17,800,000 BTC already mined | Bitcointalksearch.org

Youghoor

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Quote from: DeathAngel on August 01, 2019, 09:58:45 AM

Quote from: Baofeng on August 01, 2019, 09:48:00 AM

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined: 17,851,062 BTC

At the moment miners are rewarded with 12.5BTC per block mined. In 2020 it will reduce to 6.25BTC per block mined. There is a block reward halving every 4 years so if you do the maths the very last bitcoin will be mined in approx, the year 2140.

In as much that the block reward is halved every 4 years, did you consider the rate at which blocks are confirmed by miners? This determines the number of bitcoin being mined within a specific moment in time. If the frequency at which miners solve a block transaction increases, the rate at which block reward are given to miners will also increase. This will make your calculation wrong regarding when the last bitcoin will be mined. As years go by, there are new advancement entering the crypto space with regards to making bitcoin transactions faster. This advancement might affect the time range for the last Bitcoin to mined..

Memminger

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Quote from: Darooghe on October 29, 2019, 10:57:07 AM

In 10 years we mined 18 Million Bitcoin, In the next 9 years we will mine 2 million, and 1 million to go for the next 90. most importantly, we will have 3 halvings in 9 years from today. Basically we will have almost 99 percent BITCOIN supply ever available to the world and by the end of 5th halving around 2028 we shall be really close to Global Adoption.

However, It’s hard to believe for those of us that started mining in 2009, it’s been an incredible journey. Maybe your first mined coin was worth less than a nickel but today, 30 coins will buy you a decent house just about anywhere in the US. I think in the next 5-10 years we can see cryptocurrency being a part of our regular lives the same way current technologies like the internet and mobile communications are.

That would be interesting to think that way but in the world of cryptocurrency where a lot of unexpected things happen.

I really hope that we can use BTC as regular mode of payment rather than just an investment like gold in the future because I believe that it would be treated that way in the future. There would be a lot of crytocurrency that would pop up as the time goes by which would be much better to use if we ever think to use the blockchain technology as a vital medium in doing transaction especially from overseas which would extremely save us the time doing it in a traditional way.

senne

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Luckily I own 1 BTC.
Almost, 18 million Bitcoin are mined and added to that almost 20% are lost and will remain as it is. This reduces the number to almost 14.5 million. Owning 1 BTC in a population of more than 7 Billion is a big thing in itself. I believe owning 1 BTC will become a luxury at a certain point. This can boost the price heavily.

secretgirl

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I don't have 1 BTC yet and I just entered the crypto market in early 2018. But I will continue to try to collect bitcoin. because all bitcoin holders say in 2020 when the number per block mined is reduced by half it can cause the price of bitcoin to rise. I am very motivated to continue to collect bitcoin. although my bitcoin number has not reached 1 but if the price of bitcoin soar it will be very valuable.

btcanonymous666

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Quote from: puertorikosena on November 02, 2019, 03:29:07 AM

I can’t even imagine what will be the value of one bitcoin in 10 years. Of course, its value will increase and the cost of mining will also increase, so this is a very good long-term investment. But I still have not collected a single bitcoin.

It is not too late to acummulate! $9k is a bargain! You may want to $8k around but I'd personally go and get some bitcoin at this price! Next few years will be great!

puertorikosena

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I can’t even imagine what will be the value of one bitcoin in 10 years. Of course, its value will increase and the cost of mining will also increase, so this is a very good long-term investment. But I still have not collected a single bitcoin.

Sithara007

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Quote from: Asuspawer09 on October 29, 2019, 10:13:28 AM

It has a good and bad effect in the marketplace when it come to the price of bitcoin in the market. If we mine all of the bitcoin the supply will surely going down and meaning I guess the bitcoin price will rise also there is a high percentage of bitcoin that is lost from a forgotten wallet address that will never be recover again that is also a big contribution in the market. The more of the investors in bitcoin the higher the bitcoin price will rise having the bitcoin price rise is a good thing but if it doesn't regulate it might have a bad effect in the community.

Close to 1,000 coins are being mined per day as of now, and this will decline to around BTC500 per day after the next block reward halving. However, if you compared the daily volume, these numbers look minuscule. According to coinmarketcap, the 24-hour trade volume for Bitcoin was around $25 billion. And the value of 1,000 BTC which are mined every day comes to just $9 million (less than 0.1% of the daily trade volume). So I don't think that the block reward halving will have a major impact on the exchange rates.

barbara44

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Quote from: pwetto on October 29, 2019, 12:47:13 PM

A high percentage of bitcoins have already been extracted and an interesting question that can be asked is what will happen to the price when the total bitcoins have already been extracted? Because mining activity brings a high energy cost, we do not know the truth, but thinking about the shortage, it is very likely that its price will continue to rise to record values.

Analytically, if we look at it, we will know that bitcoin cost will actually become very expensive once the whole bitcoin has been mined, and reason being that bitcoin would have already been with the holders of it and there would not be anyone left to be mined again, which will make people who have it to be hoarding it and as they are hoarding it while request is becoming money, the value will gradually be appreciating which I think that this is how it will work then.

That was just based on assumption and based on the level of knowledge that I have about analyzing, there might still be more reason that another person have to for that believe and I am open to learning also. This is one of the basic reasons why I am trying as much as possible to hold bitcoin now.

pwetto

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A high percentage of bitcoins have already been extracted and an interesting question that can be asked is what will happen to the price when the total bitcoins have already been extracted? Because mining activity brings a high energy cost, we do not know the truth, but thinking about the shortage, it is very likely that its price will continue to rise to record values.

