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A comment on Bitcoin's miners face vanishing incentives; 19M+ of its 21M max supply are mined. Parent comment

Re:Bitcoin's miners face vanishing incentives; 19M+ of its 2... by tromp on Monday June 20, 2022 @07:05AM (#31808839)
The average amount of total tx fees per block in the third week of April was about 0.06 BTC [1], 2 orders of magnitude lower than the 6.25BTC block subsidy. Note that a 51% attacker is free to time their attack to periods of low tx fees. Since then the average has climbed to about 0.15 BTC per block, but that is still a far cry from the 1BTC you claim.

> use them for another coin

There are no other coins that can absorb that much SHA256 hashing power. The best candidate is Bitcoin Cash, whose daily dollar issuance is about 170 times lower [2].

[1] https://www.blockchain.com/charts/transaction-fees

[2] https://www.f2pool.com/coins

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Re:Bitcoin's miners face vanishing incentives; 19M+ of its 2... by gus_massa on Monday June 20, 2022 @07:37AM (#31809076)
The last miner reward will be earned in 2140. It's a 110 year timeline. The miners will not transfers the ASICs to the other chains, the ASIC will be obsolete, broken or something.

But in 2139 the reward will be tiny, so it's better to worry sooner. A reduction from 6BTC to 0.06BTC is /100, that is like 8 halvings, that is like 32 year. Anyway, in 32 years the the current ASICs will be obsolete, broken or something.

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Re:Bitcoin's miners face vanishing incentives; 19M+ of its 2... by tromp on Monday June 20, 2022 @09:00AM (#31809816)
Yes, the question is if Bitcoin can survive in 26 years, when the block subsidy will be below 0.05 BTC and its security will be 2 orders of magnitude lower than today, whenever demand for blockspace falls below capacity.
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