So, here’s what I understand (and correct me if I'm off base) miners currently earn a block reward, which includes both a subsidy from inflation and the total of all transaction fees for that block when they successfully mine a new block and add it to the blockchain. Since the total bitcoin supply is capped at 21 million coins, once we hit that limit, miners won’t get the inflationary subsidy anymore. They'll only get the transaction fees.
So my question is, will bitcoin mining still be worth it at that point?
By the way, I looked around a bit but couldn't find any info on how much miners actually pull in from transaction fees. If anyone has a way to figure it out, I'd love to hear it.
Wrong area - this belongs in General Discussion. (edit - been moved to correct area)
edit edit: and has been moved back here again....
Plus - there is already the exact same Topic there https://bitcointalk.org/index.php?topic=5363338.0 I suggest you peruse it and lock or delete this one...
As for fees -- there is no calculating involved. Fees only depend on what folks are willing to pay.
Even today, there's no way you can calculate transaction fees for future blocks as there's no exact amount/fee for every transaction, every blocks has different numbers of transactions and different fees so there's no way you can calculate it, what certain is miners will only get fees as their reward once all bitcoin is mined, and for sure bitcoin price is more than what the price now when all bitcoin is mined.
It's a nonsense question. There's no way to know what the value of Bitcoin will be 100 years from now. There's no way to know how high of a fee an average transaction will pay 100 years from now. There's no way to know how much electricity will cost 100 years from now. There's no way to know what the mining difficulty will be 100 years from now. There's no way to know if humans will still exist 100 years from now. There's no way to know if people will still be using Bitcoin 100 years from now.
So, for your nonsense question, I give you a nonsense answer. The answer is yes.
Bitcoin is designed with feedback loops in it. If the value of a block drops, then unprofitable miners stop mining. When unprofitable miners stop mining, the remaining miners become MORE profitable. This continues until ONLY the profitable miners remain. Therefore, it will always be profitable for some people to mine, assuming that Bitcoin still exists. Remember, there were miners back when the mining reward was worth less than $0.01, so humanity has already demonstrated that people will mine bitcoin regardless of its value.
Now that the nonsense question is answered with a nonsense answer, can we lock this thread before it fills up with a few hundred pages of sig ad nonsense?
I thought it belongs to mining because..you know its minning related
I already saw that topic and i didn't come across a reply to my question anywhere thus why i created this topic.
Dunno why are you this mad but great points really..
but when a good chunk of miners (also reffered to as "unprofitable miners") leave the network wouldn't that make it kinda more centralized and vulnerable to 51% attacks ? (in a nonsensical universe of course)
We cannot predict the real effects over bitcoin once the full 21M supply has been mined. The logic behind the ecosystem is that mining cannot stop. As such, once the full supply has been mined, miners will keep receiving fees. As said we cannot predict the effects of this happening; we can probably see a huge increase in fees cost or competition between miner may take them lower... who knows. Even so, Bitcoin is still underdeveloped and many things are still to come.
You can maybe find answers to your questions here
That link has a lot going on about not reaching the cap due to rounding ... and the affect of that ... which is zero.
Clearly someone at that link has very little idea about it and seems to be simply some marketing guy attempting to make sense of what some random person told them.