Who will mine the last Bitcoin?

[Raystonn]

Guys i guess by last coin he means last block worth 1 coin?

As stated in the above postings, the last block will have a reward of much less than 1 coin.

If you care for a word problem:
The block reward is planned to halve every 4 years for 132 years with an original block reward of 50. How many coins will be issued in the last block?

There are 33 halvings.  The last reward would be 50 / 2^33.

[spazzdla]

Any wild speculation out there?

My grandson with my relic  S1 miner he restored for shits and giggles.

[Bitcopia]

Guys i guess by last coin he means last block worth 1 coin?

As stated in the above postings, the last block will have a reward of much less than 1 coin.

If you care for a word problem:
The block reward is planned to halve every 4 years for 132 years with an original block reward of 50. How many coins will be issued in the last block?

There are 33 halvings.  The last reward would be 50 / 2^33.

Ah, close and the error is probably one of semantics. But there will only be 32 halving events. The last block will generate right before a 33rd halving.

[bitcoinsrus]

I know you probably are talking about 2140 scenario, but the last full block with greater than 1 bitcoin will be mined in 2028 (1.5625) then 2032 is 0.78125

I just realized something. We have only been through 1 halving and the next one is 2 yrs away. Bitcoin seems very recent (by this standpoint)

https://en.bitcoin.it/wiki/Controlled_supply

2009 50
2013 25
2016 12.5
2020 6.25
2024 3.125
2028 1.5625
2032 0.78125

-----------------------------------------------------------------------------------------------------------
...just for the fun of it. Lets say price is 640 and assuming that we double per halving, then in 2016 we get 1280. 2020 we get 2560. 2024 we get 5120
2028 we get 10240

(above was just for fun and not to be taken seriously because of its various flaws...just felt a little mathy)

[DubFX]

Guys i guess by last coin he means last block worth 1 coin?

As stated in the above postings, the last block will have a reward of much less than 1 coin.

If you care for a word problem:
The block reward is planned to halve every 4 years for 132 years with an original block reward of 50. How many coins will be issued in the last block?

Sorry then seems like i misunderstood the question 

[Bitcopia]

Sorry then seems like i misunderstood the question 

My mistake. I misread your post.

[An amorous cow-herder]

Miners from year 2140
but who? that is very wild speculation if we guess it from now
another similiar thread
https://bitcointalk.org/index.php?topic=173145.0

Unless there no transactions there will be a mining reward infinately (or at least as long as there is an interest in bitcoin).
Its just the "printing money out of thin air" that will stop.

Well, assuming there are no changes. Far to many protocol changes needed anway (e.g. block size). So basicly the promise "no more bitcoins newly mined after 2140" is worth about as much as if the USA today said no more "money printing after 2140".

[DolanDuck]

Maybe bitcoin in 2140 will be replaced by a new criptocurrency who knows, but the last btc will be mined by Satoshi's children.

[Bitcopia]

Miners from year 2140
but who? that is very wild speculation if we guess it from now
another similiar thread
https://bitcointalk.org/index.php?topic=173145.0

Unless there no transactions there will be a mining reward infinately (or at least as long as there is an interest in bitcoin).
Its just the "printing money out of thin air" that will stop.

Well, assuming there are no changes. Far to many protocol changes needed anway (e.g. block size). So basicly the promise "no more bitcoins newly mined after 2140" is worth about as much as if the USA today said no more "money printing after 2140".

Ok, there is a fixed rate at which bitcoins will be created. It is public knowledge and millions of investors put money into the system taking that factor as one of the more important considerations.

The only motivation for increasing the BTC creation schedule is to pull some kind of heist to allot new BTC to miners who have colluded amongst themselves and the core developers to defraud the entire bitcoin ecosystem. The entirety of the bitcoin ecosystem would revolt and this would mean the end of bitcoin. It won't happen for similar reasons as to why the 51% attack won't happen.

The USG gets away with it because they convinced a less informed population to accept their system before they understood the implications. Today, we understand the implications of modifying the BTC allocation and there is no way BTC users would stand for it.

P.S. There is a big difference between a block reward and transaction fees.

