Hi Howard, thanks for the comments. As we approach the year 2140, or there about, when the initial coinbase issuance of bitcoin is complete, miners will gradually earn more sats from fees than they will from seigniorage. This process began with the first mined block from satoshi with zero fees and a nonspendable coinbase of 50 coins to christen the time chain. Since then the fee market has worked exceptionally well and there is no reason it wont continue to perform exceptionally well. With regards to the electricity, I personally am excited to see the Bitcoin network consume more energy than the rest of the world combined, although I don't anticipate that to be the case. Gold, as a proxy to Bitcoin's energy use, at its height of being an economic base layer in the 1800's did not consume a large percent of the worlds energy at that time it therefore follows that Bitcoin could follow a similar path in terms of percentage of global energy consumption. Remember, as humans harness more energy, quality of life improves. There is a strong correlation. Have a great day, Cheers!
What do the miners do after the 21 million Bitcoin are mined? Can they become nodes? Lightning nodes? What?
There will always be a bloc to mine, with fees to earn
No there won't. ONLY 21 million can be mined. Don't you know that?!?
The amount of Bitcoins tends to 21 Million but will never reach that number. + miners share the transactions fees in the bloc
So, you don't understand do you?
All the miners will continue to run, making less fees, while spending massively on electricity?
If you believe that, you really don't understand fundamental economics.
Hi Howard, thanks for the comments. As we approach the year 2140, or there about, when the initial coinbase issuance of bitcoin is complete, miners will gradually earn more sats from fees than they will from seigniorage. This process began with the first mined block from satoshi with zero fees and a nonspendable coinbase of 50 coins to christen the time chain. Since then the fee market has worked exceptionally well and there is no reason it wont continue to perform exceptionally well. With regards to the electricity, I personally am excited to see the Bitcoin network consume more energy than the rest of the world combined, although I don't anticipate that to be the case. Gold, as a proxy to Bitcoin's energy use, at its height of being an economic base layer in the 1800's did not consume a large percent of the worlds energy at that time it therefore follows that Bitcoin could follow a similar path in terms of percentage of global energy consumption. Remember, as humans harness more energy, quality of life improves. There is a strong correlation. Have a great day, Cheers!
Thanks!
I thought that miners were special purpose machines that could not act as nodes for Bitcoin or the Lightning networks.
ok