What will happen if all Bitcoins have already been mined?

[Adam adam 276]

Really, I have a lot of perceptions about mining the last bitcoin unit and what will be his fate? Perhaps the lost Bitcoin will be mined and this will help the duration to last for additional years.

[yonkii 3205]

Thanks it was nice knowing all of this. I also think that by that time there would be quantum computers ready and used instead of the desktop computers we have today. Meaning millions of times more power inside a house computer. It will be a very different life from what we understand today with similarities but everything better. Look back 100 years from today. It was no television, no internet, no mobile phones, most cities had no electricity either. Totally a different world from today.

[Syedbesharat 5423]

The BTC will upgrade like ETh 2.0 and get advancement in mining which give more adoption and people prefer BTC over other crypto and fee also goes low because more people are mining now. The farm have adopted BTC and start mining at commercial scale. The BTC price goes higher and people start mining more. The crypto become illegal totally or collapse of whole market. Those scenarios can be happened as well. 

[Man138 404]

Once all bitcoin become mined the value of bitcoin will skyrocket as the demand for it in the market will be very high and the transaction fee will also rise

[khan22 3478]

On 2/23/2020 at 9:21 PM, Benjamin said:

I think this will have an big impact for the users of bitcoin because first, the price of it can be dropped if they are sell it to high price, this will be hard for it to reached the good value of it and many people will be disappointed with that (this is just my opinion only).

Selling the Bitcoin in a high price and buy the coin in a low price is the best ad good idea and i am doing this becasue in the crypto market so many peoples are trading in it and they make good money in the market through this way.

[Goyaa 2414]

If all the bitcoins are successfully mined, maybe the miners will switch to becoming traders of the remaining bitcoins they have. Bitcoin will still exist but the price will continue to rise because miners are no longer producing bitcoins and only bitcoin shares are circulating in the market.

[Jermany 612]

It would shoot its value, as there will be no more free Bitcoin, but for that missing more than 100 years, so many of us will not see that event

[Onden 2098]

I think the scenario is that bitcoins will not be successfully mined until they run out, because the cost of the last mining is so high. Miners can no longer mine bitcoins and that is probably the scenario that Satoshi Nakamoto came up with. The last Bitcoin will remain in the Block and cannot be mined. Meanwhile, bitcoin price may have shot up.

[MalikAdnan 1662]

Yes it is very interesting question. But i think this process will take long time. So now this time it is not long matter. But i think in future it will be a topic for the discussion. This time it is not matter.

[alaarami 103]

Opinion Nothing will happen. The buying and selling process will continue where the price is high as the demand and supply process through technical analyzes can follow all the markets.

[Cryptic 0]

The reward that the miners could get now was been halved which cause to increase in the difficulty to mine, and because of that some miners now barely get some profit from mining. So I think as time goes by some miners will stop mining because of halving in reward, so if all of the Bitcoin have already mined then the only reward the miners will get is the transaction fee.

[Sarahden111 1231]

In the event that it is completely mined, this matter needs several things. First, very many lenders and a very short period, and thus the costs and price rise rapidly. We can expect a price explosion in it and the transformation of all the liquid to it, and this is not healthy for the market at all, as many emerging currencies will be eliminated.

[Khan 1414]

On 11/25/2020 at 10:21 PM, Mella said:

I am thought about it and if I was a miner, then it will need a very higher fee to keep mining. I am also read this is happen in 2140 and not any time closer. It is seem that we will not know what will happen after so many years later though. Anything can change as Bitcoin is code in a software.

Yes, high fees with the higher demand and the price of the Bitcoin will increase. Bitcoin price already non-affordable form new users and poor people and if the price increase more then only few investors will be left.

[Alex9876r 1408]

The first possibility is that its price will exceed 100 thousand dollars, and secondly it will be in the hands of companies as individuals will not be able to buy it in large quantities because of its price Also, the prices of other currencies will be very high from eth, ltc and others, as they are linked to it.