[sgbett]

0b100101010000001011111001000000000

thats your starting block reward in satoshis
every 210k blocks bitwise shift it right (i.e. drop the rightmost digit)
thats your new block reward

eg 8th operation in approx 25 years or so...

0b1001010100000010111110010 = 19531250 satoshis = 0.1953125 BTC

and finally after 32 operations in approx 2136 you are left with
0b1
the last block reward is 1 satoshi

the final bitwise shift in approx 2140 leaves you with zero

even the most cursory review of blockchain reward mechanism would lead to the understanding that fees become more important than block reward long before this happens.

if people read just half as much as they posted this place would be half as spammy and 4 times smarter.

[Wilhelm]

0b100101010000001011111001000000000

thats your starting block reward in satoshis
every 210k blocks bitwise shift it right (i.e. drop the rightmost digit)
thats your new block reward

eg 8th operation in approx 25 years or so...

0b1001010100000010111110010 = 19531250 satoshis = 0.1953125 BTC

and finally after 32 operations in approx 2136 you are left with
0b1
the last block reward is 1 satoshi

the final bitwise shift in approx 2140 leaves you with zero

even the most cursory review of blockchain reward mechanism would lead to the understanding that fees become more important than block reward long before this happens.

if people read just half as much as they posted this place would be half as spammy and 4 times smarter.

+a billion or so

[picolo]

Eligius

Wait a second, I'm confused now is it 2140 or 2040? Many people say either one or the other year. Who's right?

2140, some of us may still be alive by then; our children will still be there

[MatTheCat]

if people read just half as much as they posted this place would be half as spammy and 4 times smarter.

Then give us some more to read!

What happens to the Bitcoin network when it starts to become uneconomical to mine the very last possible Bitcoins?

[sgbett]

transaction fees take over as block reward long before block reward becomes marginal.

thats the kind of thing people should be worried about, whether that assumption plays out, adjusting their risk/reward accordingly

seriously all this stuff is bitcoin 101, even *I* know it !

[MatTheCat]

transaction fees take over as block reward long before block reward becomes marginal.

thats the kind of thing people should be worried about, whether that assumption plays out, adjusting their risk/reward accordingly

seriously all this stuff is bitcoin 101, even *I* know it !

Well I never knew that. I do now, and all that I had to do was subject myself to a mild dose of English condescension in order to find out.

So what we can deduce from that, is that Bitcoin transaction fees are one day, set to become fucking humongous? Totally ill suited to everyday transactions?

[BTC2DAMOON]

Eligius

Wait a second, I'm confused now is it 2140 or 2040? Many people say either one or the other year. Who's right?

2140, some of us may still be alive by then; our children will still be there

Dude that's 126 years from now... nobody on this forum or their children will still be alive.

Let's say you're only 18 years old now and hold off having a baby for 22 years when you're 40 years old.

Even in this unlikely scenario your son or daughter would be 104 years old in 2140.

[rebuilder]

Silly thread, but with a simple answer: nobody, it won't be worth mining.

Someone without a clue posting utter crap as if it was fact?

On the spec sub forum?

NEVER

What's more likely, that this particular blockchain - the first to get any real adoption- will be chugging merrily along until well into the next century, or that something else will have come along in that time? I mean, back in 1876, Bell's telephone was amazing, but I don't think it would do so well on the market now.

Things evolve, and over this kind of timespan, lack of change would be truly amazing.

[ajareselde]

Any wild speculation out there?

There will allways be mining, its just that in the end you will get transaction fees as reward.
Judging by the price rise over the years, it should be more than enough

[dyland]

Hari Seldon

Ha, nice reference.

[zimmah]

More than likely someone who's not even alive today.

this.

Most likely many of our children/grandchildren.

The last bitcoin will be divided by many miners. Even now big pool share 25 bitcoins among thousands of miners. The last bitcoin will be mined in blocks with a very low rewards (couple of satoshi probably) so we can assume that 'the last bitcoin' will be mined by pretty much whoever is alive in 2140. Maybe by that time most phones will mine in the background with special integrated chips.