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Author Topic: What will happen when the mining ends?  (Read 140 times)
rubitok
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May 21, 2018, 06:22:20 AM
 #1

price grows up?
crypto currency will not?
technology will be new?
will suffice all that will be extracted and lost for use?

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ice guy john
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May 21, 2018, 12:40:16 PM
 #2

price grows up?
crypto currency will not?
technology will be new?
will suffice all that will be extracted and lost for use?

Well there are only 21 million bitcoins in total and when all bitcoins have been mined essentially miners will no longer recieve a block reward for validating transactions. In this case, miners will  need to rely on transaction fees in order to maintain operations. This will inevitably mean that transaction fees will have to be higher in order to continue to incentive them to maintain operations profitabily.

On the other hand one could argue that over time that mining chips will become smaller more efficient then they are today  and that therefore the mining process will become cheaper, allowing for the transaction fees to be sufficient incentive for miners to continue operations
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May 21, 2018, 02:53:44 PM
 #3

I think miners won't stop mining as bitcoin is going all around from 1(miner) to another and back to the 1(miner). Bitcoin will not go out of stack because every bitcoin owner pay for the transaction fee when they withdraw and other purposes. Imagine there are lots of people around the world selling bitcoin for fiat currency and fiat to bitcoin. Bitcoin is recycling again and again from one person to another(my opinion, just like the fiat money). Miners would also sell their bitcoin for fiat then that means every fee from a transaction will add more bitcoin to every block that will be mined by miners.

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May 21, 2018, 04:43:22 PM
 #4

The halving of mining bitcoin block occurs every 4 years. In 2140, the last bitcoin block would be mined and the miners would have only one way to get bitcoins - from transaction fees.

price grows up?
It cannot be necessarily said whether 122 years from now the price would increase or decrease.
But from our past experience : During halving in 2016 the price rose from $450 to $750. Also, as the amount of bitcoins is limited and the new coins generated gets lower in amount + many bitcoins are also lost, the price is expected to rise.

crypto currency will not?
technology will be new?
What do you mean cryptocurrency would not grow ? Are you referring to price or technological advancements ? For price I have already discussed and regarding upgradation of code, it would still be carried out like currently we have segwit and lightning.

will suffice all that will be extracted and lost for use?
As total bitcoins that can ever exist is fixed at 21 Million and each satoshi is 100 Millionth part of a bitcoin, so it might be sufficient for all considering some coins are lost too from those 21 million.

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Zdraste16
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May 21, 2018, 06:56:27 PM
 #5

Hello everybody .  In my opinion.  the topic of crypto currency is developing.  that the mining will not end.  because this is an important link in a large chain.
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May 21, 2018, 08:26:21 PM
 #6

Hello everybody .  In my opinion.  the topic of crypto currency is developing.  that the mining will not end.  because this is an important link in a large chain.

You're correct, technically, in that mining will continue thriving through transaction fees. As far as traditional mining, who knows what that will look like even in a few years with all the tech advancements sure to come. Either way, with the predicted time it will take to mine all coins, all of this is truly just speculative. One thing we can hope for this that if the btc model stays true, as time goes on and less coins are available to mine, the value should increase.

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May 21, 2018, 09:21:33 PM
 #7

The halving of mining bitcoin block occurs every 4 years. In 2140, the last bitcoin block would be mined and the miners would have only one way to get bitcoins - from transaction fees.

By the time that comes to play we'll be 6 feet under.
That's more than 100years away and if all goes well bitcoin will probably be obsolete in a few decades.
Technology is rapidly evolving.

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May 21, 2018, 10:17:54 PM
 #8

price grows up?
Yeah price goes up if all the coins have been mine as it's limited but the miners will still mine for confirming transactions.
crypto currency will not?
technology will be new?
will suffice all that will be extracted and lost for use?
I can't understand the rest of your question so make it clear with what you are asking.
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May 21, 2018, 11:02:44 PM
 #9

If BTC is mined and nothing more to mine then I believe a new ICE project will be develop to keep this mining machine working in the future...
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May 21, 2018, 11:17:05 PM
 #10

If BTC is mined and nothing more to mine then I believe a new ICE project will be develop to keep this mining machine working in the future...
No, it's not, after all bitcoins are mined I think bitcoin will still stay active and miners still can earn by mining they can still get earn in transaction fees of all miners are gone the bitcoin transaction will be going to slow down like what happened in the past few days the traffic increase and the transaction are stuck because of higher demand of bitcoin and fewer miners.

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May 22, 2018, 12:08:10 AM
 #11

I think mining will not end, as long as Bitcoin and other minable altcoins are still in circulation. The number of active miners may drop.

When max supply of each coin has been reached, there's no more block reward for validating transactions, then transaction fee must valuable enough to keep miners to maintain their job. Otherwise, certain number of miners may quit or temporarily cease operation due to high cost. Fewer players will get better transaction fees, and setup new balance in the supply and demand of mining field.

