transacting when Bitcoin hits supply of 21 million

[Deleted member 403]

When the 21 million Bitcoin is mined in the upcoming years ahead, can somebody here explain how transactions will then be processed by miners?

 

[Heatman]

Well for someone like me who don't really mine any cryptocurrency, it's going to be very difficult for me to actually know what is going to happen with this kind of project that Bitcoin mining is all about.

 

[Solutionav]

When the 21 million Bitcoin is mined in the upcoming years ahead, can somebody here explain how transactions will then be processed by miners?

Well I can't say much about that for now but for those that mine is a great advantage for them and am pretty sure they make cool money

 

[Nurudeen]

I really don't understand how mining works in the crypto currency exchange Business so I can't give an accurate answer on how the supply will be when it gets to that stage

 

[Heatman]

I really don't understand how mining works in the crypto currency exchange Business so I can't give an accurate answer on how the supply will be when it gets to that stage

Seriously, ever since I knew about cryptocurrency and how legitimate they are in terms of money, I have never seen any mining ⚒ they pays me in the end after all my progress.

 

[Nomad]

When all 21 millions Bitcoins are mined, I guess Bitcoin miners will have to switch to mining other coins because they will have no more Bitcoin to mine. The price will continue to rise because there will be only demand but not more supply

 

[Rhapsody]

By then mining if bitcoin will stop so there will be no miners for bitcoin anymore. Since transfer fees are for the minners. I see the transfer fees to reduce or be free by then

 

[Niftyyem]

I think that when all bitcoin has been mined, the price would skyrocket even beyond what we know now and for the miners, they have many other options to turn to.

 

[Heatman]

When all 21 millions Bitcoins are mined, I guess Bitcoin miners will have to switch to mining other coins because they will have no more Bitcoin to mine. The price will continue to rise because there will be only demand but not more supply

Seriously there are so many other cryptocurrency for people that who believe in mining that can take part in and mine if they have eventually exhausted Bitcoin.

 

[Dowenship]

Well I can't say much about that for now but for those that mine is a great advantage for them and am pretty sure they make cool money

Mining by that time would have gone beyond individual mining... Because if the market cap of bitcoin hit 21million then its mining process will only be handled by a nation...

 

[ahmedo24]

Mining by that time would have gone beyond individual mining... Because if the market cap of bitcoin hit 21million then its mining process will only be handled by a nation...

@21 million I don't think bitcoin will be available for mining any more rather buying and selling of the coin will take over and in crease in it use case to sustain it.

 

[Heatman]

Mining by that time would have gone beyond individual mining... Because if the market cap of bitcoin hit 21million then its mining process will only be handled by a nation...

Seriously, the truth of the matter is that it's definitely not going to be possible for them to mine up that amount of Bitcoin because it's not really an easy task trying to mine BTC.

 

[Setho]

I do not have so much knowledge about this but some people have always said that after some years there is what is called the Bitcoin halving so maybe that might help.

 

[Senator]

That qsoect of events inhave never gotten my head to get around it. I am yet to see a very reasonable explanation that will put the confusion at rest as to what will be the fate if Bitcoin mining process when that figure is reched in the Future

 

[Dowenship]

Seriously, the truth of the matter is that it's definitely not going to be possible for them to mine up that amount of Bitcoin because it's not really an easy task trying to mine BTC.

I came across a thead that talk about the amount of electricity consumed by bitcoin miners, that's its equivalent to that of some countries like Sweden.

 

[Heatman]

I came across a thead that talk about the amount of electricity consumed by bitcoin miners, that's its equivalent to that of some countries like Sweden.

Well for some countries that don't really have any issues with electricity and power supply, they won't have to get bothered when it comes to mining of cryptocurrency.

 

[eLdavis]

Miners would simply look for another coin available to mine meanWhile the price of Bitcoin would go higher and higher as it can nolonger be mined so it would be a scarce commodity

 

[Destinyfejiro]

I have a few sites that I'm using and for now I have only been able to withdrawn from it ,as for the rest I haven't gotten to minimum withdrawal. You can also use crypto tab browser and mine . It has boost which you can use to increase your earnings

Seriously, ever since I knew about cryptocurrency and how legitimate they are in terms of money, I have never seen any mining ⚒ they pays me in the end after all my progress.

 

[GIFTMICHAEL]

Nakamoto Satoshis dream will fulfill. Immediately the coin has reached 21 million mined coins, its mining sits down. And the BTC miners will go mine other coins, and BTC price will increase cos the demand will be higher than the supply.

 

[Dowenship]

It doesn't work that way oooo.... What makes you think elon musk complaining during may concerning the level of electrical consumption mining of bitcoin could cause...

Well for some countries that don't really have any issues with electricity and power supply, they won't have to get bothered when it comes to mining of cryptocurrency.