18,000,000 bitcoins have been mined!

piebeyb

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Quote from: rdbase on November 06, 2019, 11:57:31 AM

Quote from: piebeyb on November 06, 2019, 05:22:54 AM

Quote from: rdbase on November 05, 2019, 10:37:30 AM

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink

https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided

yes as we know not all 18 million are available today, many cases of bitcoin are gone and there are also some bitcoins in satoshi's hands, bitcoin is reduced by half by May 2020 it will reduce the number of bitcoins printed and mined

so in my opinion it is normal for a bitcoin price increase of course after halving 2020, I think maybe bitcoin miners will suffer a big loss if the price of bitcoin does not increase and it is very worrying if many miners stop mining

so let's see those big holders stop playing dramas anytime soon

This is also a nice article you posted in another thread discussing about what effect the halving will have on the bitcoin price.
As this is what it has turned into in the last few posts. Cheesy

lol, you caught a few posts, there is too much discussion about future prices, I think it needs to be known to many people in this forum too, just a reminder

I know now that bitcoin has been mined 18 million so maybe many people see it will continue to look attractive, provide instructions for buying and investing in bitcoin, we might have the same goal to remind each other and share ideas with new users in this forum Grin

Yudhisthir

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In the mined 18 million bitcoin mined, half a million might already have been lost. Now there's not much bitcoin left and it would get rarer and rarer each day. And with the next halving in under a year, we could expect bitcoin to have a price boost within a year. So, it might just be the best time to buy bitcoins.

rdbase

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Quote from: piebeyb on November 06, 2019, 05:22:54 AM

Quote from: rdbase on November 05, 2019, 10:37:30 AM

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink

https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided

yes as we know not all 18 million are available today, many cases of bitcoin are gone and there are also some bitcoins in satoshi's hands, bitcoin is reduced by half by May 2020 it will reduce the number of bitcoins printed and mined

so in my opinion it is normal for a bitcoin price increase of course after halving 2020, I think maybe bitcoin miners will suffer a big loss if the price of bitcoin does not increase and it is very worrying if many miners stop mining

so let's see those big holders stop playing dramas anytime soon

This is also a nice article you posted in another thread discussing about what effect the halving will have on the bitcoin price.
As this is what it has turned into in the last few posts. Cheesy

Quote from: piebeyb on November 06, 2019, 10:01:03 AM

Quote from: serjent05 on May 29, 2019, 06:12:09 AM

Possible people looking forward for the Bitcoin reward halving next year. It is proven in the history that BTC goes up once Bitcoin block rewards halved. You can see it on this chart.

Image taken from : https://twitter.com/GrayscaleInvest/status/1108008602806218753/photo/1

This is what people are looking for right now. The reason why Bitcoin price is surging

I think the same thing with this, the thing that allows the price of bitcoin to go up is to look back in history, I also write about it here, I once did an analysis and research that a year after halving the price of bitcoin will increase, it happened the second time and think maybe it will happen for the third time, halving will happen in May 2020 so everyone will wait at the same time to find the moon in 2021

Thanks!

lumeire

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Quote from: rdbase on November 05, 2019, 10:37:30 AM

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink

https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided

This will just act as another block solved. Although this is having historical importance but this event isn't even big enough to pump up the price of bitcoin. The upcoming block reward halving is the event that everyone is looking forward to and are also hoping that it will lead to a pump in the bitcoin price, but if the event s of last block reward will happen then there won't be any pump. Let's hope for the best and see what comes in the coming future.

Lucius

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Quote from: veleten on November 05, 2019, 03:31:48 PM

only 120 years more left to mine the last 3.000.000 coins Grin

Something like that, more or less, though completely irrelevant to us who live today. It is an incredible fascination with the large numbers that exists in the human mind, they keep saying that something will happen in 100+ years, but at the same time they neglect the fact that 99% of all Bitcoins will be mined in about 12 years.

