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Topic: 17,800,000 BTC already mined - page 3. (Read 5695 times)

hero member
Activity: 2562
Merit: 586
August 20, 2019, 03:35:09 AM
#73
We still have a long years to go before all bitcoin will be fully mined. This is just year 2019, we do still have about 121 years to go. Most of us wouldn't be around then when the finally block will be mined. This means miners are going to stay enjoying the benefit of mining bitcoin.

So that is why you really need to at least get into the 1 BTC club because you won't see the last bitcoin being mine in our lifetime. It is still my goal though, I mean I wanted to earn BTC not to buy so it might take some time though, but I'm willing to take baby steps to at least get into that range.
I honestly do not understand his breakdown because I see no reason why it would take 121 years for the last bitcoin to be mined, it makes absolute no sense to me, if within the space of 10 years as op presumed, 17.8 million bitcoin has been mined, and the more people demand for bitcoin, the more bitcoin reduces, does he know how many bitcoin is being mined and owned in a day, so I don’t think it will take us more than another 5 to 10 years for bitcoin to be fully mined, and before then is when we should strive as much as possible to at least have 1 btc, for me now, I already belong to such group as I have more than 2 bitcoin already  and I am still hoping that I could be financially more buoyant to accumulate more of it and have at least 10 btc.
legendary
Activity: 2030
Merit: 1569
CLEAN non GPL infringing code made in Rust lang
August 19, 2019, 05:59:04 PM
#72
Mining will not fade if BTC is adopted en masse, in my opinion because at that point the world governments will have a vested interest in keeping it working. I imagine maybe a bunch of gov't agencies tasked with running ASICs and the mining fees accrue to the gov't as taxes.

There is no need because with many or few, bitcoin production remains the same. It self-adjusts every 2016 blocks (about two weeks). Those with vested interest in bitcoin, such as business, can run their full nodes and some mining if they want. The last miners will be among that group, hobbysts (and those with free energy).

You have nothing to worry about the inevitable decline in mining, it is a natural market response. This process might take a few more years depending on bitcoin price, but the price will not compensate at the same rate as hashrate production, making it more and more unprofitable to mine.
sr. member
Activity: 1197
Merit: 482
August 19, 2019, 02:00:22 PM
#71
Mining will not fade if BTC is adopted en masse, in my opinion because at that point the world governments will have a vested interest in keeping it working. I imagine maybe a bunch of gov't agencies tasked with running ASICs and the mining fees accrue to the gov't as taxes.
hero member
Activity: 1624
Merit: 500
August 19, 2019, 01:37:13 PM
#70
1 of 21,000,000 isn't a big number at all, i think the right amount to hold is 10 btc... this could be a good bet to stop working in 10 years and enjoy the high lifestyle with sports cars and a mansion. For this, we need the price of half million each coin, but i know its hard to believe.
.

that's a good idea. however, 10 bitcoin is quite difficult to obtain for now. I agree with Hulla, who said that 1 coin of 21 million coins is very meaningful to some people, however, I will try to get as much bitcoin as possible at the moment. halving will slow down the achievement of bitcoin to 21 million, so I think there is still time for that.

as an update, to date 17,885,412 BTC have been successfully mined. Let's work.
legendary
Activity: 2030
Merit: 1569
CLEAN non GPL infringing code made in Rust lang
August 19, 2019, 12:17:17 PM
#69
if you do the maths the very last bitcoin will be mined in approx, the year 2140.

At the 2032 ish halving the overall supply will be 99.21% mined. That's almost all enough for me. In less than ten years it'll be 98.5%.

It's easy to let mining slip to the back of one's mind. There's been a veritable torrent of coins arriving for many years and that's going to dwindle rapidly. It'll be very interesting to observe the effects as the production levels are something we've gotten totally used to.

Let's hope that fee market is good and strong by then.

