Will it be profitable for bitcoin miners once all bitcoins are mined?
In theory-yes it will be profitable for bitcoin miners to mine even with all the bitcoin mined. There are 3 main way how:
- Mass Adoption
You see miners also get paid in fees. When Bitcoin blasts off and the world adopts bitcoin -the value of bitcoin will also increase. As such say miners earn 0.1 btc in fees today which is $70. But in the future 0.1 btc can be worth over $600. Get the idea? The fees will pay for itself! - Efficieny
As you can see Bitcoin machines are getting cheap and cheap to run by the day. In fact. even with the price dump with the lastest machine you can make profit! And in theory bitcoin mining can use remmenable cheap energy which will make bitcoin mining even more profitable. - Sidechains+Merged mining
Side Chains are separate chains that connect to the main net. Merged mining can be done with side chains. The most famous merged mining sidechain is RSK an Ethereum based sidechain aka a sidechain that can do smart contracts with 100K tps.
With giving more use to bitcoin, miners can earn even more money in fees.
Another way to merge mine is merged mining bitcoin. You can merge mine Namecoin with Bitcoin. Dogecoin can be merged mine with Litecoin.
You should worry about Bitcoin mining be profitable. It always will be. What you should care about is how much adoption bitcoin gets. As you can see from this bear market, when Bitcoin falls so will ever other altcoin. Love Bitcoin as much as you love your altcoins. :)
It is a market force that needs to be in place if BTC is to survive. If the miners are not making money, they will shut down the operation, thus lowering the difficulty making mining profitable again.
I didn’t know about idea of mining side chains, it’s interesting way to continue mining after all bitcoins are mined
Posted using Partiko iOS
Thanks for this post. I like the thought posted by allcaps below about the fact that if mining becomes unprofitable, miners will cease minig, thus dropping th edifficulty level opening it up for others to enter. That makes sense to me...
I wll say I have to disagree that "altcoins" (which, imo, will become an outdated phrase in not too long) necesarily follow BTC. That didn't appear to be the case always. Plus I think the divide between BTC and other coins will only increase with time as other coins begin to assert themselves as legitimate projects in the future. I cannot marry myself to bitcoin! I guess I am a "polygamist" lol.
i disagree with the statement on it become more profitable if some just drop. That the case with anything. Miners who bought won't drop they just sell or mine a different coin. The hashrate will keep on increasing no matter what.
Altcoins will not be an outdated phrase that is a very dangerous term. Altcoin will be Altcoins. There nothing wrong with liking more coins that bitcoin. Bitcoin is the gold standrad and many traders who shared your view got burned. Altcoin follw king bitcoin. They will increase faster than bitcoin bc it easier too.
$1 to $10 is easier than $10 to $100.
there a reason why traders look at bitcoin prices than usd in altcoins.
Altcoins are not an outdated term and to some are good. Bitcoin massive decentralisation leads to slow updates. By not being bitcoin they throw away this flaw. Some many altcoins pride themselves in being altcoins.
I understand you love coins more than bitcoin but the notion of altcoins being a outdated term is dangerous. I love altcoins too. Made more money from them than bitcoins lol
However it agian has to be stated-altcoins follow bitcoin.
sorry if sounded harsh and sorry about the grammer-typed on my phone...
No offense taken, I just don't see the necessary connection between alt coins and BTC. There's a definite correlation, but, as is well known cliche: "Correlation does NOT equal CAUSATION" :)) I guess because I am only in the game a year or so, I did not "grow up" with btc like many did, and therefore do not have the same emotional attachment--as you seem to. Which I understand. I think it's "dangerous" to assume that forever and all time, all coins with follw BTC. Just doesn't make sense, and seems quite irrational to me. To also borrow another popular knowledge: the past does not guarantee the future... You keep basing your theories on what HAS been without look at what IS now, that is folly, imo. But, we shall see :)) . Personally, I am moving more toward ETH as being a solid bet--but hey, I still hold btc--just not as much lol. And seeing as I am here to make money, btc just doens't seem to, like you said, have the same "jump" any more. I guess im just looking for that "next Bitcoin" as we all are.
On another note, have you heard of a project called holochain? What's funny is, (an most don't now) it has actually been going on since BEFORE satoshi wrote his btc whitepaper. It is almost, in a way, Bitcoin Turned on its head. It will change the world, mark my words now :)) HOT is the ticker. Chekc em out..
Thanks for the convo--no hard feelings--just want to learn and find truth :))