What will happen to miners when Bitcoin limit supply completely mined?

[sarojan9980]

When mining is completed all are empty means then the price of transaction will increase and also the price of the bitcoin also increases more because availability of bitcoin is very less in future bitcoin will use only for transaction purpose. At presently it is alive don't worry about bitcoin mining still time is there

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[Darker45]

We are estimating Bitcoin supply to be completely mined by 2140 and there won't be any Bitcoin left to mine. At that time, reward for miners would be only from the transaction fee (not sure enough tbh). Do you guys think that the transactions fee are enough for miners to make profit while today we always want to pay transaction fee as low as possible?

What's your opinion about this?

Whatever happens, we are all dead by the time the last Satoshi is mined, unless you are still an egg cell or a sperm cell today and you will live for more than a century.  Kidding aside, I am a little bit excited imagining the future of Bitcoin, excited to see how Satoshi's sense of foresight is made part of his overall vision.

My personal sense of foresight tells me that by 2140 Bitcoin is already in use by billions of people as the world's main currency. And because of that the fees, although very low, is being paid by each of the hundreds of millions of transactions per second. That would still mean a great reward for miners. 

[mk4]

I think some of them will not stop mining, they will find another potential coin to mine. and maybe some of them will sell their mining materials at that time and finally stop their operation. as for those who are contented to only get a transaction fee, I cannot tell on which way they wanna follow. to sell or to mine different coins. I have a question if all of these miners stop their operation, are we still able to make a transactions or not?

Think about it this way. Even if there is almost zero bitcoin left to be mined(due to the difficulty adjustment), as long as people are making transactions hence there are fees to be collected hence there is still money to be made through mining, there will always be >0 miners.

[rijaljun]

we should probably expect that there will be a lot of transactions that will be taking place on the network(both on-chain and off-chain txs); and we should also probably assume that bitcoin's price is far higher at that time.

Something like centralize exchanges don't really make transactions, means there is no fee goes to miners. Imagine if at that time there are a lot of centralize companies, I mean like you and I are become their consumers and we want to transact things and no matter how expensive bitcoin price is, our transactions will give nothing to miners. This is absolutely a threat of the future Bitcoin.

This topic has been discussed many times here. A simple Google sear h would have given the correct answer. Read the below article to know what will happen once all 21 million bitcoins are mined.

https://99bitcoins.com/what-will-happen-when-all-bitcoins-are-mined/

The last bitcoin is estimated to be mined in 2140. Our next to next generation is probably going to see this.

I know I should have just googled it, but I thought I can have the answer faster by creating this thread since my specific question is what will happen to miners at that time

For a brief moment during the rapiest fees in 2017 miners made more from tx fees than they did from the block reward so it is possible. The far less certain thing is how consistent they'll be as obviously the block reward is 100% dependable.

If Bitcoin is still alive by then it will still be called Bitcoin but I doubt there'll be one single scrap of anything it shares with what we call Bitcoin today other than the name. There's no way of knowing how it'll be secured by then. There may not be any need for mining at all. Maybe our hive mind will validate and process things.

Honestly i want to hear a win-win solution for users (transaction makers) and miners (transaction executors). Around December 2017 to January 2018, you maybe right but we as users were suffering to pay the fees and we were never happier than today as the fee is much lower. I understand that we don't need to think so much for what will happen in a century ahead but no one knows if what we are discussing today can be reference for the future life.

[mk4]

we should probably expect that there will be a lot of transactions that will be taking place on the network(both on-chain and off-chain txs); and we should also probably assume that bitcoin's price is far higher at that time.

Something like centralize exchanges don't really make transactions, means there is no fee goes to miners. Imagine if at that time there are a lot of centralize companies, I mean like you and I are become their consumers and we want to transact things and no matter how expensive bitcoin price is, our transactions will give nothing to miners. This is absolutely a threat of the future Bitcoin.

While centralized exchanges may not make transactions when people execute trades, not really. There's still significant amounts of transactions that are being executed by using centralized exchanges because investors and traders still needs to do transactions when depositing or withdrawing funds. I'd say right now in the speculation phase, the usage of centralized exchanges still takes a huge percentage of the total transactions.

[rijaljun]

My personal sense of foresight tells me that by 2140 Bitcoin is already in use by billions of people as the world's main currency. And because of that the fees, although very low, is being paid by each of the hundreds of millions of transactions per second. That would still mean a great reward for miners.  

That would probably help miners to get enough profit but, like what i have mentioned a bit in my post above (sorry for creating new post, it's hard to edit long post, lol), if most of use becoming consumers to centralize companies and don't really create transactions to the block the no matter how many transaction made is won't give any profit to miners.

