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Author Topic: What is going to happen once the last Bitcoin is mined?  (Read 243 times)
lichig (OP)
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March 11, 2021, 07:51:30 AM
 #1

What is going to happen once the last Bitcoin is mined?
There is not going to be more incentives for miners to keep the network secure, What it is the most likely scenario then?


Note: I imagine this topic was already discussed, but after many tries I couldn't make the forum search to work.
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March 11, 2021, 07:53:25 AM
Merited by OgNasty (1)
 #2

Miners will gain from transaction fee when all bitcoin are mined.

This will more like happen
More people will use bitcoin
Bitcoin being a deflationary asset, its price to fiat like dollar will increase
Scalability issue will be solved in a way miners will still gain
More transactions will be processed at the time
Miners will earn only from transaction fee which will be enough at the time

This will take series of processes, but will not be an issue if people embrace bitcoin to become mainstream or world's currerency.

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mk4
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March 11, 2021, 08:04:28 AM
Last edit: March 11, 2021, 08:52:02 AM by mk4
Merited by OgNasty (1), ABCbits (1)
 #3

By that time, it's a safe assumption that Bitcoin would already be widely adopted and that bitcoin would be worth far more in 2140 than today. Hence, miners would make money through the transaction fees that people are paying.

Note: I imagine this topic was already discussed, but after many tries I couldn't make the forum search to work.
Bitcointalk's search function can suck, so use Google instead. Like so:

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lichig (OP)
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March 11, 2021, 08:41:43 AM
 #4

Thank you for your replies.

And the complexity and hardware requirements for validating transactions is the same than the required for mining?
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March 11, 2021, 08:51:46 AM
 #5

Thank you for your replies.

And the complexity and hardware requirements for validating transactions is the same than the required for mining?


Since the last bitcoin is estimated to be mined by 2140, it's a safe assumption(or pretty much guaranteed) that computer hardware by then are far advanced than we have right now, so no.

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March 11, 2021, 08:59:11 AM
Merited by ABCbits (2), hugeblack (2), OgNasty (1), webtricks (1)
 #6

Thank you for your replies.

And the complexity and hardware requirements for validating transactions is the same than the required for mining?

Mining IS validating transactions.

The process that people like to call "mining" is the process of validating transactions, building a block for the blockchain that contains those transactions, completing a proof-of-work on that block, and broadcasting that completed block to the network.

In exchange for providing this service, the Bitcoin protocol allows the entity (miner or pool) that creates that block to include a special transaction in that block which pays themselves a block reward.

That block reward consists of an inflationary block subsidy PLUS the sum of all the transaction fees of all the transactions that are included in that block.

In the beginning, that subsidy was 50 brand new bitcoins, and the transaction fees were practically zero.
As time passes (approximately every 4 years), the block subsidy is cut in half reducing the number of new bitcoins that are created. At this time the subsidy is 6.25 BTC per block. Eventually, in approximately  120 years from now, that subsidy will shrink to zero and no new bitcoins will ever again be created.
In the meantime, as bitcoin gains popularity, the number of transactions and the size of the transaction fees increases. A larger and larger percentage of the block reward comes from the transaction fees instead of the subsidy.
Eventually, the sum of the transaction fees from the transactions in the block will be greater than the subsidy portion of the reward.  Then when the subsidy shrinks to zero, the fees will be 100% of the reward.

This process is what people call "mining".  Perhaps as the transaction fees grow beyond 50% of the reward, people will stop calling it "mining" and instead will start calling it "transaction processing". Or, perhaps we'll ALWAYS call it "mining", and it will continue to confuse people hundreds of years from now.
lichig (OP)
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March 11, 2021, 09:47:52 AM
 #7

Thank you very much @DannyHamilton . Excellent explanation!
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March 12, 2021, 07:20:32 AM
 #8

What is going to happen once the last Bitcoin is mined?
There is not going to be more incentives for miners to keep the network secure, What it is the most likely scenario then?


Note: I imagine this topic was already discussed, but after many tries I couldn't make the forum search to work.

Its been discussed many times, if you used google search then you may find the results but anyway as mentioned above the fees paid on a block for all the transactions will be more profitable for the miner than now so miners are going to work forever.
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March 12, 2021, 08:55:31 AM
 #9

Bitcoin is created for borderless transactions so the basic involvement of bitcoin miners is confirm transactions and get their rewards from transaction fees that people pay them.

Block rewards are only additional rewards for bitcoin miners but their roles on the bitcoin network are not solely to find blocks in order to get block rewards.

If you are worrying that if the bitcoin network will be dead or bitcoin miners will abandon the network in 2140, you are wrong. Miners will abandon network if their income from mining is not enough to pay power bill. In 2140, which price for bitcoin do you image of? $1,000,000 or $10,000,000.

At $1,000,000 for one bitcoin, 0.001 BTC has its value at $1000. It is big enough for bitcoin miners to stay.

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March 12, 2021, 12:04:48 PM
 #10

Similar question to some of my newbies and beginner-level friends. I usually told them that miners will be earning from transaction fees and no doubt that BTC can go much higher than ever. Sad to say that we are just humans, not robots. We're too dead to see it and let our future generations experience and witness it.

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March 12, 2021, 01:18:54 PM
 #11

Thank you for all the replies guys, now I have an even more clear view of the BTC horizon.
Much appreciated!
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March 14, 2021, 09:40:53 PM
 #12

I have had flashing thoughts of a question of this nature in my head a few times but, it never seemed to be anything serious because, I've never thought of bitcoin not to assume another form or usage that would ensure it stays in existence.

Well, the fact that miners do help to make the whole system come together and as such got incentived for it is what would have been very challenging for bitcoin after the last bitcoin is mined but then, bitcoin as a save of value currency will continue to maintain its value which is sure to be far above what it is today. Mainly large volumes would be traded and as such, the relativism with volume and fee would continue to feed miners with what they need to keep up and as I also believe a few miners will go out of business.
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March 14, 2021, 10:26:13 PM
 #13

Probably by that time and with the continuous development of technology all devices will be able to run full nodes and mining bitcoin will not be as costly as it is right now. Maybe the consensus will change and bitcoin will start using a different algorithm instead of PoW!!

I disagree with those who think that transactions fees will increase. Because, then, no one will use it. What should increase is the number of transactions processed per second.

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March 15, 2021, 05:07:56 AM
 #14

I disagree with those who think that transactions fees will increase. Because, then, no one will use it. What should increase is the number of transactions processed per second.

Assuming that bitcoin continues going fully parabolic up until those years(2140), then when looking at it in USD values, then of course transaction fees will increase. But regardless, people would still use the base chain for transferring large amounts of money, while using layer-2s for the quick and low-value transactions.

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March 15, 2021, 03:55:23 PM
 #15

Many times I've seen a similar topic on the forum. There was also the scope of human imagination. If the OP is so interested in the future, which he, unfortunately, will not see, in this case, he can also read these topics.

https://bitcointalk.org/index.php?topic=393539.0
https://bitcointalk.org/index.php?topic=5059533.0
https://bitcointalk.org/index.php?topic=5076909.0
https://bitcointalk.org/index.php?topic=5086115.0
https://bitcointalk.org/index.php?topic=5175262.0
https://bitcointalk.org/index.php?topic=5243500.0.......and this is not the last topic

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