Topic: Money made so far by mining (Read 767 times)
Stephen Gornick, your estimates for 2009-2010 are wildly optimistic. In May 2010, a bitcoin was worth a quarter of a cent, judging by the price of laszlo's pizzas. In late 2009, it was worth about a tenth of a cent, if New Liberty Standard is to be believed. Before that it was worth nothing.
According to bitcoincharts.com, it wasn't until August 2010 that BTC was worth something.
Between August 2010 and January 2011, it was between 5 cents and 30 cents.
Between January 2011 and January 2012, it started at 30 cents, got as high as $35(or close) and ended around $5.
And the current year, is between $5 and $10.
Not too sure about what you mean in 2009,(I'm going off on Mt. Gox)
Between August 2010 and January 2011, it was between 5 cents and 30 cents.
Between January 2011 and January 2012, it started at 30 cents, got as high as $35(or close) and ended around $5.
And the current year, is between $5 and $10.
Not too sure about what you mean in 2009,(I'm going off on Mt. Gox)
2009 - negligible(correct if wrong)
2010 - negligible(correct me if wrong)
2011 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $35 USD = $91,875,000
2012 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $12.34 USD = $32,392,500
= $124,267,500 USD
2010 - negligible(correct me if wrong)
2011 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $35 USD = $91,875,000
2012 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $12.34 USD = $32,392,500
= $124,267,500 USD
Way, way off. You are cherry picking the numbers.
The exchange rate never hit $35, and the $32+ that it did hit was only like that for part of a day. Why would you use $35 in June 2011 rather than the $1.99 in November 2011?
This is still off, as the weighted average prices are based on the assumption that the quantity of bitcoins were produced equally each day. But it should be close.
2009 - 1,624,500 bitcoins X $0.01 USD = $16,245 (Estimate as no valid price data)
2010 - 3,396,000 bitcoins X $0.10 USD = $339,600 (Estimate as no valid daily price data earlier than Jun 2010)
2011 - 2,981,350 bitcoins X $5.34 USD = $15,920,409
Jan-Nov 2012 - 2,506,900 bitcoins X $7.80 USD = $19,553,820
Dec 2012 (estimate) - 111,600 bitcons X $12.50 USD = $1,395,000 (Estimate based on Nov 2012 closing price)
= $37,225,074 USD
(This is all assuming miners sell as the coins are earned, though many miners do save their coins and sell when the market pays higher levels, or never)
- https://docs.google.com/a/digicoast.com/spreadsheet/ccc?key=0AmcTCtjBoRWUdHJuUE1mUkFxa3A0eHBDQkxZLVVFZmc&pli=1#gid=0
2009 - negligible(correct if wrong)
2010 - negligible(correct me if wrong)
2011 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $35 USD = $91,875,000
2012 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $12.34 USD = $32,392,500
= $124,267,500 USD
MINIMUM PROJECTED FUTURE
#1 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
#2 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
#3 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
#4 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
2010 - negligible(correct me if wrong)
2011 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $35 USD = $91,875,000
2012 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $12.34 USD = $32,392,500
= $124,267,500 USD
MINIMUM PROJECTED FUTURE
#1 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
#2 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
#3 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
#4 - 52,500 blocks x 25 coins per block = 1,312,500 btc x $12.34 = $16,196,250
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