Topic: 93 Percent of all Bitcoin Has Been Mined (Read 355 times)

Wow 150 merits in just one hour for me, it's unbelievable for me that a forum legendary member wants to give me 150 merits I will be gonna very happy if it occurs. Well, I made a big mistake a few days ago but I think the fault is not mine I was on Facebook scrolling and suddenly saw this information and my stupidity is that I believe in it . I think that it's true as I am still a knowledge seeker and from everywhere I find knowledge I take it so that is why I made this mistake. There is a beautiful phrase and I loved it that sometimes bad thing happens just for the betterment. If I did not post that thing here and you people did not respond to it then how did I get to know that this information is wrong, if you did not tell me this I believe this for the rest of my life. I edited my post yesterday a corrected it, and I am thankful for you guys to make me correct, thanks to you both.

Bitcoin can get mined quicker for a limited time, for example, right now we have a pace of 106% but this will be erased by the next adjustment, you will need to add 6% more to get that ~6% reduction (let's ignore a bit that 6% out of 106 is not really 6) so doing this for 20 years you end up with x1.442281 E+13 or x14422811837868 more hash rate needed!


Yes and no, some will keep going like Phil or Mikey some which have lost access to cheaper energy like me will quit!
Once the pie needs to be split in 4 pieces instead of 10 you will have a bit of growth then some others are going to drop and so on and on and on till it's either a million or a single guy mining, it will always be an equilibrium by a simple thing, the amount rewarded by day!


As before, if it's not profitable x amount of the miners will drop, and the remaining will see their revenue going up by the same percentage.
That aside you can't have difficulty going up without people adding gear, if mining is unprofitable you will not have gear added and difficulty will stay the same!


You only need a guy with a CPU to run the blockchain in an extreme situation, of course this would not be possible if every single miner right now quits as a CPU miner will take millennia to reach the difficulty adjustment, but if this is gradual in 2200 maybe the blocks will be mined by home miners running NVIDIAs 200890!

Also the adjustment down is the same as up, assuming half of the miners quit tomorrow you will just have one extended period from 14 days to 28 days, not from 100 years to 200 years, it will take just 7 days more!

Satoshi’s invention is not btc it is pow 💥

ie watts to wealth

he used Btc as a subset of pow.

all btc max guys want to ignore this.

they push at this hard.

but at the moment the second biggest pow al-gore-rythm is scrypt.

It merge mines LTC/Doge

basically scrypt is better than btc for long term value because doge has a controlled descending inflation concept.

ie doge
x coins every year
year. inflation rate
1
2 x.      100%
3 x.        50%
4 x.        33%
5 x.        25%
6 x.         20%
…
10 x
11 x.      10%
…
20 x
21 x.     5%
…
50 x
51 x.    2%
…
100
101 x 1%


so around 2114 or so scrpyt will be doing much better than btc as a pow coin

I will be long gone by then as will most likely all of us.

As of today I see the biggest danger to BTC staying as the premium POW coin as ltc/doge

I see this happening by 2056 unless there is a tweak by BTC. in its pow setup.

So that's how it works. I did know about difficulty adjustment but didn't know how much it affects the mining. I think I saw it in a post in this forum talking about Bitcoin getting mind quicker than it is assumed. I can't remember where I saw it so that I can give a link to the post but I still remember that people were talking about Bitcoin getting mined quicker with more powerful computer which could take less time.

Thank you for clearing my doubts. But if I can find that post I will be sure to add the link here. But here's another question if you would answer it for me. When the reward keeps getting half after certain amount of block has been mined, Will people still be willing to mine because of the less reward and high cost?

Theoretically speaking, if the Bitcoin price doesn't go up and become stable, but the difficulty keeps on getting hard and the energy cost keep on rising is it going to be profitable to still mine? And if it's not profitable, then people won't do it. If that's the case then is it going to be over in a hundred years, or will it take more time or it will be just staying on the block not getting mined?

Bruh, mining does work like that !

If next week we double the hashrate the only result will be the cut from 14 days to 7 days, to keep going on like this we need that in every two weeks intervals to add enough power to double the hash rate, and you have to do it every single time because otherwise even if you add four times it doesn't work to that result!