If there is no other way to extend the bitcoin supply then there is no other option for the miner, to take profit from the transaction fees as they cannot mine anymore.

If we extend the supply, that will make Bitcoin no longer Bitcoin (for me at least) as supply is a main thing for a cryptocurrency.

While centralized exchanges may not make transactions when people execute trades, not really. There's still significant amounts of transactions that are being executed by using centralized exchanges because investors and traders still needs to do transactions when depositing or withdrawing funds. I'd say right now in the speculation phase, the usage of centralized exchanges still takes a huge percentage of the total transactions.

Okay, let's find another example beside just exchange. Imagine both of us are consumer of same wallet provided by a centralize company, you sell me a bread and i pay you with bitcoin. Since we are using a same wallet, we do transaction, but we don't put it on the block. From our transaction will result no fee for miners and imagine millions or even billion of us will be doing this in the future. I know people will say or hope in the future, there will be less centralizes exchanges but it won't be that easy to decentralize everything, we fight with government, we fight each other.

[bitbunnny]

I think that every miner is well aware that Bitcoins will be completely mined one day so there will be no surprises. So it's logocal, there will be no need for miners no more in that narrow sense but people still will be making transactions so their share of profit will be stll available for them

[lighpulsar07]

This topic was discussed in this forum many times already just read the other threads the have been listed above... anyway, simple answer is if the last bitcoin has been mined the transaction fees will be the payment for the miners since there is no block reward left to mine. Anyway, 2140 is very far we are dead if the last bitcoin supply mined don't bother about it.

[mk4]

Okay, let's find another example beside just exchange. Imagine both of us are consumer of same wallet provided by a centralize company, you sell me a bread and i pay you with bitcoin. Since we are using a same wallet, we do transaction, but we don't put it on the block. From our transaction will result no fee for miners and imagine millions or even billion of us will be doing this in the future. I know people will say or hope in the future, there will be less centralizes exchanges but it won't be that easy to decentralize everything, we fight with government, we fight each other.

That's completely assuming that both parties will be using a centralized wallet. People use Coinbase for the same function, instantaneous and fee-less off-chain transactions from Coinbase wallet <-> Coinbase wallet. But what makes you say that people will use the same kinds of wallets in the future? That's why we have 2nd layer solutions like the Lightning Network. LN transactions are almost fee-less and instant, but will still be settled on-chain in finality.

[rijaljun]

I think that every miner is well aware that Bitcoins will be completely mined one day so there will be no surprises. So it's logocal, there will be no need for miners no more in that narrow sense but people still will be making transactions so their share of profit will be stll available for them

The question is, will it be enough for miners to make profit?

That's completely assuming that both parties will be using a centralized wallet. People use Coinbase for the same function, instantaneous and fee-less off-chain transactions from Coinbase wallet <-> Coinbase wallet. But what makes you say that people will use the same kinds of wallets in the future? That's why we have 2nd layer solutions like the Lightning Network. LN transactions are almost fee-less and instant, but will still be settled on-chain in finality.

only IF that happens.
Actually, there are two things I want to focus on this thread

• We always want pay fee as cheap as possible, but miners won't be happy about that
• IF in the future there are a lot centralized companies and most of us would be using their services, there will be less transaction no matter how expensive Bitcoin and its transaction fee is, also miners won't be happy about that

This topic was discussed in this forum many times already just read the other threads the have been listed above... anyway, simple answer is if the last bitcoin has been mined the transaction fees will be the payment for the miners since there is no block reward left to mine. Anyway, 2140 is very far we are dead if the last bitcoin supply mined don't bother about it.

I knew it even before creating this thread and I have put the reason on my previous reply (take a look some previous posts, don't just focus on the first post)). I bet you also have replied all of those threads with similar answers. You don't need to reply this thread if you don't want to join the discussion. Oh, you are spamming  your signature... aren't you?

[gentlemand]

I agree, I doubt even crypto-currencies as a whole will be alive in 21 years from now, governments are already working on their own currencies and there's a high chance they just take over the market and there's no use for bitcoin.

If there ever is to be a government crypto it'll make the case for Bitcoin several times more compelling than it already is. The present set up is a groaning morass of systems of varying ages with varying levels of accessibility and communication.

A governmentcoin would be under their absolute and instant control. Any whim could be executed immediately and no one has any redress. The only escape would be... Bitcoin.

I fully expect Bitcoin to survive in the long term. The case for its existence is too obvious to ignore. I also expect much of what we're used to about it now to be long gone eventually.

