16,000,000 BTC will have been mined in a few days - page 2.

dothebeats

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Quote from: Mastsetad on November 18, 2016, 11:00:14 AM

Quote from: unamis76 on November 18, 2016, 08:14:20 AM

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

I don't think we are still in the beginning of this journey, we have reached to a long extent by now, there are already a lot of people in the world using bitcoin and bitcoin is being accepted by every person with the time, and it is not easy to just cover all the world in just 7 or 8 years.

Quite a long journey ahead after 7 years since its inception. And mind you, we're still in Beta phase for Qt after 7 long years! So that alone states that we're still on the toddler stage of this project. And yes, it really is a hard journey to spread the word all over the world and make everyone and their mother use the tech for sending money apart from using conventional money transfers and wire transfers.

clickerz

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Quote from: Barbut on November 18, 2016, 09:01:31 AM

Already that much, 16 millions already, means 5 millions bitcoins left to be mined. Next 17 million will come in a year and half, that is nice to know. Looks like this train is going fast, this is nice info to know, but does this news have some effect on market or price?
Congratulations on this achievement, I hope we will be here for every next million and make a little celebration. Good luck to us all!

I think yes, it has a big effect on bitcoin price. As bitcoin mined becomes lesser, charges might go up. Also there is a possible increase of bitcoin price. its good for us who are earning bitcoin nd storing it. And lucky to those who are storing bitcoin.

Mastsetad

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Quote from: unamis76 on November 18, 2016, 08:14:20 AM

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

I don't think we are still in the beginning of this journey, we have reached to a long extent by now, there are already a lot of people in the world using bitcoin and bitcoin is being accepted by every person with the time, and it is not easy to just cover all the world in just 7 or 8 years.

dothebeats

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And let's not forget that 2± million are also lost in circulation as of today (a huge chunk of which belongs to Satoshi) which makes it 14± million in circulation. As for the current hardware we have now for mining, it will be more or less two years for the next M to be mined and it gets harder and harder from thereafter.

jamyr

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Quote from: unamis76 on November 18, 2016, 08:37:45 AM

Quote from: Betwrong on November 18, 2016, 08:36:30 AM

Quote from: unamis76 on November 18, 2016, 08:14:20 AM

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

It is also crazy to see that while over 70% BTC is already mined, most people in this world never even heard about Bitcoin. It's impossible to comprehend this fact hanging out on this forum but this is a fact. I keep being surprized meeting highly educated people who are saying something like "Bitcoin? Sounds familiar. Is it sort of a webmoney for criminal world?"

Also true... Let's hope awareness increases with each Bitcoin mined in the next few years

Sad but true. Sometimes they are have heard about it but did not pay much attention because of the price. Not paying much time to look on trends, follow each blow and strike bitcoin does. But more and more countries and commodities and services accepts bitcoin. With this, awareness would increase, so demand will rise and price will go higher.

eternalgloom

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That's pretty crazy to think about actually, feels like we're getting to the late stages of the game, although that's not really true.
I do hope we will see higher prices in 2017 and that more people get introduced to Bitcoin.

Another economic crisis might do the trick though...

QuestionAuthority

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I'm waiting to see what happens in 2020 when 85+ percent of all bitcoins have been mined. Or better yet, 2024 when the Bitcoin mining reward is 3 and 93% of all bitcoins have been mined. Will anyone still be mining Bitcoin? Will the exchange rate be more than $3,674 per coin because that's what it is today.

In 2024 each block will produce a little over 3 btc. At today's exchange rate of $750 ($750x12.5=$9,000 per block, $9,000/4=$2,250) each coin will need to be worth $2,250. To equal the same buying power it will need to keep up with inflation. The inflation increase will be roughly $178 per year per coin for 8 years or $1,424 (could be a little more or a little less, inflation is hard to predict exactly).

That means in 2024 for there to be no loss in mining revenue each coin will need to be $3,674.

Of course this doesn't take transaction fee increases into account which could easily make this up if Bitcoin transactions start costing as much as a bank transfer costs. It also doesn't account for necessary mining gear replacement costs for miners. Replacement gear cost could necessitate a per coin price of $6,000-$10,000 to remain flat at today's exchange rate.

Barbut

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Already that much, 16 millions already, means 5 millions bitcoins left to be mined. Next 17 million will come in a year and half, that is nice to know. Looks like this train is going fast, this is nice info to know, but does this news have some effect on market or price?
Congratulations on this achievement, I hope we will be here for every next million and make a little celebration. Good luck to us all!

Fortify

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It is rather strange to think that more than 75% has been mined already in less than ten years,. It obviously has gotten much tougher to solve the calculations but I can't see it taking another hundred years to complete the rest - there will be more revolutionary jumps especially with things like quantum computing around the corner.

YuginKadoya

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Quote from: the_poet on November 17, 2016, 03:18:20 PM

In 4 or 5 days, a total of 16,000,000 BTC will be in circulation (76.2% of the total). Let's not forget that fewer and fewer BTC will be mined each day with every halving, so these milestones will get rarer and rarer. Next one will be reached in 1.5 years.

