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Author Topic: Will mining pools exist after 2100?  (Read 470 times)
BlackHatCoiner
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July 15, 2020, 08:15:48 PM
 #1

On mining pools all miners get rewarded with the analogous CPU they have used.

I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?

1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.


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July 15, 2020, 08:37:07 PM
 #2

On mining pools all miners get rewarded with the analogous CPU they have used.

I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?

1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.

Well, no one here will be able to see what will happen in 2100 or how many satoshi will be generated on blocks in 2100. There is no grantee that bitcoin will survive by that time and people may not have shifted to some other more better way for performing transactions. Also, even if the life exists after 2100, our life's will be end already.

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July 15, 2020, 08:48:56 PM
 #3

This problem has been discussed in the past. For example, in this topic: Can bitcoin be divided beyond satoshis?.

This answer is just a possible suggestion:

Currently you are not able to divide it beyond as satoshi is the smallest introduced unit. However, if it ever becomes needed, additional units could be added that are smaller than a single satoshi (e.g. 1 000 000 Laudas = 1 Satoshi). I don't think that it will come to that though.

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July 15, 2020, 11:33:06 PM
 #4

On mining pools all miners get rewarded with the analogous CPU they have used.

I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?

1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.

Well, 2100 is such a long term period that we should not forcast what may happened then. this is why Lord Maynard Keynes said that we should do everything possible in the short-run to solve a problem because in the long run we are all dead.

Here is it, when the halving ends, miners who are maintaining the blockchain will be rewarded by the transaction fees. so, i believe miners will keep on mining. Secondly, there will be innovations when the time comes.

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July 15, 2020, 11:52:44 PM
 #5

If bitcoin exists until then, bitcoin mining pool will be stopped. The chance of running is too low; unless BTC reaches a tremendous high price.
I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi.
In LN, it can be split I guess; it's possible to split. Not a big deal at all.

This problem has been discussed in the past. For example, in this topic: Can bitcoin be divided beyond satoshis?.
Both are different discussion seems like.That one was for dividing small units of bitcoin. While here OO is looking for what will happen to mining pool when the reward will be low although OP have added the dividing issue in the later part.
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July 15, 2020, 11:58:48 PM
 #6

That's 80 years to go and every year there is a new lot of things happens in the structure of the Cryptocurrency what you think will last for many years in the top standing in the market is not anymore like the case of Litecoin, we never know by that time if Bitcoin is still the leading coin in the market, but people will still mine just to maintain the blockchain but that would be fewer miners than when Bitcoin started.



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July 16, 2020, 12:16:03 AM
 #7

On mining pools all miners get rewarded with the analogous CPU they have used.

I don't know exactly how many satoshis will be generated on every block after 2100 but I know they will be very few. Imagine splitting 1 satoshi. How? Will the bitcoin community create the nakamotos?

1 satoshi = 1000 nakamotos for example. Too dumb question, tho, since we can't know a damn thing about that era. Some say that life will end after 2100 due to loss of natural supplies.

You don't have to wait for 2100 to see what will happen to miners or mining pool.

Just imagine this, 88% of Bitcoin has been mined already, and there's around 2.5 BTC left to be mined. So in the next three halvings, by 2032 "almost" all Bitcoin so we will see by that time what will be the status or the economics of bitcoin mining.

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July 16, 2020, 01:02:04 AM
 #8

I believe there will always be a need for pooled mining as many people are risk adverse and don’t enjoy gambling. The reward amount potentially being lower doesn’t change that fact.


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July 16, 2020, 02:04:39 AM
 #9

I suppose it's too early to say? After all, the future of Bitcoin is still uncertain. Besides, 2100 is 80 years later, so why not go for somewhere smaller and decide based on that? Let''s say around 2040? That should be more than enough time to assume what would happen to 2100 by then. 2040 or maybe around 2075? That's around the middle time of since when BTC was made and possibly when BTC ends. Still, I believe it's still necessary, mostly because miners are still being paid of transaction fees, plus, Bitcoin would only grow in price if more and more keep hodling it. Ofc, there would come a time where it would probably stay at a steady price, but that's still mostly by the end.


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July 16, 2020, 03:18:13 AM
 #10

I think it's hard to predict what will happen after the 2100s of mining pools but if the demand for Bitcoin increases it will be at the top of the market and mines will rise through blockchain technology However, the currencies will pump according to the market situation.