[MicroGuy]

We are estimating Bitcoin supply to be completely mined by 2140 and there won't be any Bitcoin left to mine. At that time, reward for miners would be only from the transaction fee (not sure enough tbh). Do you guys think that the transactions fee are enough for miners to make profit while today we always want to pay transaction fee as low as possible?

What's your opinion about this?

In 2140 the block reward resets to 50, meaning BTC's inflation continues growing indefinitely, forever.

[minersday]

In fact, there are two scenarios, either mining can change or it will disappear

There is no way mining will disappear but for the changing aspect, that might be  possible. Transactions can't be made without mining, so there is no way mining will ever disappear.. 

[gentlemand]

In 2140 the block reward resets to 50, meaning BTC's inflation continues growing indefinitely, forever.

Is this a previously unknown Y2K style bug or just a fond fantasy?

I enjoy discussing problems that won't need solving until we're all dead. I wish more problems were like this.

[minersday]

We are estimating Bitcoin supply to be completely mined by 2140 and there won't be any Bitcoin left to mine. At that time, reward for miners would be only from the transaction fee (not sure enough tbh). Do you guys think that the transactions fee are enough for miners to make profit while today we always want to pay transaction fee as low as possible?

What's your opinion about this?

In 2140 the block reward resets to 50, meaning BTC's inflation continues growing indefinitely, forever.

This meant cause a drop in the value of Bitcoin.  I don't agree with you on this.  The possible way I see miners getting rewarded will be the use of transactions fees. As it stands now, transactions fees taken for every transactions made on the Bitcoin blockchain network are not given to miners. Where do you think these fees go to ?? I believe they are stored somewhere to be the next payment option for miners when all the bitcoins are mined..

[mk4]

only IF that happens.
Actually, there are two things I want to focus on this thread

• We always want pay fee as cheap as possible, but miners won't be happy about that
• IF in the future there are a lot centralized companies and most of us would be using their services, there will be less transaction no matter how expensive Bitcoin and its transaction fee is, also miners won't be happy about that

Sure. There will be a lot of centralized companies simply because not every single internet service needs to be "decentralized" or need to be on a blockchain. And if those services needs payments, then bitcoin transactions will be made. Both off-chain for smaller coffee-sized payments(but still recorded on the blockchain, just not immediately), and on-chain for the bigger payments.

Again, layer2 and layer3 solutions are CHEAP transactions that are recorded on the blockchain in finality; hence there are fees. People on the industry are betting on the Lightning Network, not centralized transactions. People that will be transferring huge amounts of money(through bitcoin), are surely willing to pay a couple of dollars worth of fees just to make sure that their transactions becomes recorded on-chain as soon as possible.

[jake zyrus]

2140 is still way too far from today. There are a lot of circumstances that might happen within the coming years. We never know if bitcoin were still existing when we reach 2140. Plus we don't have to worry when that time comes 'cause we're already dead. Let those people in that era to solve their problems when bitcoin were completely mined.  

[atjiat]

It seems to me that if you look ahead for decades to come, then first you need to raise the question not about the existence of miners, but about the prospects of Bitcoin at that time.  To date, Bitcoin has already faced many problems, which is why it is losing its popularity, which proves a significant decrease in capitalization.  The fact is that today on the cryptocurrency market there are quite more promising cryptocurrencies that can occupy leadership positions in the cryptocurrency market and at the same time will have technical characteristics much higher than Bitcoin.  Even if you take for example the ethereum, which is already significantly higher in quality than Bitcoin.

[Moiyah]

In some perspective of others, transaction fees can provide the circulation of btc even btc will all mined. They need to rely on transaction fees to continuously sustain the functions of the operations. The most directly pretentious in this matter are the Bitcoin Miner themselves, not unless the code of behavior of btc will revolutionize which someone manages to add more btc. Year 2140 is still too long, but I believe in others perspective that btc is still regulated after the 2140, because in this present time we see the excellent effect of btc in trading and exchanges. We know that year btc will also evolved, and that is something we should observe, or maybe by our children in the future.

[rodel caling]

Time will tell. The 2140 estimated year is a loooong time from today. Assuming the Bitcoin network still exists and is still up and running at that time, we should probably expect that there will be a lot of transactions that will be taking place on the network(both on-chain and off-chain txs); and we should also probably assume that bitcoin's price is far higher at that time. That should probably(?) be enough bitcoin for the miners to collect fees and profit from.

Exactly mate only time can tell and it's obvious if that time comes bitcoin price are too much expnesive, and for the miner of course if the limit is reach need to stop transaction operation because they work with nothing. Bitcoin circulate limited volumes for every holders. So we need to find another solution about this situation how bitcoin continue to exist.