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.

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[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.

[Chrystora123]

snip..

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

our kid??  the more appropriate is our grandchildren ..  I agree with you, we actually do not need to go too far to discuss things that will happen in decades to come, theory alone will not be enough to make something valid..

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.

I personally can not imagine what happened to the price of Bitcoin after the last Bitcoin in the mine.. the possibility is 50:50 (Bitcoin prices go down or go up)..

[khaled0111]

I disagree with those who say that transactions fees will be enough to incentivize miners to keep mining.

Even if 1 bitcoin will be worth millions of dollars, users will always pay cents for transactions fees and because the number of transactions that can be contained in a block is limited, fees will not be enough to cover miners expenses.

[turkandjaydee]

I disagree with those who say that transactions fees will be enough to incentivize miners to keep mining.

Even if 1 bitcoin will be worth millions of dollars, users will always pay cents for transactions fees and because the number of transactions that can be contained in a block is limited, fees will not be enough to cover miners expenses.

This is true. At least if we want bitcoin to be used for transactions as often as fiat and to be accepted as payment widely or even globally, then a low fee is a must.

So what's the solution to keep the fee low and make miners still get a decent reward then?
Or is it clear that bitcoin is only suitable to be an asset/store of value?

[odolvlobo]

I disagree with those who say that transactions fees will be enough to incentivize miners to keep mining.
Even if 1 bitcoin will be worth millions of dollars, users will always pay cents for transactions fees and because the number of transactions that can be contained in a block is limited, fees will not be enough to cover miners expenses.

You don't know that fees won't be enough to incentivize miners because you don't know what the fees will be. You are making a big assumption.

Besides, Bitcoin is designed to always be profitable for at least some miners through the difficulty mechanism and the economics of mining.

[turkandjaydee]

Besides, Bitcoin is designed to always be profitable for at least some miners through the difficulty mechanism and the economics of mining.

Yeahh, there will be an adjustment between the difficulty and the number of miners. But after all, if the reward is reduced then the number of miners must be reduced as well, so they can still make a profit. And then the difficulty will be lower.

What I'm curious about is how low is the difficulty will be when all bitcoin has been mined? Is it low enough to make the bitcoin network become vulnerable?

[Lucius]

But most likely the last bitcoin will never be mined, some people do not want this to happen.

I don't understand why it would be in anyone's interest if it never happened, and who these people really are? But if anyone wants it, they will have more than 100 years to make sure it never happens.

I disagree with those who say that transactions fees will be enough to incentivize miners to keep mining.
Even if 1 bitcoin will be worth millions of dollars, users will always pay cents for transactions fees and because the number of transactions that can be contained in a block is limited, fees will not be enough to cover miners expenses.

It is not logical to compare the current state of technology with that which will be realized in the next 20 or 50 years. It is certain that the efficiency of the mining equipment will increase and that the price of electricity will go down. I am thinking, above all, of renewable energy sources such as the sun, wind, the power of water (rivers and seas), which will increasingly become the standard everywhere in the world. If the price of BTC goes up and costs go down, mining with all its safeguards will continue to be profitable.

[davis196]

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.

When the Mining rewards becomes zero,the bitcoin price should be high enough to maintain the transaction fee revenue,which those miners are making.If the Bitcoin price is low,many miners will stop mining,the mining difficulty will become very low,and mining will accessible again for the people,who can't afford expensive mining equipment.However,this is just a fantasy.Nobody knows what will happen.
The question "What will happen when mining stops?"  is older than the Bitcointalk forum.

[FanatMonet]

It’s rather strange to hear a question of this type from a person with the rank of “Legendary”, but in theory, because we certainly won’t survive by 2140, miners will receive an award only from transaction processing. Because the Bitcoin limit will be exhausted.

[Blawpaw]

It is obvious that the price will rise very much. But most likely the last bitcoin will never be mined, some people do not want this to happen.

Well, that's absurd. If the last bitcoin is never mined, it means that the network came to a Halt. If blocks are not being mined, transactions will get stuck and the network will get stranded. I believe that we will probably see the network protocol turn into a new protocol that is sustainable. Though PoS may be the way out, I do not think it is an option as PoS is not a fair protocol because the ones who have more bitcoin will have a lot more chances of having more than the ones who don't or have very few. So, Why should we migrate from cash to crypto if the capitalist concept stays the same. I think that this is a problem that needs to be solved by taking into account the original notion brought by Satoshi, crypto for all

[rodskee]

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.

