With the conclusion of Bitcoin mining in 2140, miners will rely solely on transaction fees to sustain their operations ?
Currently, miners get the block rewards and the transaction fees. The block reward is halved every 210,000 blocks and will decrease to zero when we reach the block number 6,930,000. In that time, there will be no block reward and miners will only get the tranaction fees.
It may worth mentioning that the block reward decreasing to zero in 2140 is only an estimation. The exact time may be in another year.
Thank you for providing these details. It is indeed accurate that currently, miners in certain blockchain systems receive both block rewards and transaction fees for their efforts in validating and adding new blocks to the blockchain. The block reward is typically halved at regular intervals to control the rate of coin issuance and is expected to eventually reach zero in the future.
It's important to note that the exact timing of the block reward reaching zero is subject to the specific blockchain's protocol and can vary based on factors such as block time and mining difficulty adjustments. While the estimation of this event occurring around the year 2140 is a commonly accepted prediction, it is crucial to acknowledge that changes in the network or mining dynamics may influence this timeline.