Your calculation is not correct, it will take only 12 years to mine 2 800 000 BTC (roughly), and next 100 years for 1% (210 000 BTC), which is today amount of blocks mined between two halvings (4 years).

piebeyb

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Quote from: rdbase on November 05, 2019, 10:37:30 AM

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink

https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided

yes as we know not all 18 million are available today, many cases of bitcoin are gone and there are also some bitcoins in satoshi's hands, bitcoin is reduced by half by May 2020 it will reduce the number of bitcoins printed and mined

so in my opinion it is normal for a bitcoin price increase of course after halving 2020, I think maybe bitcoin miners will suffer a big loss if the price of bitcoin does not increase and it is very worrying if many miners stop mining

so let's see those big holders stop playing dramas anytime soon

BitHodler

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Quote from: Youghoor on November 05, 2019, 02:14:32 PM

Personally I don't really think its gonna take 120 years to mine the remaining bitcoin. If in just 10 years about 18,031,062 BTC is already mined, you can do the mathematics yourself.

It's funny that you recommend people to do the math themselves while you have clearly not done so yourself. Reduction of block subsidy is the sole reason it will take a looooong time before the last satoshis are mined.

It's safe to say that in the next 8-9 years the transaction fees miners collect will consistently be more than the reward per block, and that ratio will grow in favor of the fees more and more as time goes on. That's how it is designed to be.

Herbert2020

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Quote from: Youghoor on November 05, 2019, 02:14:32 PM

Quote from: pgbit on November 05, 2019, 10:52:24 AM

When I think of the energy it would take to mine the remaining 3 BTC especially since it is estimated that the last bitcoin would be mined in 120 years, sometimes I think that this is just a mad conspiracy by the power companies to make a lot of money but then I remember what Bitcoin has offered to the world..

Personally I don't really think its gonna take 120 years to mine the remaining bitcoin. If in just 10 years about 18,031,062 BTC is already mined, you can do the mathematics yourself. The remaining bitcoins will be mined very soon. Its gonna take less than three years for the rest of the bitcoin left to be mined.

you are forgetting about "block reward halving" which means the block reward is not a fixed number it is reduced by 50% every ~4 years. so the "math" is more complicated than just looking at how much it took to mine 18 million coins. you have to factor in the halved rewards.
for example the first 4 years (or 210k blocks) 10.5 million coins were mined while the second 4 years 5.25 million coins were mined and now when we reach the third 4 year only 2.625 million coins will have been mined.

bounceback

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Quote from: rdbase on November 05, 2019, 10:37:30 AM

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink

https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided

maybe I agree with your opinion recently we heard that in Russia will increase the hashrate of their bitcoin mining and some other countries have opened mining companies, maybe we can say that Bitcoin currently does not have more inventory and with such events hopefully bitcoin prices in the future will go up.

veleten

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only 120 years more left to mine the last 3.000.000 coins Grin

this is the beauty of bitcoin , the inbuilt deflationary mechanism - you can be sure that every coin will be more and more valuable as time passes
even with 18.000.000 coins mined we cannot be sure how many are out there , actually
so many coins burnt and lost or just sit there , probably waiting for the right time ( price)
I hope that in 20 year's time bitcoin is going as strong as ever and its value and dominance increase even more!

Expecto

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There are lots of works like the data centers that BitMEX is aiming to build in different countries and these works are conducted to be beneficial for the mining industry. Miners are working at better conditions thanks to those developments and 18 million Bitcoins are already mined.

Youghoor

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Quote from: pgbit on November 05, 2019, 10:52:24 AM

When I think of the energy it would take to mine the remaining 3 BTC especially since it is estimated that the last bitcoin would be mined in 120 years, sometimes I think that this is just a mad conspiracy by the power companies to make a lot of money but then I remember what Bitcoin has offered to the world..

Personally I don't really think its gonna take 120 years to mine the remaining bitcoin. If in just 10 years about 18,031,062 BTC is already mined, you can do the mathematics yourself. The remaining bitcoins will be mined very soon. Its gonna take less than three years for the rest of the bitcoin left to be mined.

rdbase

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Quote from: DannyHamilton on November 05, 2019, 11:29:12 AM

Quote from: rdbase on November 05, 2019, 10:37:30 AM

we are getting closer to the end of our king of all cryptocurrency blocks being solved?