New balance can still help remaining miners survive, and keep the chains in work.

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May 22, 2018, 01:32:21 PM
 #12

If BTC is mined and nothing more to mine then I believe a new ICE project will be develop to keep this mining machine working in the future...
No, it's not, after all bitcoins are mined I think bitcoin will still stay active and miners still can earn by mining they can still get earn in transaction fees of all miners are gone the bitcoin transaction will be going to slow down like what happened in the past few days the traffic increase and the transaction are stuck because of higher demand of bitcoin and fewer miners.

We can avoid these issues all together if we switch to something more sustainable like POS instead of relying on POW to validate transactions. I highly doubt transaction fees will cover the expenses of running these miners once all coins are in circulation unless we find a cheaper and faster way of validating transactions.
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May 22, 2018, 02:17:44 PM
 #13

If cryptocurrency will success and nice development in future, people will use cryptocurrency in all world, the mining never will end

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May 22, 2018, 02:47:14 PM
 #14

Bitcoin after mining
Bitcoin will eventually be fully exploited by 2140. Once you have created 21 million Bitcoins, you will not get any more Bitcoins. This does not mean that the Bitcoin world will collapse. Besides the bonus of each block, Bitcoin also charges a transaction fee.

Currently, these fees are quite low - about 1%; However, as the number of Bitcoins diminished, transaction fees and Bitcoin values ​​will increase.

Finally, these transaction fees will become valuable enough for the diggers to be encouraged to continue mining. So while the new Bitcoin will no longer be created, the diggers will still make a profit from the exploit.

As Bitcoin digging became more difficult, the diggers had to use better equipment to exploit Bitcoin more efficiently. Power consumption is a major problem for diggers: Older devices can consume more electrical power, making digging bitcoin unprofitable. As a result, diggers will often use new, more efficient machines.

The value of Bitcoin will continue to increase
For sufficient Bitcoin transaction fees to encourage diggers to maintain their mining operations, the value of Bitcoin will have to increase significantly. Fortunately, Bitcoin is on the way to achieving that goal.

Other currencies have unlimited supplies and the government can increase that supply. However, increasing supply will reduce the value of the currency. Imagine that the money supply is a giant pizza.

As you increase your supply, you do not increase the size of the pizza; Instead, you're cutting it into smaller pieces. As the government increases supply, the value of the currency will decrease.

Increasing money supply tends to stimulate investment, because companies and people are encouraged to spend before it loses too much value. In other words, the government often deliberately reduces the value of your property.

With Bitcoin, supply will increase to 2140. However, due to the tight and predictable supply, it has no negative impact on the government's money supply.

In fact, in July 2016, the number of newly created Bitcoins fell to half, down from 25 BTC to 12.5 BTC. During this time, Bitcoin prices have increased dramatically, from under $ 450 to over $ 750. As the newly created Bitcoin halves - in July 2020 - Bitcoin prices may continue to rise. And the same thing will happen in four years.
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May 22, 2018, 04:27:17 PM
 #15

In the past, when only a few electronic coins, this concept would certainly be true. but now. as the amount of money is increasing. I'm not sure ... that this concept will work for all electronic coins after the digging
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May 22, 2018, 10:18:56 PM
 #16

If BTC is mined and nothing more to mine then I believe a new ICE project will be develop to keep this mining machine working in the future...
The progress will continue and there will be tons of projects that will be developed but the mining goes on and it will be continuous.

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May 23, 2018, 05:35:18 AM
 #17

Well there are only 21 million bitcoins in total and when all bitcoins have been mined essentially miners will no longer recieve a block reward for validating transactions. In this case, miners will  need to rely on transaction fees in order to maintain operations. This will inevitably mean that transaction fees will have to be higher in order to continue to incentive them to maintain operations profitabily.

On the other hand one could argue that over time that mining chips will become smaller more efficient then they are today  and that therefore the mining process will become cheaper, allowing for the transaction fees to be sufficient incentive for miners to continue operations


you are sure that Satoshi Nakamoto has not laid any loophole in case everything will be prey stopped - but will there be another way out?

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May 23, 2018, 05:44:09 PM
 #18


What do you mean cryptocurrency would not grow ? Are you referring to price or technological advancements ?

yes it is technical, will be invented some kind of replacement crypto-currencies

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rubitok
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May 23, 2018, 05:46:18 PM
 #19

You're correct, technically, in that mining will continue thriving through transaction fees. As far as traditional mining, who knows what that will look like even in a few years with all the tech advancements sure to come. Either way, with the predicted time it will take to mine all coins, all of this is truly just speculative. One thing we can hope for this that if the btc model stays true, as time goes on and less coins are available to mine, the value should increase.
the quantum computer was supposed to go out like this

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May 23, 2018, 05:48:34 PM
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I can't understand the rest of your question so make it clear with what you are asking.

if in the last 10 years, so much has happened, then what will be the next 50 ?!

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