What are your thoughts when all Bitcoins are mined?

[Twentyonepaylots]

In year 2009, 1.1 million bitcoins are mined which is 5.24% of the 21 million bitcoin that can be mine in the system. Today, 13 years after the first set of mined bitcoin there are already 19.19 million bitcoins in existence or 91.38% of the total bitcoin. Which means that 1.8 million bitcoins (8.57%) are left to be mine, if you are wondering when will all bitcoins be mined, professionals says that it will take another 120 (more or less) years to mine the remaining millions because of bitcoin halving. Bitcoin halving happens about every 4 years, the Bitcoin block reward that usually get by the miners are cut in half.

so, what are your thoughts when all Bitcoins are mined?

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[Charles-Tim]

so, what are your thoughts when all Bitcoins are mined?

Miners receive two rewards. The first is the reward for the block mined, the second is transaction fee. Gradually, the transaction fee is replacing the block reward.

Nobody knows what would happen after one century, that is over a hundred years. But if all bitcoin are mined, that would not negatively affect bitcoin in any way.

[Upgrade00]

so, what are your thoughts when all Bitcoins are mined?

Years before this point, it should already be evident how much Bitcoin would function without mining rewards. Infact, within the next decade, over 99% of the total Bitcoin supply would have been mined already, leaving the final 1% to be spread out over a ~century. What this means is that the network would shape up how exactly it would function without any more coinbase rewards.

On chain; it would function as designed, miners would earn only from transaction fees as a form of incentive.
This could lead to a bulk of transactions occuring off chain, but that remains to be seen.

[decodx]

so, what are your thoughts when all Bitcoins are mined?

I won't have any thoughts when all the bitcoins are mined... because then I'll be dead for a long time. Unless something miraculous happens, of course!

[nullama]

In year 2009, 1.1 million bitcoins are mined which is 5.24% of the 21 million bitcoin that can be mine in the system. Today, 13 years after the first set of mined bitcoin there are already 19.19 million bitcoins in existence or 91.38% of the total bitcoin. Which means that 1.8 million bitcoins (8.57%) are left to be mine, if you are wondering when will all bitcoins be mined, professionals says that it will take another 120 (more or less) years to mine the remaining millions because of bitcoin halving. Bitcoin halving happens about every 4 years, the Bitcoin block reward that usually get by the miners are cut in half.

so, what are your thoughts when all Bitcoins are mined?

Since the block reward is halved every roughly 4 years, in a decade or two we'll already see transaction fees taking over as the main incentive for miners. After that happens, the block reward will start playing a secondary role in mining incentives, and gradually will become irrelevant.

Miners will continue to mine after the last bitcoins are received as incentive because at that time they will be getting mostly paid in transaction fees.

So, basically, everything will continue in a similar way. Tick tock, another block.

[coolcoinz]

Since it's estimated that we'll mine all bitcoins in 2140 I won't be around to have any thoughts on the matter

Even if they're wrong and somehow it's all mined 50 years earlier, I'll still be dead, so I won't care anymore.
What about 100 years earlier? I'll be either very rich by that time or very poor and depressed, hopefully raising my grandchildren. Bitcoin is either going to be dead or a world reserve currency by the time it's mined out so it's go big or go home.

[jossiel]

so, what are your thoughts when all Bitcoins are mined?

I have no thoughts by that time because it's likely that I'm already dead when it happens.

But too many discussions about this, miners job will be the one to confirm transactions and no longer mining them.

[Smartvirus]

On chain; it would function as designed, miners would earn only from transaction fees as a form of incentive.
This could lead to a bulk of transactions occuring off chain, but that remains to be seen.

As much as this could be accurate, I expect something more of a stabilisation in price of bitcoin and ahoukdnit come to that with miners depending on reward from what they get off transaction fees, how is that going to be enough to keep them at there job and maintaining the nines.

