What Happens When The Last Bitcoin Is Mined?

In case it cannot be mined, the Bitcoin protocol specifies that in 12 72 72 blocks, a coinbase transaction must have at least 1 segwit output set to true. In other words, only upon the Bitcoin network producing one block which meets this criteria will all future Bitcoin blocks include a coinbase that outputs segwit. This condition can be thought of as “segwit’s blockage clause”.

12 72 72 is also known as 1/2 way point or twelfth point. It is similar to Bitcoin’s difficulty retargeting algorithm where taken together these two values equal Bitcoin’s next difficulty adjustment: 3006006006006006006006006006 . Since 12 72 = 2^15 , Bitcoin would require about 15% more hashpower to achieve the same likelihood as it does now at 1/2 way point although even then there may not be enough hashpower for that. Addressing the lack of hashing power relative to mining cost-benefit analysis along with some speculation on how hashrate distribution changes with time is further described in this document – Peercoin enables an easier approach than Segregated Witness via definition of multiple witness types rather than just limiting them evenly across miner nodes (e.g., instead of 7 witnesses per block vs 7 total allowed). The number of witnesses within each enabled type determines how many signature operations are combined into each bitcoin transaction and so clearly it is important to enable competition among types if we want miners to differentiate themselves from others but this word