchain transactions - so miners will only receive a transaction fee.
Currently, Bitcoin transactions are handled based on priority. The higher the transaction fee, the more incentives a miner has.
ericaltm
Jr. Member
*
Offline Offline

Activity: 89
Merit: 1


View Profile
June 26, 2018, 03:34:34 PM
 #16

It is a common question and the answer is simple. It will take years before the block reward will reach 0 (the estimated time of mining all bitcoins is 2134). Miners earn money on block reward, which halves every 4 years, and transaction fees which usually give another 1-2 BTC profit right now. We shouldn't not worry about it because by the time it happen we will be already dead. Miners will or at least should earn enough to cover their expenses and profit from only fees. We can assume that Bitcoin will be much more popular in the future which will result in the higher price. There is also a chance that Bitcoin will be dead.

To my understanding this is partially true. But you forgot that the Bitcoin Mainnet still needs to be LIVE in order for Bitcoin to run. So, people will just run the mainnet with sophisticated hardware of the future and earn a living or some extra cash every month by doing so. Since the popularity is likely to increase, it could actually be a quite good living.
ummart66
Member
**
Offline Offline

Activity: 93
Merit: 12


View Profile
June 26, 2018, 03:52:30 PM
 #17

Bitcoin will still take over a hundred years to be completely mined. At that point, miners will still receive payouts from the fees paid when sending bitcoin. The idea is that adoption over time will increase, so the miner rewards will as well. This will still provide incentive for people to continue mining.

Sergey698698
Jr. Member
*
Offline Offline

Activity: 98
Merit: 2


View Profile
June 26, 2018, 05:21:18 PM
 #18

Hичeгo нe пpoизoйдёт.Maйнepы бyдyт пoлyчaть кoмиccии зa тpaнзaкции
Yurkov
Sr. Member
****
Offline Offline

Activity: 672
Merit: 250



View Profile
June 26, 2018, 05:26:43 PM
 #19

I want to ask, what will happen when bitcoin runs out. The amount of Bitcoin that can be mined is only 21 million. What is the fate of the miners and when will it happen?
That is an interesting question but i think answer is very clear, miners will make money from parts that they earned from mining and people will "believe" more in bitcoin and whole crypto world thanks to more stable price that will be made thanks to "end" of mining.

Join the
ICO now

  █████
██████████
██████████████
██████████████████
██████████████████████
██████████████████████████
██████████████████████████████
████████████████████████████      ██
███████████████████████████     ████████
████████████████████████    ██████████████
   ███████████████████    ████████████████████
██    ████████████      ████████████████████████
████    ████████     ███████████████████████████████
██████    ████    ████████████████████████████████████
████████          ██████████████████████████████████████
████      ████       █████████████████████████████████
██    ████████████      ████████████████████████████
    ████████████████      ██████████████████████
  ██████████████████████    █████████████████
██████████████████████████      █████████
████████████████████████████      ██
██████████████████████████████
███████████████████████████
███████████████████████
███████████████████
███████████████
███████████
  █████
Join our
BOUNTY
acheampong64
Full Member
***
Offline Offline

Activity: 476
Merit: 100


View Profile WWW
June 26, 2018, 06:06:59 PM
 #20

Well, that is what makes me love Satoshi's invention. It will take a very long time for that to happen, and I think until then something to prepare or save us from that incidence will happen. This is crypto and blockchain, we solve problems.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
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!