Like, we are going to have a lot of bitcoin users upto 70-80% of world population hypothetically. Now transactions are given preferences based on fees and then, it is hoped that these fees be minute enough to allow swift transactions in a time of stabilised price. How then do miners gets to benefit from fees without taking advantage of processing swift transactions based on higher fees?

Time would tell for sure but, the mining industry offers some stability and it needs to work itself through these dynamics in the cryptosphere.

[sheenshane]

Sometimes I didn't think too much ahead of time that even we didn't know if we still exist.  But if we've come to that point, it might technically, all miners can be rewarded through transaction fees and not from newly minted coins.  Imagine how much the cost per transaction fee on that time.

Anyway, just sharing this and it could be worth reading if you're interested.
https://en.bitcoin.it/wiki/Controlled_supply

....and listen to this song.

[KennyR]

Anyhow we won't be here to find what will happen when the entire bitcoins were mined. The limited supply is always the best thing with bitcoin. After a century we'll have much demand for bitcoin than the present. This will keep the demand growing with time against the limited supply which can't be produced anymore. So, the transaction fee will make big contribution to the miners as they'll continue to be the key players in the market.

[hatshepsut93]

The best thing about the moment when the last coin will be mined is that people would finally stop asking what will happen, when the last coin will be mined.

If you look at Bitcoin's supply chart, most coins will be mined by 2030. So it would be another 110 years for technically all coins mined, but practically the fresh coins will become a tiny part of available supply in the market. We already saw how leavenings affect the price, I expect that to be the case for the next 10-15 years, but with each halvening the effect will be smaller and smaller, so the corresponding cycles will have smaller gap between the top and the bottom. Bitcoin will become less volatile.

[Gallar]

In year 2009, 1.1 million bitcoins are mined which is 5.24% of the 21 million bitcoin that can be mine in the system. Today, 13 years after the first set of mined bitcoin there are already 19.19 million bitcoins in existence or 91.38% of the total bitcoin. Which means that 1.8 million bitcoins (8.57%) are left to be mine, if you are wondering when will all bitcoins be mined, professionals says that it will take another 120 (more or less) years to mine the remaining millions because of bitcoin halving. Bitcoin halving happens about every 4 years, the Bitcoin block reward that usually get by the miners are cut in half.

so, what are your thoughts when all Bitcoins are mined?

maybe bitcoin will be more valuable and the turnover of buying and selling will be wider and better.

especially if there are more and more enthusiasts or investors, surely bitcoin will increase in price.

So what happens to the miners?

When the last Bitcoin has been mined and there are no new Bitcoins, the Bitcoin mining process will be completed.

Even if the supply of Bitcoin has run out, Bitcoin miners can still profit from Bitcoin. Because Bitcoin transactions that occur on the blockchain network will require a series of verifications. So, the role of the miner will later shift as the party verifying the transaction.

[Despairo]

Bitcoin fees will be pretty much expensive and doesn't worth if you made small transaction, I think before all Bitcoin are mined, everyone already adopt Lightning network.

Theoretically Bitcoin price should be worth for at least one million due to miner doesn't any mining reward and people who use Bitcoin will need to pay higher fee, which make Bitcoin even more scarcer. But we're currently have mined more than 80% of all Bitcoin, we don't need to wait until 2140 to see what's the next will happen to Bitcoin.

[bittraffic]

Bitcoin fees will be pretty much expensive and doesn't worth if you made small transaction, I think before all Bitcoin are mined, everyone already adopt Lightning network.

Theoretically Bitcoin price should be worth for at least one million due to miner doesn't any mining reward and people who use Bitcoin will need to pay higher fee, which make Bitcoin even more scarcer. But we're currently have mined more than 80% of all Bitcoin, we don't need to wait until 2140 to see what's the next will happen to Bitcoin.

The adoption of LN is faster than we know and I think Twitter will have something to do with it. Everyone will be on board when all other social media sites are going to also adopt crypto. Making transactions on BTC will still be cheaper because of LN despite all coins being mined.

Mining will not stop even if all BTC is already mined, they still can mine transactions.
I'm still up to believing the truth is stranger than what we imagine though which miners are going to be regulated with a license required.

