What happens to processing power when 21 mill coins are mined?

[CP_Viking]

Hi,
I might be wrong, but as i understand the Bitcoin-miners are a part of the big independent computing-network that provides a lot of the benefits with Bitcoins. What happens when - in not a too distant future - all the 21 mill. Bitcoins are mined? The mining "power" will not have any incentive to operate - and what - if any - consequence will this have for Bitcoin ( processing transactions etc. )?

CP_Viking

[nandibear]

Hi,
I might be wrong, but as i understand the Bitcoin-miners are a part of the big independent computing-network that provides a lot of the benefits with Bitcoins. What happens when - in not a too distant future - all the 21 mill. Bitcoins are mined? The mining "power" will not have any incentive to operate - and what - if any - consequence will this have for Bitcoin ( processing transactions etc. )?

CP_Viking

When will all Bitcoins be mined? Year 2140 based on block reward halving frequency of four years.

The other incentive to mine is transaction fees. Transaction fees go to the miners.

[CP_Viking]

Hi,

Most graphs show that by 2025 about 20 mill. of 21 mill. Bitcoins will have been mined - leaving just 1 mill. to reward the miners the next 100 years.

The cost of electric power is already critical for miners profitability.

Will the transaction-fees by 2025 be able to make bitcoin-mining profitable?

Can you refer to any studies concerning this topic?

[nandibear]

Hi,

Most graphs show that by 2025 about 20 mill. of 21 mill. Bitcoins will have been mined - leaving just 1 mill. to reward the miners the next 100 years.

The cost of electric power is already critical for miners profitability.

Will the transaction-fees by 2025 be able to make bitcoin-mining profitable?

Can you refer to any studies concerning this topic?

You're neglecting to take into consideration the price of a Bitcoin in, per your example, year 2025.

For example, 3 years ago if I were to trade my time (e.g., a job or a service that I provide) for Bitcoin (Bitcoin price was appox. $200) I might request 1 entire bitcoin per day.

Based on that same rate ($200 per day) and being that the Bitcoin price is now approx. $8400 (today, 2018) I would now only need to receive 0.023 bitcoin per day.

[dumachi88]

By then it will have been replaced or upgraded

[CryptoPokerClub]

Its a very fascinating subject. Simple answer is no one knows but one thing is for sure, there will be Bitcoin updates and infrastructure improvements. I wouldn't worry about it for now until we are closer to be honest.. Bitcoin was really first of its kind, what may quite likely happen is it will be replaced and existing Bitcoin holders will be able to convert it to the 'new' Bitcoin.

[handycash]

I am sure there will be future improvements to bitcoin. Power is now a huge challenge to mining bitcoin, which has made it less profitable. There is not much coin to go around anymore.