Topic: 17,800,000 BTC already mined - page 4. (Read 5695 times)
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.
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
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.
Wow, this is amazing so soon 21 mil correct? oh my god i just cant believe how fast the stop of mining is
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.
Do not worry. We will not see these times. However, the price of Bitcoin will be going up each year, especially if we are talking about 15-20 years period. I believe that not so many people are ready to wait for this time. Thus, the idea of daily trading seems to be much more attractive. It is a risk, but if you become a very skillful trader, you will get profits always.
This is really a good opportunity for traders, short-term trading will give you profits at a very short period of time. And since the adoption is growing everyday, the value of bitcoin will continue to increase in the coming years, which is also good for long-term holders. But I am wondering how many bitcoins are considered lost from those 17.8M coins?
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. The sad truth is that it will probably never happen. In the same camp we have BitPay that will probably never adopt Segwit.
The only relatively large short term bump in adoption can be expected to come from Binance when they finally switch over, but even then I doubt that we will leave the 50% adoption mark behind for ever. The average adoption percentage currently is ~40% which is shockingly low. Litecoin is doing way better in that regard, and they don't have to scale at all.
https://blockchair.com/bitcoin/charts/segwit-usage
https://blockchair.com/litecoin/charts/segwit-usage
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
Not yet. I am a poor person and accumulating even 0.5 BTC is impossible for me. Specially, it is hard to find a promising and generous alt campaigns. I hope that before bitcoin goes up severely. I already have savings of bitcoin even in a smaller scale. The ATH of bitcoin is nearly coming, the supply becomes smaller and smaller till 21M reach. Current bitcoin mined: 17,851,062 BTC
Arguably, the difficulty is being driven unnecessarily fast because of miner speculation on the existing subsidy, and some eventual decline in the hash rate would be fine and expected. Whether it's an orderly decline -- as opposed to a downward spiraling crash -- is what matters.
The problem is, we have no idea how much fee pressure is enough to strike a balance between sustainable mining rewards and the diminishing returns from mining speculation. Segwit's 4MB limit may already be pushing the upper bounds since we can't just rely on mass adoption. We need to make the system sustainable with or without an exponential increase in user base.
The problem is, we have no idea how much fee pressure is enough to strike a balance between sustainable mining rewards and the diminishing returns from mining speculation. Segwit's 4MB limit may already be pushing the upper bounds since we can't just rely on mass adoption. We need to make the system sustainable with or without an exponential increase in user base.
Early miners wouldn't have been able to conceive of the figures flying around. I do wonder how it's going to balance itself out. I presume mining machines will get more powerful and efficient and miners will seek out cleaner and cheaper power. There'll always be money to be made and I can't ever see deep pockets vacating in favour of the little guy.
It's the biggest unknown looming but I guess it always has been and every doomy scenario so far has been shat upon in an emphatic fashion.
There is another hope in this regard, when the mining will not reap much profit, all the big miners will leave the scene and then home mining will be possible if anyone is willing to support mining and as a reward you will get the mining fees.
Then Bitcoin will be a sitting duck for anyone who wants to launch an attack.
Dunno how mining will work itself out but it needs to be as muscular as possible if BTC takes a step up in use and visibility. There'll be an ever increasing number of entities with an incentive to mess with it.
Arguably, the difficulty is being driven unnecessarily fast because of miner speculation on the existing subsidy, and some eventual decline in the hash rate would be fine and expected. Whether it's an orderly decline -- as opposed to a downward spiraling crash -- is what matters.
The problem is, we have no idea how much fee pressure is enough to strike a balance between sustainable mining rewards and the diminishing returns from mining speculation. Segwit's 4MB limit may already be pushing the upper bounds since we can't just rely on mass adoption. We need to make the system sustainable with or without an exponential increase in user base.
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
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.
I was also close on achieving 1 BTC back in 2017 through bounty and trading.
So I hope that soon I could achieve that goal and have my very first whole BTC.
There is another hope in this regard, when the mining will not reap much profit, all the big miners will leave the scene and then home mining will be possible if anyone is willing to support mining and as a reward you will get the mining fees.
Then Bitcoin will be a sitting duck for anyone who wants to launch an attack.
Dunno how mining will work itself out but it needs to be as muscular as possible if BTC takes a step up in use and visibility. There'll be an ever increasing number of entities with an incentive to mess with it.
