So I was watching videos on youtube and I came across to a video rearding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question i what will happen to the miners if tere will be no more coins to mine? Since there is only a limit on how many bitcokns can be produced, a time will vome that minin will put on stop. What will happen to the bitcoin price if then?
The miners still get the fees, so hopefully by then, the fees should be worth enough to make mining profitable
If the fees aren't enough for mining to be profitable, some miners will stop mining, raising the amount of blocks found by the leftover miners... that way the leftover miners find more blocks => more fees => profit
This is the best explanation IMO. Simple but still very accurate. I'll try to make it even more simple:
The lesser the number of the miners the more the rewards the left miners get.So, no worries, Bitcoin will be here until the end of times. )
You guys are missing the point. The deeper question here is 'how thick do the walls of a safe need to be to protect its contents when the value of its contents is always changing and ultimately unknowable?'
What you miss is when miners abandon the community the hardware they used regardless if its resold or trashed will be antiquated within a year, so the community has to be continuously reinvesting profits in new state of the art mining hardware, cutting edge hardware or the network becomes antiquated and the price to attack the network falls below the incentives to protect it. This inflection point is currently unknowable because we don't know how much value has been stored using the bitcoin blockchain outside of its traditional use as a currency.
Under your retarded explanation of the situation the whole bitcoin network would run off 1 cent in total transaction fees per block because the last man standing would still be able to turn a profit but that dose nothing for our security.