It doesn't, and it probably won't be. Mining is destined to fade. The writing is on the wall (actually in the code) and those large miners who don't shrink now, will go bankrupt. You are going to get less bitcoin, and fees will remain low, even lower now with LN.

There will be miners, just not as many. Hashrate will plummet, and difficulty with it, at the same time the asics are very efficient but they won't be profitable on most places, and as time passes they won't be profitable anywhere, and even asic production will fall.

This goes tied to the bitcoin production, because its logarithmic as you correctly noticed, in less than 10 years most the mining profits will be gone.
sr. member
Activity: 1162
Merit: 251
August 19, 2019, 11:55:56 AM
#68
We still have a long years to go before all bitcoin will be fully mined. This is just year 2019, we do still have about 121 years to go. Most of us wouldn't be around then when the finally block will be mined. This means miners are going to stay enjoying the benefit of mining bitcoin.

So that is why you really need to at least get into the 1 BTC club because you won't see the last bitcoin being mine in our lifetime. It is still my goal though, I mean I wanted to earn BTC not to buy so it might take some time though, but I'm willing to take baby steps to at least get into that range.
it still takes a long time to reach the time you predicted, and we can still enjoy mining bitcoin. but mining bitcoin isn't as easy as a few years ago anyway. it takes a lot of effort and a lot of money to produce a few satoshi only in a day, different from a few years ago which is very easy. of course in the future, in the next few years mining will be even more difficult, and certainly the price will be more expensive because of that.
jr. member
Activity: 37
Merit: 1
August 19, 2019, 10:58:27 AM
#67
i think good news,btc to the moon Tongue Tongue Tongue
newbie
Activity: 31
Merit: 0
August 19, 2019, 10:50:45 AM
#66
thats cool , i mean the price of bitcoin will be more than 50k .
hero member
Activity: 1834
Merit: 566
August 19, 2019, 10:49:36 AM
#65
1 of 21,000,000 isn't a big number at all, i think the right amount to hold is 10 btc... this could be a good bet to stop working in 10 years and enjoy the high lifestyle with sports cars and a mansion. For this, we need the price of half million each coin, but i know its hard to believe.
.
Since there's possible for bitcoin to reach more than half a million in the next 10-15 years. Having 1 coin out of all the 21million coins to be mined is good for people who are from Africa, Asia etc.

God bless all miners but I'd rather trade considering current price and year. Smiley
Mining is still profitable buddy if you have the required mining equipment with solar which will reduce the cost of mining but trading is also good due to the current price of the market but I prefer accumulating of more coins than trading cause this current dump may be the last chance to buy low.
jr. member
Activity: 60
Merit: 1
August 19, 2019, 09:24:30 AM
#64
God bless all miners but I'd rather trade considering current price and year. Smiley
legendary
Activity: 3346
Merit: 3125
August 19, 2019, 09:16:52 AM
#63
1 of 21,000,000 isn't a big number at all, i think the right amount to hold is 10 btc... this could be a good bet to stop working in 10 years and enjoy the high lifestyle with sports cars and a mansion. For this, we need the price of half million each coin, but i know its hard to believe.
.
member
Activity: 71
Merit: 11
August 19, 2019, 04:41:30 AM
#62
Quote
But even if you give them opportunity for that, what most of them do is to mess up - 2015 price of 1 BTC was even below $200, two years later $20 000 and how many of us get rich after that?

There are actually quite a few people that bought in 2015 and sold in 2017 at all time high of $20000. Some of these people got "rich" but the majority of them are people like myself who made a good amount of profit but not millionaire. It took real guts to invest in 2015 when market was in bear mode so it is rather amusing to see all these comments saying they would have bought in 2015 because I know for a fact that 99% of them would have backed away from such a risky investment especially at a time when crypto's future was in doubt.



 
sr. member
Activity: 630
Merit: 267
Just follow the rules
August 18, 2019, 09:20:27 PM
#61
17.8M? and i don't have even .5 btc on my wallet poor me. I invested it on real estate for a greater purpose when all is settle i would love to invest on BTC again when it will hit 5k-8k again Smiley
hero member
Activity: 2660
Merit: 551
August 18, 2019, 09:03:29 PM
#60
We still have a long years to go before all bitcoin will be fully mined. This is just year 2019, we do still have about 121 years to go. Most of us wouldn't be around then when the finally block will be mined. This means miners are going to stay enjoying the benefit of mining bitcoin.