If 20 million people all had a few asics maybe that wouldn't be an issue, but home miners will be way more fickle than larger and more committed operations.
Let's hope that fee market is good and strong by then.
If that happens just imagine the fees you have to input for every single transactions. Logically if there is a solution where you can input more transactions in a block then the miners could have a profitable time when the mining reward ends, if not no one will mine if there is no rewards and you cannot survive with fees alone if the number of transaction does not increase. There is another hope in this regard, when the mining will not reap much profit, all the big miners will leave the scene and then home mining will be possible if anyone is willing to support mining and as a reward you will get the mining fees. 
Saw this one and I feel like on a panic mode because I don't have much bitcoin yet because of many financial needs. The next halving are also coming, we can expect a low supply which can make the price of bitcoin goes higher. Its good if you have more bitcoin today, congrats!
This is just conjecture on the basis that people like you panic;) No offence, but if there was 20 million or 20 bitcoins mined, the only thing most people look at is price. If the price is low enough they will buy it (psychological) and if they understand Bitcoin and they want it anyway, they will even buy 10,000 satoshi if that is all they can afford.
Exactly, the main concern of majority of.users is price. The number of already mined coins iworries them only because of price. It would be really interesting to see all the panic after all Bitcoins will be mined and how disappointed sone might end.
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.
Do not worry. We will not see these times. However, the price of Bitcoin will be going up each year, especially if we are talking about 15-20 years period. I believe that not so many people are ready to wait for this time. Thus, the idea of daily trading seems to be much more attractive. It is a risk, but if you become a very skillful trader, you will get profits always.
I also buy some BTC in 2015, and sold them for profit of only $50 or something like that - then it seemed quite normal thing, but of course I failed to see the big picture and understand the potential of BTC.
Well, I guess it can't be helped. I also sold at cheaper price way back 2016, sold it at around $400. If someone need money badly, you cannot see the big picture ahead since what is important is the "needed now". Anyway it is still not late to accumulate, there is still more than millions to be mined and hundred more years for mining span.
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
That is really a food for thought for everyone really including me, I believe that by now, averagely, everyone should already have at least 1 BTC in their wallet, I am not talking about new investors who are still new to bitcoin or the richer ones though, because those ones accumulate bitcoin like they buy popcorn on the road. Bitcoin Is really close to closing the gap of the total supply of bitcoin. Current bitcoin mined: 17,851,062 BTC
In 10 years bitcoin has already mined almost 70 percent of the total supply of bitcoin, which means there is possibility of these supply getting exhausted in another 10 year’s time, so I am wondering where some people are getting the arithmetic of 2140 from, which is about 95 years from now. I know that bitcoin will start getting quite high gradually, but that would still not stop people from buying it no matter how expensive it is.
Indeed, we failed to notice that the total supply of Bitcoin mined had already been 17,800,000+, from 2009 to 2019, its been a decade of Bitcoin mining, and it felt like it was just yesterday.
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
That is really a food for thought for everyone really including me, I believe that by now, averagely, everyone should already have at least 1 BTC in their wallet, I am not talking about new investors who are still new to bitcoin or the richer ones though, because those ones accumulate bitcoin like they buy popcorn on the road. Bitcoin Is really close to closing the gap of the total supply of bitcoin. Current bitcoin mined: 17,851,062 BTC
In 10 years bitcoin has already mined almost 70 percent of the total supply of bitcoin, which means there is possibility of these supply getting exhausted in another 10 year’s time, so I am wondering where some people are getting the arithmetic of 2140 from, which is about 95 years from now. I know that bitcoin will start getting quite high gradually, but that would still not stop people from buying it no matter how expensive it is.
I don't think the bolded statement is a safe assumption to make. The fee market is a function of how full blocks are (at any size) -- it doesn't linearly aggregate fees as blocks get bigger. Increasing block size won't necessarily increase fee revenue because it will also reduce fee pressure by providing more block space. That means more transactions, more bloat and cheaper fees but not necessarily more revenue for miners to replace lost subsidy.
Let's assume that Bitcoin adoption is increasing, regardless of the transaction fees users need to pay. Then all else equal, keeping block weight limit static will increase fee revenue for miners. The same cannot be said if increased adoption (demand for block space) is being negated by increasing block sizes. In that situation, we're left hoping that speculative price increases are enough to incentivize miners.
