BITCOIN SUPPLY LIMIT - page 2. | Bitcointalksearch.org

mendace

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Quote from: Diiriye on April 01, 2023, 03:48:46 AM

As we all know BITCOIN mining will stop once the 21 million mark is reached. According to the information we have 19 millions coins were mined and now circulating. The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

The Bitcoin protocol calls for the number of BTC created every 10 minutes to halve every 210,000 blocks, in a process known as "halving". This means that while initially 50 BTC were created every 10 minutes, today only 6.25 BTC are created every 10 minutes.

Since the "halving" process is predefined and cannot be accelerated, the number of BTC created will gradually decrease over time until it reaches the 21 million mark. Even if all the miners in the world focused on mining the remaining BTC, the process of reducing the number of BTC created every 10 minutes would remain unchanged.

joniboini

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Quote from: dzungmobile on April 01, 2023, 05:10:30 AM

In 2023 they are mining with higher input cost because they can get profit from mining. Same thing might happen in 2140 is my belief.

True. If some reports about mining companies are to be trusted, we can conclude that their recent mining profit is still negative, but they keep their business afloat by selling coins mined a few years/months before. I can't say for sure if this is a spin from the media or just business trying to deter competitors from competing on their business though.

At the end of the day, the market will find the equilibrium and some miners will definitely stop mining due to mining costs, the question is whether the security of the network is good enough to sustain the network when that does happen. Considering how the BTC hashrate keeps rising though, I doubt we'll see that happen in the near future. CMIIW.

dzungmobile

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We don't know when a miner will stop mining and it is more difficult to guess when all miners will stop mining Bitcoin.

If in 2140, when all Bitcoin in 21M total supply is mined, Bitcoin miners can get enough mining rewards in transaction fees, they will not have reasons to stop mining.

Like in 2009, they can get 50 BTC by finding a block (not yet counting transaction fee), with a few cents in value but thry continue to mine it because inout cost was so cheap. In 2023 they are mining with higher input cost because they can get profit from mining. Same thing might happen in 2140 is my belief.

How is the 21M Bitcoin cap defined and enforced?

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Quote from: Diiriye on April 01, 2023, 03:48:46 AM

As we all know BITCOIN mining will stop once the 21 million mark is reached.

It's worth to note that we'd never reach exactly 21 million due to the 8 decimals limit; 0.0231 BTC deducted there. Also, there have been thousands of bitcoins that have been provably burned (i.e., block rewards which didn't include the subsidy or, less than subsidy, or mistakes in Script language), and right as well as probably thousands of bitcoins that have been lost non-provably.

Quote from: Diiriye on April 01, 2023, 03:48:46 AM

Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

Because of the difficulty adjustment. Read about it here. TL;DR: the more the mining, the more difficult it is to mine a block, and oppositely, the less the mining, the more easier it is to mine a block. This ensures that every block will be mined in about every 10 minutes, regardless of the hashrate. Now add halving to the equation, and you get ~2 million coins until 2140.

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Quote from: Diiriye on April 01, 2023, 03:48:46 AM

As we all know BITCOIN mining will stop once the 21 million mark is reached.

Mining will NOT stop then. You have misunderstood something.

Quote from: Diiriye on April 01, 2023, 03:48:46 AM

According to the information we have 19 millions coins were mined and now circulating.

Actually a big chunk of those coins is locked in wallets either owned by very strong hands (and will probably stay locked for many years to come), either lost forever. The real circulating amount is smaller.

Quote from: Diiriye on April 01, 2023, 03:48:46 AM

The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

Bitcoin block reward is MEANT to halve every ~4 years. That's part of how bitcoin software was written, and it's also something that makes the coins price rise (not the only thing, still..).

You can easily make your own fork of Bitcoin, make the block reward logic change (maybe the difficulty logic too) and mine those remaining coins even in a day if you want to. But that will no longer be bitcoin and will most probably have no value.

hosseinimr93

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Quote from: Diiriye on April 01, 2023, 03:48:46 AM

As we all know BITCOIN mining will stop once the 21 million mark is reached.

Take note that it's not that miners will stop their work once all bitcoins are mined. Currently, miners get the newly generated coins and the transaction fees. At that time, miners will still get the transaction fees.

Quote from: Diiriye on April 01, 2023, 03:48:46 AM

Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

That's how bitcoin is designed. The initial block reward was 50 BTC and it's halved every 210,000 blocks.

It may worth mentioning that the total supply of bitcoin will be exactly 20,999,999.9769 BTC.

Diiriye

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As we all know BITCOIN mining will stop once the 21 million mark is reached. According to the information we have 19 millions coins were mined and now circulating. The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

Topic: BITCOIN SUPPLY LIMIT - page 2. (Read 348 times)