Re:Is This the End of Crypto?
by Taniwha on Thursday November 17, 2022 @02:57PM
(#33644715)
But there's only ever going to be a fixed number of bitcoin - does it all just stop working when it's all mined out?
[ Parent
| on HN ]
The mining reward is not supposed to be the end state of the system. It is a subsidy, reducing over time, to get the system established.
Once established, the idea is that transaction fees are used and the distributed nature of the network causes a natural competition to be the most efficient so miners can charge the lowest fees while making a profit.
Once all bitcoins are mined, miners are supposed to fund themselves solely through transaction fees, as they partially already do today.