12.000000M BTC! | Bitcointalksearch.org

mprep

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In a world of peaches, don't ask for apple sauce

Quote from: Kiki112 on November 17, 2013, 07:05:41 AM

Quote from: mprep on November 17, 2013, 07:00:15 AM

Quote from: stromma44 on November 16, 2013, 07:28:09 PM

Quote from: nahtnam on November 16, 2013, 07:22:41 PM

Quote from: odolvlobo on November 16, 2013, 03:40:36 AM

Quote from: wannasurf on November 16, 2013, 02:59:09 AM

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

Block #269,999 to be exact.

Damn. Why not 270,000. Then it would look so much better!

I guess first block was Block #0

Coders always start counting from 0. That's what I was thought, that is. Grin

so what? it could still be block #270 000 Cheesy

Well, then we would have 270 001 blocks. That's not a round number and it looks much worse than 269 999 which in this case is the last block's number.

Kiki112

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Activity: 196

Merit: 101

Quote from: mprep on November 17, 2013, 07:00:15 AM

Quote from: stromma44 on November 16, 2013, 07:28:09 PM

Quote from: nahtnam on November 16, 2013, 07:22:41 PM

Quote from: odolvlobo on November 16, 2013, 03:40:36 AM

Quote from: wannasurf on November 16, 2013, 02:59:09 AM

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

Block #269,999 to be exact.

Damn. Why not 270,000. Then it would look so much better!

I guess first block was Block #0

Coders always start counting from 0. That's what I was thought, that is. Grin

so what? it could still be block #270 000 Cheesy

mprep

global moderator

Activity: 3794

Merit: 2612

In a world of peaches, don't ask for apple sauce

Quote from: stromma44 on November 16, 2013, 07:28:09 PM

Quote from: nahtnam on November 16, 2013, 07:22:41 PM

Quote from: odolvlobo on November 16, 2013, 03:40:36 AM

Quote from: wannasurf on November 16, 2013, 02:59:09 AM

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

Block #269,999 to be exact.

Damn. Why not 270,000. Then it would look so much better!

I guess first block was Block #0

Coders always start counting from 0. That's what I was thought, that is. Grin

stromma44

hero member

Activity: 952

Merit: 1000

Quote from: nahtnam on November 16, 2013, 07:22:41 PM

Quote from: odolvlobo on November 16, 2013, 03:40:36 AM

Quote from: wannasurf on November 16, 2013, 02:59:09 AM

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

Block #269,999 to be exact.

Damn. Why not 270,000. Then it would look so much better!

I guess first block was Block #0

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

Quote from: odolvlobo on November 16, 2013, 03:40:36 AM

Quote from: wannasurf on November 16, 2013, 02:59:09 AM

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

Block #269,999 to be exact.

Damn. Why not 270,000. Then it would look so much better!

MargaretsDream

full member

Activity: 162

Merit: 100

Quote from: renaxi on November 16, 2013, 05:05:23 PM

We will hit the 21 mil cap way before 2033. The difficulty is set to make a block every 10 min, but as it is not adjusted every block, we will mine some blocks faster than 10 min and will hit cap before 2033.

Cap 21 mil is not in 2033, this graph image above just not continue after 2033 Cheesy

suukool

full member

Activity: 413

Merit: 100

It is a milestone, I'm thinking it's gonna rise to just above 500 then correct back down to a lower price, but you can't really predict it so it's just my feeling on what's gonna happen.

Gator-hex

hero member

Activity: 490

Merit: 500

Quote from: gracesfall on November 16, 2013, 09:52:23 AM

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

If people start using bitcoin for trade there will be enough transaction costs to support the running of the network.

https://en.bitcoin.it/wiki/FAQ#If_no_more_coins_are_going_to_be_generated.2C_will_more_blocks_be_created.3F

DannyHamilton

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Activity: 3472

Merit: 4801

Quote from: renaxi on November 16, 2013, 05:05:23 PM

We will hit the 21 mil cap way before 2033. The difficulty is set to make a block every 10 min, but as it is not adjusted every block, we will mine some blocks faster than 10 min and will hit cap before 2033.

