What will happen after mining the entire Bitcoin (21 million units)?
When will the last bitcoin be mined?
What will miners do when they have finished extracting 21 million bitcoins?
Changes to the Bitcoin ecosystem and its position as the main currency in the virtual world could lead to major changes in the adoption of miners even after the mining rewards have ceased.
Bitcoin transaction fees peaked during 2017
It is true that switching to bonuses based on purely transaction fees will almost certainly wipe out the mining network, given that few bitcoin miners would be able to profitably mine Bitcoin if they got only 3.3% of their typical rewards.
However, if the network explodes in use, competition for block space could increase dramatically, which could potentially lead to higher transaction fee rewards in favor of miners, similar to what was seen during the Bitcoin race in 2017.
At the peak of bitcoin in December 2017, total transaction fees paid per day rose to 1,495 BTC at a time when the bitcoin price was at $ 14,000.
As a result, miners received a total of $ 21 million in transaction fees that day which is more than they currently earn from a block reward, indicating that something similar to this may happen in the future.
While some analysts, including Luca Buskin, head of the marketing department at the crypto trading platform, “NewsCrypto,” believe that Bitcoin, before reaching the end of the mining process, estimated in the year 2140, will make major amendments to its protocol, including the possibility of turning into a proof-of-stake mechanism instead of the proof-of-work. He uses it at the moment.