Cryptocurrency Q&A
How do miners get paid after all Bitcoin is mined?
How do miners get paid after all Bitcoin is mined?
SakuraWhisper
Tue Jun 11 2024
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6 answers
1838
Could you please explain how miners are compensated once all Bitcoin has been mined? I'm curious about the mechanism that ensures they continue to contribute to the network even after the finite supply of Bitcoin is reached. Would miners still receive rewards in some form, or would their compensation shift towards transaction fees alone? It seems like a crucial aspect of the Bitcoin ecosystem, and I'd appreciate it if you could clarify this matter for me.
6 answers
SamuraiBrave
Thu Jun 13 2024
Miners are rewarded with bitcoins for their efforts, which serves as an incentive to maintain the network's integrity. However, this reward system has a finite limit.
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Michele
Thu Jun 13 2024
The Bitcoin protocol is designed to cap the total supply of bitcoins at 21 million. Once this maximum supply is reached, a significant change occurs in the mining landscape.
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JejuJoyfulHeartSoul
Thu Jun 13 2024
Specifically, once the 21 millionth bitcoin is mined, the block rewards will cease to exist. This means that miners will no longer receive new bitcoins as compensation for their work.
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MountFujiVista
Thu Jun 13 2024
Cryptocurrency mining, specifically Bitcoin mining, has been a lucrative endeavor for many. It involves solving complex mathematical problems to validate transactions and secure the blockchain network.
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SakuraFestival
Thu Jun 13 2024
BTCC, a leading UK-based cryptocurrency exchange, offers a range of services including spot trading, futures trading, and wallet solutions. Despite its comprehensive offerings, it too must adapt to the evolving mining landscape.
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