You have scenarios A,B,C:

A is little hashrate added or substracted for for weeks
- 14 days , 14 days and one hour, 13 days and 23 hours, 14 days and 2 hours ~ 56 days
B is doubling the hash rate every two weeks to a total of x16
- 7 days, 7 days , 7 days, 7 days  ~ 28 days
C is doubling, not doing a thing, quadrupling, doubling to a  total x16
- 7 days, 14 days, 3 days and a half , 7 days, ~ surprise is ~ 31.5 days

For mining to be done in 20 years instead of 100 years you would need to raise the hashrate every two weeks interval by a factor of 5. For it to be done in 10 years you would need to increase it EVERY two weeks by 10x.

If you increase the hashrate every two weeks by ten you have 1,4 days every single time instead of 14 days, so 2.8 days instead of 28 days.
If you increase it by 100 but the next period you don't do it then you have 14 days and 3 hours instead of 28 days.
Despite the same hash rate in the end you have a difference of 80% effectiveness.

Now, I hope I don't have to also paint the power needed to achieve x10 every week, which would end up needing the sun to power it up.

I think that the next one is going to be the last halving with some kind of importance, after that people will care less and less about the halvings because the quantities of new bitcoins entering the market thanks to miners will be very limited. Probably the price is going to be higher at that point, but personally I won't have the same expectations as I did in the past.

How fast and quick it has been since it was established? It seems that it's so close but the truth of the matter is it will still take time to mine it. What will make sense is that the price would still be profitable for the miners, if not then it would be a problem I think, or an opportunity for others to take over.

That's the problem I'm seeing, not just the maximum mined amount.

Actually, it's not cheating, maybe this is some kind of supercomputer used to mine Bitcoin so @tjtonmoy can assume that mining which is usually completed up to 100 years can be cut to 10-20 years with just a supercomputer.

But that is indeed an unsubstantiated assumption and does the math on how much mining fees would be required by a supercomputer.

Simply put, Bitcoin mining is only worth thousands of dollars that can be obtained in a day, but you have to pay the cost of using supercomputer power tens to hundreds of thousands of dollars and that's still the cost of electricity alone, not including staff salaries, mechanics and others.
Obviously, it will not be profitable.

Instead, it would be more profitable to use the Bitman Antminer S19 Pro which only uses fairly low power and can benefit rather than having to use an ASIC computer or supercomputer.

Here is the Comparison Calculator.

ASIC Computer

Bitmain Antminer S19 Pro

I really don't know who is filling your heads with such nonsense that you think that some new technologies will somehow manage to "cheat" what is predetermined, so we will jump over all "obstacles" and simply mine all Bitcoins at least 100 years before we should.

---

If only it were that simple, but considering the lack of "manpower" on the forum, members like this get a chance, and I'm sure they will be paid for their posts, no matter how pointless they are.

You are right, it is still in the early stages of implementation and currently everything is still being worked on. The bitcoin code regulates this economy by reducing the number of bitcoins released as a reward over time and to get bitcoins one does not have to go through the mining process especially when looking at the strong growth in Bitcoin prices, there are many investors who think that traditional currencies could be ready to experience disturbance.

Don't get it twisted, what is left to mine in the Bitcoin network, because of the Bitcoin halving, will take another 100+ years as the halving continues, precisely in the year 2140.

People are still coming into the technology and the mining business is still lucrative enough for new players but considering the percentage that has been mined, isn't a scare to keep people away from the business. We are still in the early days of its adoption.

Growing old and useless.
All children today should get a proper education, especially on learning how the economy works, how Bitcoin is used, and how it can make money.
Bitcoin is here to stay and it won't be mined until 2140 and it's still 117 years away.
That will be the super modern generation and Bitcoin will be the best digital currency in the future.

If you've just dumped Bitcoin at a low price in the past, that's a given.
Bitcoin didn't have a proper place when it first appeared.
I even had enough Bitcoin to hold, but ended up selling at what I thought was a high price, but looking at it now it could be 1000x the profit.

The obstacles that keep beginners out of Bitcoin are price fluctuations and unreliable psychology.
Price fluctuations will affect one's psychology.

For starters, the craziness will stop the moment you try to turn on a 5360W machine running at 380V in your average home.


 11,725 $/Unit is enough of a barrier?


No need to spend thousands to see how it feels, you can go do your average car wash and stand there in the noise for a few hours, then to your street bakery to sweat in 60C and back home and watch how your computer progresses with folt@home cause there is really no difference. And you can do all this for $5 instead of 10k. Mining is not something that suddenly will become cool or anything else, it's driven by the pure economy, you either make money or you don't, that's why I dropped most of my miners and kept just a pair because it doesn't make sense, I could simply buy coins instead of wasting money on electricity with zero returns.