Let's assume that Bitcoin adoption is increasing, regardless of the transaction fees users need to pay. Then all else equal, keeping block weight limit static will increase fee revenue for miners. The same cannot be said if increased adoption (demand for block space) is being negated by increasing block sizes. In that situation, we're left hoping that speculative price increases are enough to incentivize miners.
i am talking about a balance between all these factors instead of an imbalance that damages bitcoin.
we need to increase the "capacity" so that it is capable of handling more users but at the same time we need to keep it at a level that both ensures decentralization and keeps the fee market to prevent cheap spam but not an outrageous fee market where fees reach unreasonable levels.
besides the arguments about fees and miners incentive doesn't belong here for at least another 10 years!
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.
I also don't think we can wait that long to have this discussion, especially given how ugly the block size debate already got in 2017. In 10 years, the block subsidy will be down to 1.5625 bitcoins per block. That's really scary with fee revenue already this low.
We can't keep kicking the can down the road (by raising block size) and coddling users with low fees. Because when the time comes and the subsidy is drying up -- and the system is therefore becoming unreliable -- do you think users will all of a sudden be willing to pay the real cost of transactions? After being subsidized by miners for the first 20 years? I don't know. I'd rather not find out.
Keeping a bitcoin, and hopefully everything goes well or just 0.5 Bitcoin, we can imagine our future life will be better. There is nothing to disappoint about Bitcoin. Look at the chart, look at the needs, look at what they are saying and that is the truth.
I definitely agreed with you dude, Bitcoin still remain the top of the digital currency in this field of business.
I also believed bitcoin has a big future were in the end it could be the world currency in my own perception.
Bitcoin never always amazed me even ti dropped last year I still believed in it.
This is why I'm a small blocker. The inflation subsidy is quickly dwindling down. In just a few more halvings, it will hopefully be negligible compared to transaction fee revenue -- otherwise we might need to start worrying about major drops in hash rate, reorganization attacks, etc. Any increase to block size will lower fee revenues, so I'm definitely on the conservative side when considering them.
this is not necessarily true. because the relationship between revenue and fees is not that easily.
small blocks which means higher fees will also mean less users and stop of adoption and the result of that is falling price and finally less resulting revenue for miners.
on the other hand bigger blocks can mean more transactions in block which have a higher sum of fee instead of having individual high fees and it also means more adoption and the result of that is higher price and finally a much higher revenue for miners.
I don't think the bolded statement is a safe assumption to make. The fee market is a function of how full blocks are (at any size) -- it doesn't linearly aggregate fees as blocks get bigger. Increasing block size won't necessarily increase fee revenue because it will also reduce fee pressure by providing more block space. That means more transactions, more bloat and cheaper fees but not necessarily more revenue for miners to replace lost subsidy.
Let's assume that Bitcoin adoption is increasing, regardless of the transaction fees users need to pay. Then all else equal, keeping block weight limit static will increase fee revenue for miners. The same cannot be said if increased adoption (demand for block space) is being negated by increasing block sizes. In that situation, we're left hoping that speculative price increases are enough to incentivize miners.
i am talking about a balance between all these factors instead of an imbalance that damages bitcoin.
we need to increase the "capacity" so that it is capable of handling more users but at the same time we need to keep it at a level that both ensures decentralization and keeps the fee market to prevent cheap spam but not an outrageous fee market where fees reach unreasonable levels.
besides the arguments about fees and miners incentive doesn't belong here for at least another 10 years!
the reason why btc is rared commodity is btc is mined almost 85 percent and rest 15 percent will be mined in the coming 10 to 20 years it depends on alogarthim difficulty
It is harder to accumulate btc during the bull market, I can get more during the last bear, but I didn’t manage to get 1btc because of the suddenly pump on the price, I’m still content with it, because I’ve more btc now compare to 2017, 1btc might be possible in the next bear market if my timing were perfect again. It would be easy to just buy it with hard earned money, but I don’t want to cheat the process and accumulate it in a intended manner, my principle are simple, do anything but don’t buy it, because it is how we can avoid all kind of risk, when you’re buying something you’re dealing with risk, when it’s free, it’s risk free.
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