cool hit counter Where do miners go if Bitcoin is mined out?_Intefrankly

Where do miners go if Bitcoin is mined out?

In total, there are 21 million pieces Bitcoin is well known for the fact that in just nine years since its release 17 million bitcoins have been mined . When the remaining 4 million bitcoins are mined, which means miners will not continue to receive bitcoins as a reward for mining, will miners who mine for a living be completely out of work?

The answer is no. As Bitcoin is gaining more and more attention around the world and the price is rising high with it, many ordinary people are getting involved in the mining industry. nevertheless Mining is also becoming more difficult and less rewarding . As it stands now, miners are rewarded with 12.5 bitcoins to unlock new blocks, and when the four-year period expires, the miners' reward is then reduced to 6.25 bitcoins until all the bitcoins are mined out.

But that works out. Bitcoin won't be fully mined until 2140. The day may not come in our lifetimes when we will see bitcoins mined. If the day does come when Bitcoin's blockchain mechanism is no longer able to provide Bitcoin rewards, will miners stop mining because it is unprofitable? However, the fact is that the cost of mining is not fixed, if more people dig the cost is naturally high, less people dig the cost is naturally lower. But there is one principle that will not change. As long as the profits are higher than the costs and profitable, mining will not stop.

The income of a miner consists of two parts. One is a block bonus that is cut in half every four years and one from Transaction fees . To ensure that their trades are confirmed by miners as soon as possible, traders usually pay an extra fee to the miner, and the higher the fee, the more likely the trade will be packaged first. The existence of a processing fee provides an incentive for miners to compete for bookkeeping, allowing them to continue to provide arithmetic power for the security of the Bitcoin network even after all the bitcoins have been mined. So even if all the bitcoins are mined, their system won't collapse, the Miners will still maintain their counting power to be rewarded with bitcoin transaction fees.

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