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Message Subject THE BITCOIN IS STRONG
Poster Handle W0RD'SW0RD
Post Content
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They never will be.

Mining gets more and more difficult, ad infinitum, as the number of total bitcoins mined approaches 21 million.
 Quoting: W0RD'SW0RD




That's not true. Last bitcoin will be mined in 2040 roughly.

Mining does not end however. There will continue to be miners because there are very small transaction fees required to send bitcoin. While finding a block post block reward days the finder will be rewarded with just mining fees of the associated block. However the price of bitcoin will be that such reward will still be quite profitable. Scarcity remains and network remains strong and secure given the profit of the reward. Incentive structure of bitcoin is quite genius and fair.
 Quoting: Anonymous Coward 73533979


Didn't know that, thanks. So it would be correct to say there will always be mined bitcoins, but not always mined blocks.
 Quoting: W0RD'SW0RD


Blocks will continue to be found by miners.
They will simply have a reward of 0 minted new bitcoins once it falls below a single satoshi sometime around 2140. The block reward consists of a new mint reward - currently 12.5 coins per block + transaction fees associated with the block (currently averaging 1-2 BTC per block). So after 2140 when the reward falls below the lowest divisible quantity of the network (a single satoshi) - (0.00000001 BTC) the newly minted coin reward will be zero of the given block and only the transaction fees portion of the reward will remain.
 Quoting: Anonymous Coward 73533979


Wow.

So...

Theoretically...

A (less than) satoshi would be worth an entire block reward in 2140 (the current value of 12.5 BTC). That's mind-blowing.

What would the world do with so much wealth? We'd need to travel the stars or something.
 
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