You see billions flooding California to get the last gold nugget that might be hidden somewhere in some riverbed?  


You do know we have a thing called difficulty adjustment right?
So even if by tomorrow you would find a machine that mises coins one quadrillion times faster all that will happen is it won't be 100 years, it will be 99 years and 50 weeks.

The time of mining the last bitcoin will be exciting for the Bitcoin community. I am sure no one will exist from the forum where we are active now. New people will join, and they will enjoy the moment. I am really missing the event. However, we don't know if Bitcoin will exist until then or if it will destroy everything in a third world war. Or there may be something new and interesting with advanced technologies. But from my current position, I can say that Bitcoin investment will be the right choice for our next generation. Though we aren't realising it now, like 10 years ago, no one realised Bitcoin would reach that position. Actually, these are historical and technical statements, not emotional ones.

With powerful computer and processing power and the quantum computer that has been a topic for gossip is going to make Bitcoin mining faster. I don't think the 7% of Bitcoin mining will take a hundred years. It could be over in 10 to 20 years. The reward is going to become half after certain numbers of block has been mined. And I don't think it will take 4 years like it is taking right now. Maybe we can witness all Bitcoin get mined.

We cannot predict the future but we can expect that in the future that will be much more powerful component such as quantum computer getting involved into Bitcoin mining. The more power you give the faster you can mine. So when the power is not in the question, I don't think we will have to wait that long.

I wish the previous generation would also think about leaving more wealth and property for our children and grandchildren, but there is no need to do that, money without proper education will only make our children grow older. Instead, let's leave a message to our children and grandchildren that no matter how society changes, if bitcoin is still appearing, and they don't know about it, it is a lack of civilization.

Yep, in the past I have thrown away opportunities to become a millionaire if I kept those bitcoins, but clearly that is not a regret here because I am increasingly aware of the accumulation and use of bitcoin. There are different barriers for someone to initially get into bitcoin/crypto but over time, what we are seeing is widespread adoption.

Haha, can not dispute this fact actually, but let's face this fact as well, the average man is very crazy, and can do really crazy things, all for what? All for nothing.

The only barriers or limitations most people have is money, when they don't have the money, then they are as cool as iced water.

And let me also point out that maybe I didn't phrase what I actually meant correctly, which I apologize for...
When I said billions competing, what I actually meant was that, billions are gonna be competing in both ways, that is, those who have the money will sure be squandering some of that money to gain the experience of what mining bitcoin feels like, and while who also have the money, but probably don't have the time to mine, may be spending millions to hold a good number of bitcoins.

It's all speculation born out of wild imagination though, atleast, a lover and investor in bitcoin can not do without sometimes imagining how big bitcoin can become In the future.

and by 2052 miners will leave btc to mine ltc and doge.

why is that simple the reward to fee ratio for btc is changing a lot.

50 to 0.001
25 to 0.01
12.5 to 0.02
 6.25 to 0.03
 3.125 to 0.06
 1.5625 to ? in 2028 only 4 years off
  0.78125 to ? in 2032 only 8 years off
  0.390625 to ? in 2036 only 12 years away

we have yet to solve this issue. Maybe we will maybe we wont .


please understand i am estimating the fee number.

but

Again that is not scarcer!
It would be scarcer if the whole 21 would had been mined and 900 would have been destroyed each day, right now it's the opposite of scarcer.

Think for a moment, what happened in the first year? There were only 10% mined at one moment and the supply was fixed just as now at 21 million, did Bitcoin become scarcer from then to now? Because at one point there were only 50 then 100 and now we have 19 million!!!!!
The only thing that is going down is the percentage at which the supply increases, but it's still positive!

I know people love to make it sound like the supply is going down, like there will be more demand and less supply but it's NOT the case, let's not twist 2000 years old definitions because of personal feelings!


There is a simpler solution, kick shitposting out of campaigns!
But funny enough, speaking again of economics, we have enough demand for them that the supply keeps going up!


Out of pure curiosity, what's your country's inflation but expressed in $?
I find it hard to believe a jump to $60k won't cover that!

Its the process of how bitcoin is mined and its timeline in the future. Nothing good or bad.

Long term holding for bitcoin, you could say would not have a detrimental effect on the value at the time of investment. However by the time all bitcoins are mined, most of us at this point would have already passed away. So the OP emphasized on the idea of accumulating bitcoin not just for ourselves by our next of kin.

Better to enjoy your time here and continue to gather bitcoins because nobody know what next pandemic is awaiting us.