[Upgrade00]

As much as this could be accurate, I expect something more of a stabilisation in price of bitcoin and ahoukdnit come to that with miners depending on reward from what they get off transaction fees, how is that going to be enough to keep them at there job and maintaining the nines.

It's not a matter of should it come to that, but when it comes to that.
About how it keeps them at their jobs, I talked about only few transactions occuring on chain, most of which expected to be large transactions, while the bulk of transactions occur off chain at little or no fees.
This of course is just a hypothesis, and there are many more of such out there.

Like, we are going to have a lot of bitcoin users upto 70-80% of world population hypothetically. Now transactions are given preferences based on fees and then, it is hoped that these fees be minute enough to allow swift transactions in a time of stabilised price. How then do miners gets to benefit from fees without taking advantage of processing swift transactions based on higher fees?

Miners already process transactions based on priority or higher fees; the higher the feerate paid, the closer the transaction is to the tip of the mempool.
What exactly do you mean by swift transactions?

[Strongkored]

so, what are your thoughts when all Bitcoins are mined?

-snip-
Nobody knows what would happen after one century, that is over a hundred years. But if all bitcoin are mined, that would not negatively affect bitcoin in any way.

That will be thought about by the next generation after us, because if Bitcoin still exists and spreads throughout the world more then there will be those who want to dedicate their knowledge to think about this and implement things that can have a better impact on Bitcoin like what is happening now, but what it is? will only be known later by the next generation

[m2017]

In year 2009, 1.1 million bitcoins are mined which is 5.24% of the 21 million bitcoin that can be mine in the system. Today, 13 years after the first set of mined bitcoin there are already 19.19 million bitcoins in existence or 91.38% of the total bitcoin. Which means that 1.8 million bitcoins (8.57%) are left to be mine, if you are wondering when will all bitcoins be mined, professionals says that it will take another 120 (more or less) years to mine the remaining millions because of bitcoin halving. Bitcoin halving happens about every 4 years, the Bitcoin block reward that usually get by the miners are cut in half.

so, what are your thoughts when all Bitcoins are mined?

Why think about what physically none of us now existing will not wait. Theoretically, you can think about and speculate about this, but I believe that there are more important things at the moment, the solution of which is better to deal with. Therefore, I will say that you don't need to fill your head with unnecessary thoughts. When all bitcoin are mined, the world will have time to change more than once, and most likely, the attitude towards this event will also change several times.

Based on market mechanisms, if all bitcoin are mined, then the supply of it will be severely limited. If interest in btc by that time continues and grows, then everyone will want to have bitcoin in their pocket (or part, or part of part), therefore, demand will increase and lead to a multiple increase in price. I can't say for sure whether this will be the case, but there is potential for multiple growth. Which will be appreciated by our descendants.

[kamvreto]

Of course bitcoin will be increasingly scarce because there is no bitcoin that can be mined anymore. Bitcoin has spread to all users and some bitcoins are also buried in wallets left by their owners. This will make the price of bitcoin more expensive, but this speaks of the future 120 years from now and we who live in this era of course no longer exist. our descendants will experience it. I don't know what bitcoin will look like in the future, it will probably be more hype than it is today and adoption may have spread all over the world.

[BD Crypto]

It will take a long time to be mined all Bitcoins by the miners. And after mining all Bitcoins the miners will only get the transection fees. Then Bitcoin price will pump more because no coin will be mined in that time.

[ethereumhunter]

The price of bitcoin will increase and become a rare item that not everyone can buy in its entirety. Also, about 120 more years won't allow us to enjoy all the bitcoins we have, even if we only have 10 bitcoins, unless we sell all bitcoin we have.

Maybe only our descendants will enjoy bitcoin while we all certainly can no longer see what bitcoin will look like. For those 30 years old, maybe we only have around 30-40 years or even 50 years left to see bitcoin developments. Meanwhile, our children must have grown up by then and will continue what we started. That's even if we teach them about bitcoin.