[Amr90 1064]

The world needs a long time to mine Bitcoin.
But if all the bitcoins were mined, first its price would rise much more than now.
But the problem lies in its limited number, so only several people can own all of the Bitcoin, which will lead to a decrease in its dominance and an increase in the demand for the rest of the cryptocurrencies.

[Fixfin 2569]

Miners will rely only on fees, nothing else, there won't be another reward like now they have the Bitcoin coinbase transactions that give them new Bitcoins, so it will be probably a reduction in mining activity which perhaps by that age maybe won't be required as many changes will probably happen in between.

[kryptonick 2659]

On 11/15/2019 at 6:26 AM, PiroSense said:

. Bitcoin would become obsolete, as when that time comes, a better technology would have been invented.

As I see it, it will be very hard for something better to appear, as it will require a more decentralized network than Bitcoin, a huge community to back it, a name known to billions of people, profits given to so many people and many more, but this is not impossible, I am just giving very small chance to it.

[abd1992 960]

On 11/15/2019 at 6:26 AM, PiroSense said:

There are several scenarios that could happen when all Bitcoins (21 million) has been mined. Let's go through the facts first before envisioning the scenarios that could happen.

 

Facts?

1. Miners would not get rewards for each block generated, unlike today when there're still left to mine.

2. The estimated time when total Bitcoin supply would be mined is 2140.

3. Miners would need to rely only on transaction fees to gain income from mining.

 

Possible Scenarios?

1. Bitcoin would become obsolete, as when that time comes, a better technology would have been invented.

2. Bitcoin would still exist, but miners may be uninterested in mining as the operational costs might be more expensive than the actual fees paid by the users. Without these miners (nodes), and without transactions made, the network would collapse and people might abandon it.

3. Bitcoin would still exist, and advancements in technology and computing hardware would make mining cheaper and thus, still supporting miners income, given the chance that people would actively transact in the network that'll pay fees.

 

These are just few scenarios that are possible to happen when all Bitcoins have been mined. What do you think would happen? Can you think of another possible scenario? I would like to hear your thoughts.

I do not think that it will stop mining until it reaches the last block. Bitcoin may be $ 1 million, meaning that mining will still be really feasible.

[Maaz sultan 265]

On 11/20/2019 at 5:13 PM, pangitmo said:

That is quite impossible but if that really happens, it will happen a thousand years later when maybe all of us are already dead.

Deer mate its true that at one stage the mining of Bitcoin is stopped and as estimated time its happens on 2140 almost 40 years later ,and then there is a very huge fluctuation in prices of crypto currencies which maybe positive or negative .

[Smallingcane012 344]

I'm not think something can happen if bitcoin has been mind but that depends on the use of individual or members that involves.

[teebasas 3018]

I think it is difficult to happen and if that happens, miners will stop working, but there are still a lot of bitcoin quantities that have been mined and can be used in trading and investment, and supply and demand will remain what determines the price of the currency.

[Serbberq 724]

Bitcoin is really lunched in large quantity but the wrong transaction that are made that hangs some coins have reduce the number, and if all bitcoin are mined the transaction fees will increase and the price will rise more because of the limit of supply in the market. 

[zhoutong 2188]

When this moment comes, the most profit would be in fees before the final halving that will end the Bitcoin rewards. 99% will be fees so any miners will only be in profit from fees and the rewards won't matter, this is how Bitcoin is designed and looking at fees on average they gain a percentage every year, and after each halving they become a bigger part of profit for miners.

[velasco19 1753]

These are good scenarios that you propose, from my perspective I see more feasible the number 3 because the advances in technology will serve to promote the technology Blockchain and at the same time strengthen its security.
Perhaps many will not reflect on this because there are still years to go before the total extraction of BTC is completed, but I think it is a good investment and that is what the big companies are seeing.

 

Edited December 30, 2020 by velasco19

[Roan 2166]

I think instead of thinking about the end of Bitcoin and laying out scenarios for it, expect the bad things

We must work hard and get good financial gains. We still have many years to mine the last bit of bitcoin in the year 2140.