How long will we be able to mine? | Bitcointalksearch.org

Tronlet

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Quote from: Archatos on June 22, 2011, 05:00:24 PM

Quote from: Tronlet on June 22, 2011, 04:33:25 PM

Mining will go on forever, however new blocks will stop being created somewhere around 2130, if my memory serves. (Actually 2140, just checked)

So that is when the 21,000,000th bitcoin is generated?

Though, from what I'm seeing, the speed of which blocks are generated will depend on the available hardware? So how would it be possible to calculate this, considering we have no idea what power hardware will have in the future. Even predicting the power of hardware a couple of years ahead is close to impossible.

Actually, the 20,999,999.99999999th bitcoin, it stops just below 21m.

To answer your difficulty question, about every 2 weeks the difficulty is raised or lowered depending on how fast people are finding bitcoins. The system dynamically adjusts itself to make sure it sticks to that block-every-10-minutes goal.

truthcracker

newbie

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Its not mining, its plugging a computer into a wall.

SlipperySlope

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Stephen Reed

Back in July 2010, I generated two blocks all by myself before rising difficulty forced me out of CPU mining - as there were no pools back then.

Now I hope to keep mining coins with my GPU rigs until the earnings are less than my daily 1.74 USD electric bill for the 850 watts I consume to yield 1200 MH/sec - September?

l33

newbie

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Quote from: tehcodez on June 22, 2011, 09:28:11 PM

GPUs...so 2010...

I dont get it.

tehcodez

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GPUs...so 2010...

l33

newbie

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Right...stronger GPUs but harder Bitcoins. Huh

luizeba

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Quote from: MertinTerm on June 22, 2011, 01:46:13 PM

I was thinking though, what about the future GPUs coming out? Surely with the way technology has progressed thus far, within a few years we will have GPUs pumping out 10x the current output of any current day top of line cards.

That's true.

In 1 year, the GPUs will be really stronger than today

Archatos

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Quote from: Tronlet on June 22, 2011, 04:33:25 PM

Mining will go on forever, however new blocks will stop being created somewhere around 2130, if my memory serves. (Actually 2140, just checked)

So that is when the 21,000,000th bitcoin is generated?

Though, from what I'm seeing, the speed of which blocks are generated will depend on the available hardware? So how would it be possible to calculate this, considering we have no idea what power hardware will have in the future. Even predicting the power of hardware a couple of years ahead is close to impossible.

minor_miner

newbie

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http://www.alloscomp.com/bitcoin/calculator.php

It's laggy as hell, though.

l33

newbie

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Do you all know of any good calculators?

l33

newbie

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I have the servers just need videocards.

cothoms

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l33, you may want to find some of the bitcoin calculators out there to determine your breakeven point. you might be surprised, especially if you are building these systems from scratch.

l33

newbie

Activity: 28

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I am looking into Colocation. Power is payed for.

minor_miner

newbie

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Quote from: l33 on June 22, 2011, 04:35:19 PM

Yeah, I have seen that. I think most people will drop out because of that. So us true miners will have to fight for it.

Yes, but they will have to prepare to fight with people who pay 0.05$ per kWh, which I'm clearly not paying in Europe.. not even close Sad

l33

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Yeah, I have seen that. I think most people will drop out because of that. So us true miners will have to fight for it.

Tronlet

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Mining will go on forever, however new blocks will stop being created somewhere around 2130, if my memory serves. (Actually 2140, just checked)

The transaction fees are currently virtually unnecessary, but when Bitcoin becomes more popular and/or the blocks grow in number, transactions will slow down. But, you can include a voluntary transaction fee that will make miners want to process your transaction due to its value, and that will speed up your transaction. Miners will receive transaction fees, though no new blocks will be created.

That is of course assuming the world as we know it is still around in 2140, for all we know both USD and BTC will have been abolished and our minds will be uploaded into a hive network. Tongue

minor_miner

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Quote from: l33 on June 22, 2011, 04:13:42 PM

I am thinking of getting 10 (maybe 20) box with 4 5750. Sounds like i can still get my money bck an more.

But you know that the average difficulty increase has been about 50% the last weeks?

So expect 50% less return every 9 days.

I planned to buy a mining rig up to a few hours ago, but am damn unsure now as I know the numbers.

l33

newbie

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I am thinking of getting 10 (maybe 20) box with 4 5750. Sounds like i can still get my money bck an more.

MertinTerm

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I was thinking though, what about the future GPUs coming out? Surely with the way technology has progressed thus far, within a few years we will have GPUs pumping out 10x the current output of any current day top of line cards.

I whole-heartedly believe that unless you have any dedicated, full-fledged multi network mining rigs, you aren't going to make any decent profit in the future.

Sadly though, my knowledge over the subject is trivial compared to many other memebrs. I could just be spewing pure BS.

compro01

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mining will happen forever. it's a fundamental part of how bitcoin functions. as the subsidy (the 50 BTC reward per block) falls in the long term, transaction fees will become an important part of rewarding miners.

as for how long it will be profitable near-term. my 6870, at current prices and electric rates, will remain profitable until the difficulty hits roughly 5 million.

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