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What happens when all the Bitcoins have been mined?

I’ve heard that Bitcoin “logs” or “ledgers” are kept by the farms that mine for coins and that’s essentially the reward for maintaining the currency. So what happens when every coin has been found/created?

 

Feel free to correct me if there’s a misunderstanding.

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3 minutes ago, Jet_ski said:

So what happens when every coin has been created?

That's contradictory - you can create more.

REFRESH BEFORE RESPOND, I EDITED MY POST

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go to square one, and start over.

so I can use bitconnnnnnnnectttt

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1 minute ago, ragnarok0273 said:

That's contradictory - you can create more.

Not true at all, with bitcoin is there is a finite number of coins. As more people join the network the difficulty goes up (exponentially iirc) but there is a limit of 21 million bitcoins that can be mined.

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1 minute ago, Lurick said:

Not true at all, with bitcoin is there is a finite number of coins. As more people join the network the difficulty goes up (exponentially iirc) but there is a limit of 21 million bitcoins that can be mined.

I stand corrected.

REFRESH BEFORE RESPOND, I EDITED MY POST

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ledgers are kept by people running full bitcoin nodes (or even pruned cause the full ones are like 330 gigs and goin up) on their pcs. miners create new blocks that are added to the ledger queue and validated by the ledger keepers ie the nodes. i am guessing your question is rather how is bitcoin profitable for miners after all the coins have been mined. in every transaction you pay a small fee in order for your transaction to be picked up by a miner so that it is added to the block . the sum of all fees and the block reward is then given to the miners depending on their work so when the coins are done being mined the block reward will be purely the sum of transaction fees

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17 hours ago, CaptainSig said:

ledgers are kept by people running full bitcoin nodes (or even pruned cause the full ones are like 330 gigs and goin up) on their pcs. miners create new blocks that are added to the ledger queue and validated by the ledger keepers ie the nodes. i am guessing your question is rather how is bitcoin profitable for miners after all the coins have been mined. in every transaction you pay a small fee in order for your transaction to be picked up by a miner so that it is added to the block . the sum of all fees and the block reward is then given to the miners depending on their work so when the coins are done being mined the block reward will be purely the sum of transaction fees

Basically this ^

Right now the average block is worth 7.1 BTC the reward for finding a new block is 6.25 BTC the rest is transaction fees so once all the halvenings happen and there are no new blocks to be found that current extra bit of fees will be the only amount of money miners will get. However, the last BTC to be mined will occur around 2140. So unless you're going to be living in 120 years from now its not a concern :) 

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It will likely, if it still holds public value, continue to rise in price as we now have a supply/demand issue.

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3 hours ago, airborne spoon said:

Basically this ^

Right now the average block is worth 7.1 BTC the reward for finding a new block is 6.25 BTC the rest is transaction fees so once all the halvenings happen and there are no new blocks to be found that current extra bit of fees will be the only amount of money miners will get. However, the last BTC to be mined will occur around 2140. So unless you're going to be living in 120 years from now its not a concern :) 

That seems like a big transaction cost! In a link someone posted I read that mining might stop before 2140 if it becomes financially unviable.

 

Is it possible for the protocol to change to increase the number of coins?

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49 minutes ago, Jet_ski said:

That seems like a big transaction cost! In a link someone posted I read that mining might stop before 2140 if it becomes financially unviable.

 

Is it possible for the protocol to change to increase the number of coins?

that isn't just one transaction cost making up that almost 1 BTC extra that is from about like 3k transactions or more.

And no the code cant be changed it was designed that way

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