Absolute NONSENSE and POPYCOCK!

Blocks will continue for as long as there are transactions and miners. The amount of currency that has been released into the system has nothing at all to do with reaching an "end of blocks being solved".

Furthermore, it's going to take more than 100 years to mine the remaining 3 million bitcoins. We aren't even close to the end of new coins being created.

I was actually wondering this the past week about ethereum and them going proof of stake and the reason behind going this route. Undecided

Once bitcoin has mined the last block then what?
I was under the impression there was no more need for miners hence their work had been completed thus not being rewarded for solving these blocks and not needed any longer.
So beyond mining they are needed for transactions which I would think there would be another way by then such as having nodes online to process these instead of mining. There just wont be as many since there wont be any rewards given for solving only the transaction fees being paid to those who wish to continue the work.

ChrisPop

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Halving is very important because miners will only receive half the reward, though they will have 2 choices: either purchase more hardware(miners) and increase the electricity fees to mine the same amount of Bitcoins as before, therefore their breakeven BTC price will have to increase dramatically OR they can settle with the current production and don't make any adjustments, thus the selling pressure on the market made by the miners will decrease.

In conclusion, you can see that Bitcoin is all about supply and demand. With every halving the flow of supply is reduced drastically(HALF!). Let's not forget that 4 million BTCs are already considered lost.

Macadonian

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Quote from: Leonardo7 on November 05, 2019, 01:01:20 PM

I just hope I will be able to get atlest a bitcoin before it's too late. From the look of things, with the current level of awareness and more willingness to own bitcoin, the price may just Skyrock past the ATH of 2017.

You have a very long time before all Bitcoins are mined and even then you can still obtain Bitcoin by using it as a currency. The 18,000,000 milestone is significant only because its about to be a very slow process to mine new blocks of Bitcoin. Most of us will be dead or very old by the time the last Bitcoin is mined.

Leonardo7

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I just hope I will be able to get atlest a bitcoin before it's too late. From the look of things, with the current level of awareness and more willingness to own bitcoin, the price may just Skyrock past the ATH of 2017.

ILuckyGuyI

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Truth be told, it is a great deal of work. Also I wonder what will miners choose to do when the time closes to the end of mining of Bitcoins. Maybe then, there will be a completely different but somehow related working field on that time and miners will choose to work in that field.

Theb

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Quote from: MURONDI on November 05, 2019, 11:34:10 AM

what will happen if bitcoin runs out in the mine,? whether the price will be more expensive because it can no longer be in the mine, what if people in the future turn to other alternative coins besides bitcoin, maybe at this time bitcoin is number one crypto, but we will not know what will happen in the future, it could be that most people will leave bitcoin.

It does not mean the end for Bitcoin when all of the 21,000,000 BTC are mined it just simple marks the end for miners earning BTC in their mining operating, they still will have transaction fees to be earned afterwards. If you think that if all of the BTC are in circulation in the market that it will cost an oversupply for us think again because if you look around you will see that the development for the crypto industry itself is rapidly growing and I think the demand will even be more in the future, to be honest 21,000,000 doesn't look enough for the growing demand it has currently.

Darooghe

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18 million mined. But probably only about 15 million that are spendable. three millions BTC or thereabouts are lost forever. Most of these losses are from the early days when they weren't worth much, but even now, 3 million bitcoin left divided by 7 billion people who are yet to own any bitcoin, it's equal 0.00042 BTC per person left to go around.

Usually I'm close to a Bitcoin Maximalist and i think there's always enough bitcoin, 21,000,000 is an arbitrary number, the total amount of bitcoin could have been any number so long as it's divisible. If 0.00042 BTC is worth $2,000 then there's more than enough bitcoin, it just requires 1 BTC to be worth $4,760,000 that's all.

CLS63

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It is really amazing to see that we are closing down for the last Bitcoin to be mined but there is still more than 100 years of course. Cheesy

Anyway, it is good to see that such amount of Bitcoin has been mined already.

Topic: 18,000,000 bitcoins have been mined! (Read 311 times)