produced 17 million BTC, when will they get 21 million? - page 2.

killat

member

Activity: 742

Merit: 21

Be the reason someone smiles today

Reaching 21 million BTC will take very long, we will not be in life most probably.

Even if there are "only" 4 millions remaining BTC for mining, the mining difficulty is very high right now and will continue to increase exponentially over the time. So don't worry about BTC being mined.
Even after having finished to mine the 21 millions I think BTC could switch the algorithm from Proof of Work (POW) to Proof of stake (POS) or something similar. The story will not end anytime soon.

syris

full member

Activity: 156

Merit: 100

Quote from: NeuroticFish on May 03, 2018, 05:37:02 AM

Quote from: DragonETH on May 03, 2018, 05:23:38 AM

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.

Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.

Amazing infographics and information in your messages. I want to note that bitcoin mining is really getting harder and harder every year. Every quarter I see what a small transaction fee.

nawmiii

newbie

Activity: 5

Merit: 0

I think that it will take longer because as the Bitcoins are mined and are close to the cap, mining will get harder. Did they consider the numbers of miners available? What if the miners eventually stop before reaching the cap?

bitcoineverything

sr. member

Activity: 504

Merit: 250

InvestnTrade. Latest from the crypto space.

I am also looking out for the next halving event which will be happening this 2020. This will surely be another catalyst for adoption and value increase of Bitcoin just as it was during 2016. Cryptocurrencies still have a very long way to go.

Haryourmi

newbie

Activity: 73

Merit: 0

Bitcoin value rises everyday. So its possible before time for it to rise to 21 million.

DragonETH

sr. member

Activity: 588

Merit: 250

https://www.projecton.pro/

Quote from: Liternyy on July 04, 2018, 04:01:14 AM

Today, the number of produced bitcoins has exceeded 17 million. Considering that according to protocol rules the maximum number of all bitcoins is limited to 21 million, this is a very important event, because this happens rarely and will happen less and less. For example, the previous millionth milestone (16 million) was passed in mid-2016.
The event can also be considered as a reminder of the unique achievement of computer science - the creation and maintenance of digital deficits through a distributed transaction register.

each next bitcoin is more expensive and more expensive for mankind, the amount of equipment involved in its production, the amount of electricity that was spent on the extraction of the next bitcoin is growing. therefore, every million bitcoins mined is a huge success for people in the development of technology and infrostructure.

Liternyy

member

Activity: 238

Merit: 11

Today, the number of produced bitcoins has exceeded 17 million. Considering that according to protocol rules the maximum number of all bitcoins is limited to 21 million, this is a very important event, because this happens rarely and will happen less and less. For example, the previous millionth milestone (16 million) was passed in mid-2016.
The event can also be considered as a reminder of the unique achievement of computer science - the creation and maintenance of digital deficits through a distributed transaction register.

DragonETH

sr. member

Activity: 588

Merit: 250

https://www.projecton.pro/

Quote from: Manoj94 on May 14, 2018, 07:16:55 AM

Schedule is based on no. Of blocks. After every 4 years per block reward will be half. So mining can be continue to 2160 to generate all 21 million Bitcoin.

Yes, 21 million can be extracted in 100 years, theoretically, but the main production will occur in the coming years, everything else that will remain for 100 years will be such crumbs that perhaps (500 000 BTC), it will change the entire economy of bitcoin.

levvv

member

Activity: 532

Merit: 17

Bitcoin still need a long time to be mined max 21mil because the more approaching 21 mil, the less bitcoin can be mined.
It is about 100 years more i think for bitcoin to be fully mined.

Manoj94

newbie

Activity: 82

Merit: 0

Schedule is based on no. Of blocks. After every 4 years per block reward will be half. So mining can be continue to 2160 to generate all 21 million Bitcoin.