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July 16, 2020, 04:15:41 AM
 #11

Well, no one knows how many satoshis will be generated in the year 2100, hoping that it would generate so many satoshi, it would benefit all of us thinking that we are still live on that year. The question is, does cryptocurrency can survive in the year 2100? I hope so, cryptocurrency becomes a good part of many people's lives, it helps them so good in terms of their finances and source of income, so whats more in the future where our technology keeps upgrading. As technology upgrades, cryptocurrency does as well. So I think in the year 2100 the image of bitcoin will become powerful.
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July 16, 2020, 04:55:28 AM
 #12

You should read this article for more better understand, BITCOIN BLOCK REWARDS WILL BE JUST 1 SATOSHI BY 2140. Hope you understand that we don't need split Satoshi. There you will find a chart that will describe you mining reward up to 2140. Take a look on below picture.

Source; https://twitter.com/CryptooIndia/status/1193493686383824898

So if bitcoin exist after 2140 then everyone related stuff will be exist like mining pools. We don't know what will happen after 120 years. The only thing will happen if bitcoin exist, the mining reward will end, but miners will get transaction fees which would enough to generate their revenue.





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July 16, 2020, 04:56:31 AM
 #13

Its hard to predict the future, especially in this new kind of technology. No one will know how the world will change in the next century. Many even doubt that bitcoin will continue to exist in the next few decades. 80 years later is a very long period of time and I guess there will be a lot of new technologies created which can be even more useful than bitcoin. As you can see, there are many other cryptos which have been proven that can bring more benefits than bitcoin. However, I do not deny the advantages which bitcoin has brought to us. Moreover, the bitcoin developed team are working day by day to increase the efficiency and the transaction speed. If people continue to make bitcoin greater everyday, I believe that mining pool can not be disappear in 2100

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July 16, 2020, 05:15:47 AM
 #14

If Bitcoin still thrives by 2100, mining pools will remain most likely. The value of 1 satoshi in dollars would probably be equivalent to $1 million.

What I'm more interested in is how much would the transaction fees and the cost of mining be during that time. Maybe it will decrease significantly due to the advancement in technologies.



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July 16, 2020, 05:49:53 AM
 #15

Why exactly 2100. It seems to me that this is a bit of a naive question because, over such an extended period, many events can occur that are outside the scope of analytics and which can unpredictably affect anything.
No severe analyst will make predictions for such a long time due to the enormous abundance of variables.

The only thing that would be appropriate here is speculation, but what good is it?
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July 16, 2020, 01:23:10 PM
 #16

Someone still need to create blocks and mining reward is still exist from transaction fees, so i'm sure mining pool still exist after 2100.

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July 16, 2020, 01:50:55 PM
 #17

Someone still need to create blocks and mining reward is still exist from transaction fees, so i'm sure mining pool still exist after 2100.


I believe that's the only time Bitcoin can be called a complete success, when transaction fees support the miners.

Plus OP, it will require a hard fork. No "nakamotos" on-chain.

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July 16, 2020, 04:32:37 PM
 #18

The smallest unit is not satoshi butthere can be smaller units to work with in the side networks like the lightning network
will mining be economically profitable? wasting energy and resources on earning $ 1 a month? Will you continue with the project? of course not.
Companies can produce gold in factories, but the cost of extracting gold is much less than a need, and so they are mining.
The cost of mining bitcoin will make mining unprofitable before the year 2100.
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July 16, 2020, 04:44:45 PM
 #19

you are basically asking the same question as "what will happen when the block reward reaches 0 satoshis" since the nature of it is the same. as long as there is reward to be gained from mining, the miners will continue mining bitcoin. that reward is the block subsidy for now and it will be mostly fees in a century from now! and when there are miners mining, they can "share the work" by joining a pool.

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July 16, 2020, 05:23:39 PM
 #20

Beyond the conditions whether the earth still exists or whether Bitcoin still survives, we need to use the calculation of the block reward from halving. halving will continue every 4 years and this makes the block reward smaller.
And as said by @Coolcryptovator that mining reward will reach 2140 and the result will be 1 satoshi. And when 1 satoshi, then will they still memining? Maybe it's because it could be that the price of 1 satoshi is already very high.

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