What will happen when the last Bitcoin gets mined?

[Blawpaw]

I have been thinking about what will happen when the last Bitcoin gets mined. In my understanding mining will still need to be done, miners will need to keep their machines on otherwise the networks come to a halt. So, when there is no more bitcoin to be mined, if the network keeps the PoW process, miners will be paid by transactions fees right? So this is my question. Looking forward to reading your comments.

[1714297695]

1714297695

[rdluffy]

In theory the last Bitcoin will be mined around the year 2140, unless the bitcoin network protocol suffer a big change.
And you are correct, it's suppose to have only fees to stimulate the "mining process", and if today the fees represents a small amount, in the end BTC can have a much more transaction that will be lucrative

But the most important here is the fact that we have 120 years until the last BTC mined, and with this time BTC could be over, could be another currency, os people will think in another protocols, another way to deal with this process, and BTC can evolve to something totally different, can you imagine the techonology of just 10 years ahead?

[slackovic]

In theory the last Bitcoin will be mined around the year 2140, unless the bitcoin network protocol suffer a big change.
And you are correct, it's suppose to have only fees to stimulate the "mining process", and if today the fees represents a small amount, in the end BTC can have a much more transaction that will be lucrative

But the most important here is the fact that we have 120 years until the last BTC mined, and with this time BTC could be over, could be another currency, os people will think in another protocols, another way to deal with this process, and BTC can evolve to something totally different, can you imagine the techonology of just 10 years ahead?

This is the best answer. Can anyone look around and tell us what was this world like 120 years ago? I think that no one can imagine this world in 120 years so let others (our kids) think about what will happen when the last Bitcoin is mined

[MrcMrc]

miners will be paid by transactions fees right?

Yes, miners will be paid only transactions fees, but at the time, bitcoin price would have increased due to no supply, this will make mining profitable.

[gentlemand]

I think that no one can imagine this world in 120 years so let others (our kids) think about what will happen when the last Bitcoin is mined

Well within our own lifetimes years we'll become conscious of whether transaction fees will be enough to keep enough miners on board. Maybe the block reward reduction is so lengthy because Satoshi foresaw it would need to be a process that took a long time to transition.

The alternative is that a 0.19 BTC block reward is a few million dollars in 20 years which works fine for me.

[Ulven]

First, I do not think we will be present at this point, As you know, most of us will be under the ground.That is why the problem will be solved by future generations. If they wish to keep the network alive, they will continue to employ miners!!I do not know what the end of this network will be. We must travel through time and know the facts

[odolvlobo]

https://lmgtfy.com/?qtype=search&q=What+will+happen+when+the+last+Bitcoin+gets+mined

[bL4nkcode]

First, I do not think we will be present at this point, As you know, most of us will be under the ground.That is why the problem will be solved by future generations. If they wish to keep the network alive, they will continue to employ miners!!I do not know what the end of this network will be. We must travel through time and know the facts

Satoshi thinks about the best thing to do if ever that happens and it will stick to that. Small and huge miners think about that as well that's why they risked buying equipment and do the thing and it will keep the network alive.
Theoretically, btc will be 100x as of that date, so miners fee will be still, enough, sustainable.

[boyptc]

miners will be paid by transactions fees right?

Yes, miners will be paid only transactions fees, but at the time, bitcoin price would have increased due to no supply, this will make mining profitable.

Miners will likely become the remittance centers by that time where senders paying for their remittances.

They'll be paid for transactions and due to scarcity, bitcoin's price will be high by that time if it's still existing. Around 100 years from now will be the last bitcoin to be mined.

[fiulpro]

Miners would be paid by the transaction charges that we are paying to the companies And wallets to complete our transactions.
At the same time I do think , since they won't have to mine Bitcoins anymore , the machine will use much less electricity since the load is reduced to a great extent, so the payment should be enough to cover up for the payment regarding the bills and extra charges and maybe in the future we will have much more changes , which will inturn create a favourable environment for the miners .

[Yaunfitda]

So far we have seen 18++ million bitcoin have been mined already. So probably after the halving next month and following the next three halvings, so around 2032 we might say that "almost all bitcoins" have been mine already. So next final 1 million bitcoin will be mine for many generations. So we don't have to wait, in 2032 for sure some of us here is still alive and see what's going to happen, theoretically.

[Lucius]

Why even think about something that none of us will experience? This is a very long time in the human understanding of time, and it is very likely that the world will look much worse than it is today in 120 years. I think that food and drinking water will then be much more important than Bitcoin (if it exists at all), and that planet Earth will not be a very hospitable place to live.