Well Congrats to us if that is the case, and I think that not all bitcoin users have realized it or suddenly feels the movement of BTC, but I think this is a great achievement for bitcoin, and no wonder there are a lot that are not interested in it have became very interested with it because of the movement and value of bitcoin today! and right now the government would itch to get their hand on it the more!

Zadicar

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Quote from: mrcash02 on November 17, 2016, 04:54:11 PM

Quote from: dihari on November 17, 2016, 04:49:13 PM

If bitcoin still exist in next 30 years, and all of bitcoin are mined. What will happen next? I angered what happen if no bitcoin anymore to mine?

I saw the last BTC will be mined only in 2140. All of us will be dead when this happen.

Probably people will mine alt-coins and the BTC price will be very very high, but we can't assure anything here, as it's a long time yet, everything can happen in this middle time.

True, i would try to say the same thing too but you did already mention about on the year on which the last bitcoin would be mined which is on 2140 and you are right, all of us here on this forum and early adopters are already dead for sure. Maybe those next generations would really benefit to bitcoin if that time comes for sure but who knows if bitcoin that time is still living.

Kanapka

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Quote from: the_poet on November 17, 2016, 03:18:20 PM

In 4 or 5 days, a total of 16,000,000 BTC will be in circulation (76.2% of the total). Let's not forget that fewer and fewer BTC will be mined each day with every halving, so these milestones will get rarer and rarer. Next one will be reached in 1.5 years.

What is going to be the next milestone? 17m btc mined?

Quote from: dreamer81 on November 18, 2016, 08:27:19 AM

A few things can happen

1. Hashing power might be going through a major breakthough in the near future, making the rest of the bitcoins to be mined in less than 10 years. 2140 is with the current hashing power, and we all know that computers become more and more powerfull

2. Power to run the miners will be "free" in the near future. Once solar panels have been installed all over the world, there is basically no cost from getting power to run your miner.

3. Transaction fees will be the motivation to mine in the future. With near-free power, it's basically just buying a machine that will earn money to you while you sleep. Pretty much like buying a windmill today.

4. When the FIAT currencies crash because of this negative interest rate, crypto currencies will be a safe-haven, driving prices up.

More hashpower won't, in theory, affect too much the rate that bitcoins are mined, as far I know

unamis76

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Quote from: Betwrong on November 18, 2016, 08:36:30 AM

Quote from: unamis76 on November 18, 2016, 08:14:20 AM

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

It is also crazy to see that while over 70% BTC is already mined, most people in this world never even heard about Bitcoin. It's impossible to comprehend this fact hanging out on this forum but this is a fact. I keep being surprized meeting highly educated people who are saying something like "Bitcoin? Sounds familiar. Is it sort of a webmoney for criminal world?"

Also true... Let's hope awareness increases with each Bitcoin mined in the next few years

Betwrong

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Quote from: unamis76 on November 18, 2016, 08:14:20 AM

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

It is also crazy to see that while over 70% BTC is already mined, most people in this world never even heard about Bitcoin. It's impossible to comprehend this fact hanging out on this forum but this is a fact. I keep being surprized meeting highly educated people who are saying something like "Bitcoin? Sounds familiar. Is it sort of a webmoney for criminal world?"

d@nte

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Yeah, we're getting closer and closer to that number. It's good to know that there is a network dedicated to promoting Bitcoin so that these millions of coins are distributed to the largest number of people, generating organic growth and a good trading volume for Bitcoin.

dreamer81

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A few things can happen

1. Hashing power might be going through a major breakthough in the near future, making the rest of the bitcoins to be mined in less than 10 years. 2140 is with the current hashing power, and we all know that computers become more and more powerfull

2. Power to run the miners will be "free" in the near future. Once solar panels have been installed all over the world, there is basically no cost from getting power to run your miner.

3. Transaction fees will be the motivation to mine in the future. With near-free power, it's basically just buying a machine that will earn money to you while you sleep. Pretty much like buying a windmill today.

4. When the FIAT currencies crash because of this negative interest rate, crypto currencies will be a safe-haven, driving prices up.

unamis76

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Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

davis196

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Quote from: the_poet on November 17, 2016, 03:18:20 PM

In 4 or 5 days, a total of 16,000,000 BTC will be in circulation (76.2% of the total). Let's not forget that fewer and fewer BTC will be mined each day with every halving, so these milestones will get rarer and rarer. Next one will be reached in 1.5 years.

Congratulations to all the bitcoin users about this event.

Bitcoin has lots of free space to grow in both supply and demand.

I will be here after 1.5 years. Grin

Raimonn

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Quote from: DOGE12321 on November 17, 2016, 05:29:01 PM

Yeah blocks are being mined fast. We have to hope that by next halving (1.5 years) that the price goes up

I at least am optimistic about Bitcoin.

Halving is every 210.000 blocks, the next halving is expected for 2020.

DOGE12321

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Yeah blocks are being mined fast. We have to hope that by next halving (1.5 years) that the price goes up

I at least am optimistic about Bitcoin.

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