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Author Topic: What will happen after all Bitcoin blocks have been found?  (Read 1646 times)
chronicsky
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January 23, 2015, 11:03:26 AM
 #1

Though as we know , we get a confirmation and our blockchain move's because somewhere someone is mining a block, though lately cos of high load of hashes , it takes quite time much time(sometimes 30 minutes) for blockchain.info(i prefer using it) to get a Confirmation.
Recently i saw a video showing it is expected all blocks will be found till year 2140.
What will happen then ? I mean how will the chain move ?
i know it's gonna be lot time for that , but am just curious .  Shocked
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tonygal
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January 23, 2015, 11:08:55 AM
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The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..
chronicsky
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January 23, 2015, 03:37:07 PM
 #3

The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/
tonygal
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January 23, 2015, 03:58:03 PM
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The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/

https://en.bitcoin.it/wiki/Transaction_fees
klondike_bar
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January 23, 2015, 04:56:36 PM
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The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/

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

right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

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January 23, 2015, 05:16:56 PM
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they mining will continue with fee, but the reward would be too low for the majority, maybe only one mega farm will remain
chronicsky
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January 23, 2015, 05:49:24 PM
 #7

The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/

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


the site ain't loading for me , idk why , thanks anyways


right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks
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January 23, 2015, 07:52:33 PM
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right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks

confirmation time wont change, there will always be a block every 10min (on average). Its likely that block size (in MB) will scale up with time and demand to allow even low-fee transactions to be included in the current/next block. The 1MB limit right now has no real reason why it cant scale up to 1GB or more in the next decade or two as long as storage and bandwidth capabilities continue to increase for the average bitcoin node computer.

24" PCI-E cables with 16AWG wires and stripped ends - great for server PSU mods, best prices https://bitcointalk.org/index.php?topic=563461
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chronicsky
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January 23, 2015, 08:07:08 PM
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right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks

confirmation time wont change, there will always be a block every 10min (on average). Its likely that block size (in MB) will scale up with time and demand to allow even low-fee transactions to be included in the current/next block. The 1MB limit right now has no real reason why it cant scale up to 1GB or more in the next decade or two as long as storage and bandwidth capabilities continue to increase for the average bitcoin node computer.

ammmm.. kinda confused here
sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes
that should not happen right ? since , the average time is 10 minutes
tonygal
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January 23, 2015, 09:57:33 PM
 #10

sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes
that should not happen right ?
Hmm, I think you got something wrong here..  Huh
cheekychap
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January 23, 2015, 10:13:25 PM
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Lets get to 2050 and then worry about it .
Until thenn sit back and have fun Wink

tadakaluri
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January 24, 2015, 03:21:05 AM
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Yes, we can think about it after 2050.
chronicsky
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January 24, 2015, 04:06:08 AM
 #13

well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity  Smiley
klondike_bar
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January 24, 2015, 04:29:33 PM
 #14


right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks

confirmation time wont change, there will always be a block every 10min (on average). Its likely that block size (in MB) will scale up with time and demand to allow even low-fee transactions to be included in the current/next block. The 1MB limit right now has no real reason why it cant scale up to 1GB or more in the next decade or two as long as storage and bandwidth capabilities continue to increase for the average bitcoin node computer.

ammmm.. kinda confused here
sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes
that should not happen right ? since , the average time is 10 minutes

average is he key word. sometimes a block is solved within a minute, other times it can take hours. The average is always about 10min, and probably 50% of blocks are found within 5-15min

24" PCI-E cables with 16AWG wires and stripped ends - great for server PSU mods, best prices https://bitcointalk.org/index.php?topic=563461
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serje
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January 24, 2015, 04:36:05 PM
 #15

well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity  Smiley

OMFG 2140??? They got it all wrong! Maybe 2040 Smiley)))


Show us the link I really want to laugh my ass off

P.S. also sent you a pm with the content of the page is not loading
chronicsky
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January 24, 2015, 04:39:53 PM
 #16


average is he key word. sometimes a block is solved within a minute, other times it can take hours. The average is always about 10min, and probably 50% of blocks are found within 5-15min

kool! got it now Wink
Thank you

well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity  Smiley

OMFG 2140??? They got it all wrong! Maybe 2040 Smiley)))


Show us the link I really want to laugh my ass off

P.S. also sent you a pm with the content of the page is not loading

Yeah thank you just saw it!
https://bitcointalk.org/index.php?topic=924929.0;topicseen

here it is , someone posted a video on it
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