It is better to ask yourself what will be in the next 5 or 10 years with Bitcoin, because time when 99% of all Bitcoin will be mined is close (2032), and that 1% or 210 000 Bitcoins will be left for next 100 years.  I don't see the point in skipping a lot of the more important events to discuss the future, which at this point we cannot in any way influence.

So next final 1 million bitcoin will be mine for many generations.

Not 1 million BTC, 1% is 210 000 - you need to refresh your math a bit, and not mix millions with percentages.

[Sayma83]

According to various sources, Bitcoin will be Maining till 2140, a very long time that maybe a lot can happen within 120 years of it, even the fee can be effective, we can see the success of Bitcoin in just 10 years. , And 120 years will go beyond the idea, I do not know what happens after 120 years, we may not see it. But after Bitcoin Maning is over, I think there will be a continuum of the value of Bitcoin then, and Bitcoin will be used all over the world then, my idea will then be the reign of Bitcoin.

[Blawpaw]

In theory the last Bitcoin will be mined around the year 2140, unless the bitcoin network protocol suffer a big change.
And you are correct, it's suppose to have only fees to stimulate the "mining process", and if today the fees represents a small amount, in the end BTC can have a much more transaction that will be lucrative

But the most important here is the fact that we have 120 years until the last BTC mined, and with this time BTC could be over, could be another currency, os people will think in another protocols, another way to deal with this process, and BTC can evolve to something totally different, can you imagine the techonology of just 10 years ahead?

Thanks for your answer bro!

Yeah, I suppose we will either see its capitulation after two more halvings or a big change may need to be in introduced into the protocol to ensure sustainability. Thing is after this next halving mining will be a lot less lucrative, but companies are already planning ahead and have new hardware prepared just for that. We will see a lot of changes in the mining landscape after this next halving going on to the next one, that's for sure. I don't know about the price as transactions are still expensive and using bitcoin is still not an easy process for the average Joe. I may agree, that the protocol will change as I see that it will be the only way out of PoW dependency which is not a sustainable process. So, in 10 years time, there will be a lot of changes or Bitcoin may die. I guess these next 10 years will be bitcoin's real stress test.

[rhomelmabini]

I am already been sucked by the earth if that happens but I guess during that time Bitcoin will be very valuable but no one really knows that's a long way to go.

I may agree, that the protocol will change as I see that it will be the only way out of PoW dependency which is not a sustainable process. So, in 10 years time, there will be a lot of changes or Bitcoin may die. I guess these next 10 years will be bitcoin's real stress test.

I don't think it will change but probably it'll improved because Bitcoin is continuing on development, I doubt it may die that easily. Well, let's just be all a speculator.

[Sadlife]

That could be the potential plan but the core devs hasn't official announced a contingency feature if all the Bitcoin blocks is mined but it's still 100 years before the last BTC is mined until then anything could happen Bitcoin network could change its protocol to POS because miners might not find profiting in fees a good earn.

[celot]

Bitcoin keep higher price and exist become most interested project for trading and investing, but when last bitcoin get mined maybe bitcoin will down to lower price. Supply for bitcoin in exchange market become situation how to know with bitcoin on higher or lower price and always get bad moment when bitcoin going down.

[TopExchanger]

Miners will still be incentivized to validate the bitcoin blockchain because they will collect transaction fees from users.

[Yatsan]

According to various sources, Bitcoin will be Maining till 2140, a very long time that maybe a lot can happen within 120 years of it, even the fee can be effective, we can see the success of Bitcoin in just 10 years. , And 120 years will go beyond the idea, I do not know what happens after 120 years, we may not see it. But after Bitcoin Maning is over, I think there will be a continuum of the value of Bitcoin then, and Bitcoin will be used all over the world then, my idea will then be the reign of Bitcoin.

But you are forgetting that in the year 2030, almost 98% of the bitcoin is going to get mined. and the last 2% will last until 2140. If this is really going to happen, the question should be: what is going to happen on 2030? we all know that bitcoin price is based on supply and demand so what's goingh to be the next move by the whales if it's true that 98% of the total bitcoin supply is going to get mined on 2030.

[grimico33]

Will the whole system shut down because Bitcoins are no longer awarded for mining new blocks? Probably not. Bitcoin miners are also awarded transaction fees, and these fees should keep Bitcoin afloat. As the the price of bitcoin increases, the fees allocated per each transaction will also increase.