You got the year wrong. The bitcoin block subsidy will continue to exist until approximately 2140 (not 2033).

Of course, if difficulty rises too much, or the exchange rate drops too much, some miners will shut off their equipment. Then blocks will average more than 10 minutes each until the next adjustment. It is really difficult to predict how that will play out in the future.

tailwhipm

newbie

Activity: 4

Merit: 0

Quote from: mprep on November 16, 2013, 09:45:40 AM

Quote from: gracesfall on November 16, 2013, 08:56:48 AM

What happens after the mining BTC reaches its cap?

The new blocks won't include any bitcoin, just fees from transactions.

So you can still make money after the cap from mining?

renaxi

member

Activity: 113

Merit: 10

Quote from: mprep on November 16, 2013, 05:03:50 PM

bitcoins is really pushing its way up.
It really is. $437 at writing on Bitstamp. Guess demand is rising. I wonder at which price will it stop.

At the time when demand and supply are stable again, right now the demand is way higher than supply, so won't Price jump wont stop just yet. My guess is at 750-1000$ we will see a slowdown in price increasement.

renaxi

member

Activity: 113

Merit: 10

We will hit the 21 mil cap way before 2033. The difficulty is set to make a block every 10 min, but as it is not adjusted every block, we will mine some blocks faster than 10 min and will hit cap before 2033.

mprep

global moderator

Activity: 3794

Merit: 2612

In a world of peaches, don't ask for apple sauce

Quote from: xchanga.com on November 16, 2013, 05:02:08 PM

bitcoins is really pushing its way up.

It really is. $437 at writing on Bitstamp. Guess demand is rising. I wonder at which price will it stop.

xchanga.com

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bitcoins is really pushing its way up.

wannasurf

newbie

Activity: 17

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Yeah, it doesn't mean much other than a fun milestone. Party!

At 3600 BTC/day that's 277.7 days until 13.000000M BTC (Aug 20, 2014), but that's only if the mining rate stays constant. As I understand it, every 2016 blocks (nominally two weeks) it adjusts based on previous two-weeks actual time of completion, so if there is say a 10% increase in mining power every week sustained then each next 1016 blocks would be 10% faster than 2 weeks. So that would be 250 days.

MarketTime

full member

Activity: 188

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Quote from: gracesfall on November 16, 2013, 09:52:23 AM

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

They would most probably shut down due to the high electricity cost... I believe 99% of the people have cheaper electricity...

btcprice

sr. member

Activity: 434

Merit: 250

Quote from: exstasie on November 16, 2013, 10:05:17 AM

now that we've hit BTC12M. How long will it be before we hit BTC13?

Looking at this graph it appears as though 1 million bitcoins is mined every 5 to 7 months:

https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

mprep

global moderator

Activity: 3794

Merit: 2612

In a world of peaches, don't ask for apple sauce

Quote from: gracesfall on November 16, 2013, 09:52:23 AM

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

Well, by that time, the bitcoin value will be really high so there will be no difference. The profits by miner's will be received from transaction fees. Also, the 21M cap is so far away, you don't have to worry. This chart is a prediction if a block is created perfectly every 10 mins.

As you see, even by 2033, we shouldn't reach the 21M cap. Also, Cex.io will probably have closed down by then.

gracesfall

newbie

Activity: 42

Merit: 0

I've been running a mining app on my PC. Minor duckets, I know, but it *is* something. Does that mean that I'll be receiving block rewards off of what I have mined even after all of the BTC have been mined?

exstasie

legendary

Activity: 1806

Merit: 1521

now that we've hit BTC12M. How long will it be before we hit BTC13?

Topic: 12.000000M BTC! (Read 1592 times)