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RE: What Happens When There Are No More Bitcoins Left to Mine in 2140?

in #cryptocurrency7 years ago

Actualy, miners are already earning money from transactions fees. Today, miners earn more from receiving newly created bitcoin than from transactions fees, but this will change.

As the number of Bitcoin transactions increases, the reward from transaction fees will also increase. And every time a "halvening" occurs (some call it "halving"), the rewards from newly created bitcoin decreases. For those who don't know, a halvening means that the number of newly created bitcoin with each block will be halfed. Halvenings occur every four years.

So one day the rewards from transactions fees will be bigger than rewards from new bitcoin. And this day is much closer than 2140. By 2140 transaction fees will be more than enough for miners to be happy.

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Some insight, thanx

@marc99 Thanks for the #commentoftheday and the super simple explanation. Your comment is making it on the shortlist of info I am gathering on how to explain this stuff to people. Good luck in 2018!