Lets not make this problem now mate because this will take another decades
before it happens and i think there will be a
 new protocol when that time comes or new system in which the miner will still be rewarded upon using their rigs ,But you
made me also think here because this is a serious issue though i am sure i will not be facing this as the new generation or the next will need to answer this.

[Sanugarid]

I disagree with those who say that transactions fees will be enough to incentivize miners to keep mining.

Even if 1 bitcoin will be worth millions of dollars, users will always pay cents for transactions fees and because the number of transactions that can be contained in a block is limited, fees will not be enough to cover miners expenses.

I believe you, if halving will going to increase the bitcoin's price like what it did with the couple past halving then it will surely hit hard the miners especially the small ones. Fees that will be generated aren't going to cover the miner's expenses and so they are going to quit mining right? Mining is not a charity for the bitcoin network, it is a job for profit to miners.

I created a topic about this one about an hour ago, I'll appreciate it if you post something there
https://bitcointalk.org/index.php?topic=5244280.0

[MicroGuy]

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.

By that time it won't matter, BTC will be worthless replaced by privacy coins.

[odolvlobo]

What I'm curious about is how low is the difficulty will be when all bitcoin has been mined? Is it low enough to make the bitcoin network become vulnerable?

That is the real question. The security against a 51% attack is based on the cost of mining, and that will be determined by the revenue from transaction fees. Right now, fees average about $20k USD per day. If there were no subsidy, then that's how much it would cost for a successful 51% attack against Bitcoin today.

[tbterryboy]

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.

For now you should enjoy what you have and make use of the opportunities that are given to you. The last Bitcoin will be mined around 2140, and that's still over a hundred years to come. I believe that when that time comes the Bitcoin team will do whatever possible to put the community in a better position. They wouldn't like to do anything that is going to ruin everything that we have been fighting for all these years. They might possibly change the protocol if things are not going the right direction.

But, I read somewhere like when bitcoin mining reward reaches zero, the transaction fee will be summing up more than 50 bitcoins as mining reward per block generation. So, miners will never face losses. So, they may not lose interest in securing bitcoin network. But, it will happen only after another 150+ years hence we do not need to worry on this as of now.

[fauzan123]

It is obvious that the price will rise very much. But most likely the last bitcoin will never be mined, some people do not want this to happen.

It is not certain that this will happen, because in fact, whether it can be mined or not, it will not have a big impact, because most of the total supply is already held by investors, So that the influence does not seem too big.

[Crptomagma]

FrI’m the information i got I don’t think bitcoin mining is ending even in a hundred years to come and if eventually it happens bitcoin miners will be paid transactions fee. A couple of times I have asked myself these same question but get to realize bitcoin is just a digitized technology and can easily be flexible. We shouldn’t think of all bitcoin being mined apparently 120 years from now all of us will be gone.

[bayu7adi]

People will probably find something that can replace Bitcoin before the last coin is mined. This possibility is very big because it will still take a very long time, and for this very fast evolution, maybe in the next 10 or 20 years there will be very big changes again regarding the condition of the cryptocurrency ecosystem or more precisely evolution.
Currently the existence of Bitcoin has many doubts about its general use because of the very minimal amount of supply. It could also be that in the next few years, this technology will become traditional technology and be replaced with newer ones.

[Pizzalover420]

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.

Only one or two pools will become profitable, The rest will go out of business.
Currently only 15% of the rewards is fee rewards. 85% is block rewards.

Two pools, will turn into one, one of them will start mining at a loss and not be able to afford the hydro.
Then it becomes centralized.

Here is a simulation of it.
https://www.youtube.com/watch?v=czUU3Z8spUQ

It will be a central banker with the biggest bitcoin mining farm and he will collect all coins through network fees AKA enforced tax and enslave your future offspring again.

[dizzy1996]

This is a completely logical question, and so when all the bitcoins are mined, then a total market growth will begin as there will be a shortage and bitcoin holders will be able to set the course as they please by the means of the holders, and then there will be either a big growth or a big fall, I personally think there will be growth

[kamadazje]

I am also curious about it especially to the miners if what will happen to them but in the other side, I can see a good effect also if the bitcoin will be completely mined like the bitcoin price will continue to increase especially the users of bitcoin will continue to grow as the supply has been limited while the demand continous to grow.

These are the advantages that I saw once the bitcoin will be mined completely but with regards to miners, I am still puzzled if what will be the disadvantages to them once it will happen in the future.