So that is why you really need to at least get into the 1 BTC club because you won't see the last bitcoin being mine in our lifetime. It is still my goal though, I mean I wanted to earn BTC not to buy so it might take some time though, but I'm willing to take baby steps to at least get into that range.
full member
Activity: 564
Merit: 100
August 18, 2019, 02:56:48 AM
#59
I believe in the aforementioned data, I fully believe in the bright future of Bitcoin, when it is almost fully exploited. At this time, it is certain that the price of Bitcoin will push up.
As for the second one, I have never talked about the number of Bitcoin in my wallet, which is naive and attention to the crooks. My money should only let me know, never let others know.
full member
Activity: 294
Merit: 101
August 18, 2019, 02:32:40 AM
#58
only a small amount of bitcoin is available that can be mined, the rest is in the hands of the owner. I think thus bitcoin will be increasingly sought after and the price will definitely increase. to keep it in my wallet now I collect as much as possible. I am sure one day the price will be very high, even I do not currently have 1 btc but I will continue to look for it.
I believe many people's predictions about the price of BTC will soar several years later.
full member
Activity: 434
Merit: 100
August 07, 2019, 02:08:14 AM
#57
I didn't save a bit of bitcoin.
but I will save it one day. now I prefer to save altcoin like ETH which I believe will benefit even with a small initial capital because of its low prices.
if it's true like what you said then I think when bitcoin is depleted in the mine more and more will hunt for it and of course the higher price.
full member
Activity: 966
Merit: 102
August 05, 2019, 08:19:43 AM
#56
Segwit included a capacity increase, but fees are still so low that there's been little pressure to adopt it. I think we should let people adopt Segwit before pushing for more.

Letting people adopt Segwit isn't easy when a handful of largest entities in crypto aren't going to adopt it. Blockchain.com alone could contribute an easy 10% increase in Segwit adoption if they stop sucking off Roger and Jihan.

Rising fees should take care of that problem eventually. They just haven't risen enough to drive users away from Blockchain.com and towards Segwit wallets. I interpret that as an indicator that fees are actually quite low -- too low to be discussing further block size increases yet.
Now I only find Bitcoin useful for making large transactions from a few hundred dollars to a few billion dollars. Technology is increasingly improving and it is certain that bitcoin will be upgraded to become stronger. I wish for the payment to become faster and lower cost.
legendary
Activity: 1666
Merit: 1196
STOP SNITCHIN'
August 05, 2019, 02:37:15 AM
#55
Segwit included a capacity increase, but fees are still so low that there's been little pressure to adopt it. I think we should let people adopt Segwit before pushing for more.

Letting people adopt Segwit isn't easy when a handful of largest entities in crypto aren't going to adopt it. Blockchain.com alone could contribute an easy 10% increase in Segwit adoption if they stop sucking off Roger and Jihan.

Rising fees should take care of that problem eventually. They just haven't risen enough to drive users away from Blockchain.com and towards Segwit wallets. I interpret that as an indicator that fees are actually quite low -- too low to be discussing further block size increases yet.
member
Activity: 882
Merit: 13
August 04, 2019, 10:18:07 PM
#54
10 years? Well in every four years there is a bitcoin halving so the miners block rewards are greatly decrease by half and it will take 100 more + years approximately to mine all bitcoin that is left. I will accumulate to the best that i can because i believe the scarcity of bitcoin will increase the price in the years to come.
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