Darooghe

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In 10 years we mined 18 Million Bitcoin, In the next 9 years we will mine 2 million, and 1 million to go for the next 90. most importantly, we will have 3 halvings in 9 years from today. Basically we will have almost 99 percent BITCOIN supply ever available to the world and by the end of 5th halving around 2028 we shall be really close to Global Adoption.

However, It’s hard to believe for those of us that started mining in 2009, it’s been an incredible journey. Maybe your first mined coin was worth less than a nickel but today, 30 coins will buy you a decent house just about anywhere in the US. I think in the next 5-10 years we can see cryptocurrency being a part of our regular lives the same way current technologies like the internet and mobile communications are.

bkbirge

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I'm imagining the last bitcoin mined as a worldwide celebratory event, kind of like when Deep Thought answered the question to what is the meaning of life the universe and everything in The Hitchiker's Guide to the Galaxy. And probably with a similar aftermath of letdown.

aysg76

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Quote from: Baofeng on August 01, 2019, 09:48:00 AM

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined: 17,851,062 BTC

Yes according to reports we have already mined 18 million of bitcoin and next year halving will have a great impact on btc mining as rewards will be halved per block and for your information it will take another 110 years to mine the rest of btc as in next 10 years only 2 million btc can be mined due to rewards getting half to 6.5btc per block so it there is still lot time to complete the supply of btc.

Asuspawer09

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Quote from: Baofeng on August 01, 2019, 09:48:00 AM

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined: 17,851,062 BTC

It has a good and bad effect in the marketplace when it come to the price of bitcoin in the market. If we mine all of the bitcoin the supply will surely going down and meaning I guess the bitcoin price will rise also there is a high percentage of bitcoin that is lost from a forgotten wallet address that will never be recover again that is also a big contribution in the market. The more of the investors in bitcoin the higher the bitcoin price will rise having the bitcoin price rise is a good thing but if it doesn't regulate it might have a bad effect in the community.

Dabs

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I think more important than the last bitcoin, is the last one percent to be mined, which happens after a couple more halvings, around 2030, roughly another ten years from now. That means 99% of all bitcoin will have been mined, then it's another hundred years to the last bitcoin.

It's at this point, much earlier than in the year 2140, where we will begin to see massive adoption and price increase. From 2030 to 2040 may be another decade where stabilization may happen, and from 2040 all the way to 2140, we will see much less volatility. We just can't predict how much less, and for most people it's irrelevant since plenty of us won't be alive for the last bitcoin anyway.

bkbirge

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It's an ongoing race between the btc algorithm's built in austerity and miners' efforts to squeeze profit from it. ASICs are still improving, energy costs are widely variable around the world, regulations can hurt or help depending on the country, etc. I think miners will be just fine for the next few halvings at least.

jets567

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Quote from: abdobe on October 29, 2019, 08:23:48 AM

I wonder if mining will pay off when the Bitcoin block reward is halved? It seems to me that the electricity and the price of equipment will exceed the payback

Good question, based on the previous halving which happened last 2012 & 2016 the price of Bitcoin always went up and creates new ATH at least one year after the halving and I think this is one of reason why miners continue to mined Bitcoin because they still see it as profitable. With regards of electricity consumption there are mining hardware already that is available in the market which is cost efficient and I bet they will continue to improve these in the future.

abdobe

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Quote from: teosanru on October 29, 2019, 08:15:44 AM

Quote from: Baofeng on August 01, 2019, 09:48:00 AM

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined: 17,851,062 BTC

You are absolutely wrong. The halving is due next year when the.block Reward would be halved automatically. Once this is done miners would get lesser btc after each block. After this there are many more halvings which would create a shortage in creation of Bitcoin and all the Bitcoin together will not be mined until 2134 it's because hash rates would make it much more difficult for miners to mine Bitcoin.

I wonder if mining will pay off when the Bitcoin block reward is halved? It seems to me that the electricity and the price of equipment will exceed the payback

teosanru

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Quote from: Baofeng on August 01, 2019, 09:48:00 AM

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined: 17,851,062 BTC

You are absolutely wrong. The halving is due next year when the.block Reward would be halved automatically. Once this is done miners would get lesser btc after each block. After this there are many more halvings which would create a shortage in creation of Bitcoin and all the Bitcoin together will not be mined until 2134 it's because hash rates would make it much more difficult for miners to mine Bitcoin.

Lucius

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Quote from: PochJvb on October 28, 2019, 03:19:38 PM

With 17 million already mined I don't think there is much benefit in mining BTC.

You are short for more than 1 million BTC, there is more than 18 million mined and by the time of the next halving we have 1800 new coins mined every day. Mining of BTC is a very profitable business, but not for people who want to do that with PC or some outdated technology. In this game you need money, a good location with cheap electricity and earnings are guaranteed. The price of mining 1 BTC in China is around $3000, they do it for huge profits.

Quote from: Astvile on October 29, 2019, 06:02:53 AM

It will still take roughly 25 more years for all bitcoins to be mined and I don't know why I'm getting excited about it im wonderint how price would move by

I'm just curious how you got to 25 years? Mining of the last block should happen sometime around the year 2140, so your calculation just doesn't make sense. I mean it's pretty useless to write again, most people do not read anything on this forum except titles, but 99% of BTC will be mined by year 2032 so that 1% and year 2140 make no sense to us who live today.

Mind Control

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Quote from: akela11 on August 02, 2019, 06:27:37 AM

After mining all the Bitcoins, miners start processing transactions, receiving a reward for it. The Bitcoin network will live and I will say more, it will be very successful because, unlike fiat money, Bitcoin will suppress inflation due to its limited count

That won't be the case, when all the Bitcoins were mined, there are no more rewards for every block that will be mined. Instead, the minerss will have to place higher transaction fees just to sustain the profitability of mining. With this, we can assume that transaction fees of Bitcoin will be very high compared to the current fees.

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