16,000,000 BTC will have been mined in a few days - page 3.

n691309

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Quote from: bitkilo on November 17, 2016, 05:08:41 PM

Quote from: n691309 on November 17, 2016, 05:01:24 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?

There is no chance that all bitcoins will be mined in the next 30 years because it is scheduled to happen May 7th, 2140 (or probably earlier). But even if all bitcoins are mined the miners will get profit from transaction fees.

Power consumption prices may outweigh transactions fees by the time 2140 comes around, when that happens what incentives would miners have to continue?

The transaction fees will never be the same nor were the same at the beginning of the first blocks, there are some scenario how the miners can gain yet profit from the transaction fee if there is no block reward so one scenario is transaction fee will be increased and/or the price of bitcoin will be increased.

brokedummy

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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?

Eventually they will be mining only for the transaction fees. That is if quantum computers don't break the premise.

bitkilo

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Quote from: n691309 on November 17, 2016, 05:01:24 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?

There is no chance that all bitcoins will be mined in the next 30 years because it is scheduled to happen May 7th, 2140 (or probably earlier). But even if all bitcoins are mined the miners will get profit from transaction fees.

Power consumption prices may outweigh transactions fees by the time 2140 comes around, when that happens what incentives would miners have to continue?

puddlejumperzz

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Quote from: charmingfreddie on November 17, 2016, 04:47:48 PM

Quote from: Icon on November 17, 2016, 04:30:49 PM

.. and all these mining companies used to making millions off mining, what is going to compel them to keep mining when there rewards are like 1/100000 of what they were before..?

And no bitcoin hasn't jumped that much over the past 7 years, meaning when everything is said and done, whats to keep the hash rate so high to protect the network?

Bitcoin would have to be over ~ $10,000 a coin, lol which isn't going to happen..

Icon

PS

Now someone with real math skilz check that

Will be time for another hardfork. One thing at a time. There is plenty of time to figure this out.

There will be arguments, delays, forecast of bitcoin dying. All the usual. The the hardfork. Hopefully they are a lot smoother by then becasue who needs all the drama?

n691309

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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?

There is no chance that all bitcoins will be mined in the next 30 years because it is scheduled to happen May 7th, 2140 (or probably earlier). But even if all bitcoins are mined the miners will get profit from transaction fees.

mrcash02

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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.

dihari

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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?

charmingfreddie

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Quote from: Icon on November 17, 2016, 04:30:49 PM

.. and all these mining companies used to making millions off mining, what is going to compel them to keep mining when there rewards are like 1/100000 of what they were before..?

And no bitcoin hasn't jumped that much over the past 7 years, meaning when everything is said and done, whats to keep the hash rate so high to protect the network?

Bitcoin would have to be over ~ $10,000 a coin, lol which isn't going to happen..

Icon

PS

Now someone with real math skilz check that

Will be time for another hardfork. One thing at a time. There is plenty of time to figure this out.

Doamader

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Someone already reported that at 2039 90% of bitcoins will be mined as well, thats 23 years from now, that will make bitcoin be with something like 30 years, im surprised what bitcoin and others crypto has achieved with only the people support. Without no one under control and management of bitcoin, and its a grea milestone being achieved, Nakamoto made and thinked about all when he made bitcoin amazing.

Icon

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.. and all these mining companies used to making millions off mining, what is going to compel them to keep mining when there rewards are like 1/100000 of what they were before..?

And no bitcoin hasn't jumped that much over the past 7 years, meaning when everything is said and done, whats to keep the hash rate so high to protect the network?

Bitcoin would have to be over ~ $10,000 a coin, lol which isn't going to happen..

Icon

PS

Now someone with real math skilz check that

Yakamoto

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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.

Neat milestone, just goes to show how close the total cap is, and how rapidly the rewards deplete. I was thinking about this a few days ago and I was surprised to find out we hadn't passed the 16m threshold yet.

Considering there'll be something like 3-ish million left after the next halving, it really puts into perspective what you're walking into.

LFC_Bitcoin

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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.

Let's hope the price & demand is a lot higher by the time of the next halving. We have a lot of progress to make to gain any kind of significant mainstream adoption.

the_poet

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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.

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