What will happen when the last Bitcoin gets mined?

[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)..

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[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.