Re: What will the miner do when 21 million Bitcoins is mined?
Everyone knows the world has a total of 21 million bitcoins and a total of 17 million bitcoins have been mined. So what happens when 21 million bitcoins are exploited?
As far as I know miners have two sources of income when exploiting bitcoin that is:
1. Be rewarded with bitcoin from the number of deals they handle.
2. The main reward: the bitcoin reward, for each bitcoin block to be exploited.
When 21 million Bitcoins are mined, the second source of income will be gone. So how will the bitcoin network do when there are no miners? I do not think that with only a single source of income, it may be profitable for them when the Bitcoin price goes down.
I look forward to receiving an explanation from someone and thanks!
Well by the time all bitcoins are mined bitcoin will be so popular that it will be profitable to mine it even if the miners only receive the transaction fees. For example, let's say that bitcoin replaces all visa transactions, which is 24k a second. That means that bitcoin would handle 24k*60*10=14.4M transactions per average block. Also, if every transaction is going to cost, let's say 0.01$, it would mean that every block reward would be 14.4M/100=144k$ which is around twice more than the miners receive from blocks right now (78k$). It's a problem that will solve itself with time and we don't have to worry about it.As far as I know miners have two sources of income when exploiting bitcoin that is:
1. Be rewarded with bitcoin from the number of deals they handle.
2. The main reward: the bitcoin reward, for each bitcoin block to be exploited.
When 21 million Bitcoins are mined, the second source of income will be gone. So how will the bitcoin network do when there are no miners? I do not think that with only a single source of income, it may be profitable for them when the Bitcoin price goes down.
I look forward to receiving an explanation from someone and thanks!
That is one of the "theories" thrown, but that's just an educated guess, if nothing else. It is not truly definite.
I believe we will be witnessing some fear to the "future of mining" when block rewards are halved to 3.125 Bitcoins on 2024, if the price stays near or below the "break-even cost" of mining.
We might see a miner or a popular member of the community make a debate for adjusting the inflation schedule through a hard fork to "save Bitcoin" too.