DragonETH

sr. member

Activity: 588

Merit: 250

https://www.projecton.pro/

Quote from: apelmerah on May 13, 2018, 01:20:21 AM

To get all those mined bitcoins miners still need a very long time, because we have fewer bitcoins we can mine each block, and according to experts predict bitcoin will run out in 2140.

well, not such a long time, considering that now extracted 17 million of 21 million BTC, and extracted 80% of all bitcoins, until 2033 for 16 years will produce another 19%, 10% of 19% will be extracted for 4 years, and for 140 years production will remain only 1%. we can say that in near future almost all BTC will be mined and there will be a change of production, for production of the trifle 1%.

aiviaa485

newbie

Activity: 183

Merit: 0

I'm not an expert on counting, but it's probably going to run out of Bitcoin while continuing in the mine continuously.

let alone the word NASA has developed a Quantum computer that can quickly mine Bitcoin.

keep positive and trading profit ! Wink

apelmerah

newbie

Activity: 49

Merit: 0

To get all those mined bitcoins miners still need a very long time, because we have fewer bitcoins we can mine each block, and according to experts predict bitcoin will run out in 2140.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

What forecasts are real? We will know about that in 2033 if not lets proceed to 2040 no doubt about that anymore. when will they get 21 million? After 2040 i think 2033 its very short time to mine all remaining bitcoin.

Bervelukan

newbie

Activity: 139

Merit: 0

It's true that now it's all about 17 million bitcoin that has been successful for the mine and to mine all the bitcoin as much as 21 million we can take up to 2140 years later.

Sam San

sr. member

Activity: 630

Merit: 250

Quote from: DragonETH on May 11, 2018, 11:03:30 PM

Quote from: Sam San on May 04, 2018, 02:59:32 PM

Quote from: DragonETH on May 03, 2018, 06:47:00 AM

Quote from: NeuroticFish on May 03, 2018, 05:37:02 AM

Quote from: DragonETH on May 03, 2018, 05:23:38 AM

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.

Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.

Issue 17 million coins occurred on unit number 519,996.

that corresponds to this settlement table from the source specified by You, and 2 more years are allocated for the next million BTC. But time is so fast and the BTC algorithm and the block calculation speed are changing due to the application of technologies. will it be enough what happens the adjustment takes place through 2016 blocks (about two weeks) and there is an acceleration of production due to the constant growth of the hashrate network.

maybe do not worry about it in 2022 BTC will become 19 million, the unit will bring 6.25 BTC.and your BTC is already forgotten and replaced with new similar coin or a new fork launched from scratch.

it is the change in the cost of the transaction that increases the price of bitcoin and its value of production, to which the equipment of production is already being improved and the increase in complexity is compensated by this. more concerned with the issue of monopolization of production, how to make sure that we are back to decentralizing the production of bitcoin, this is the question that will be addressed after 2033.

Quantum computers are still in their infancy, but are expected to develop rapidly and be able to break the cryptographic signatures used by virtual currency Bitcoin within a decade.
https://www.itnews.com.au/news/bitcoin-will-be-crackable-by-quantum-computers-in-a-decade-476561
during the decade it is 2027-2028, what we are talking about then what kind of production to 2140 or 2033 99%, it will end much earlier.

DragonETH

sr. member

Activity: 588

Merit: 250

https://www.projecton.pro/

Quote from: Sam San on May 04, 2018, 02:59:32 PM

Quote from: DragonETH on May 03, 2018, 06:47:00 AM

Quote from: NeuroticFish on May 03, 2018, 05:37:02 AM

Quote from: DragonETH on May 03, 2018, 05:23:38 AM

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.

Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.

Issue 17 million coins occurred on unit number 519,996.

that corresponds to this settlement table from the source specified by You, and 2 more years are allocated for the next million BTC. But time is so fast and the BTC algorithm and the block calculation speed are changing due to the application of technologies. will it be enough what happens the adjustment takes place through 2016 blocks (about two weeks) and there is an acceleration of production due to the constant growth of the hashrate network.

maybe do not worry about it in 2022 BTC will become 19 million, the unit will bring 6.25 BTC.and your BTC is already forgotten and replaced with new similar coin or a new fork launched from scratch.

it is the change in the cost of the transaction that increases the price of bitcoin and its value of production, to which the equipment of production is already being improved and the increase in complexity is compensated by this. more concerned with the issue of monopolization of production, how to make sure that we are back to decentralizing the production of bitcoin, this is the question that will be addressed after 2033.

Sam San

sr. member

Activity: 630

Merit: 250

Quote from: TirionLannister on May 05, 2018, 02:13:26 AM

The last bitcoin will be mined in 2140. And your schedule only shows your assumptions, but market experts say differently. Look carefully at the opinions of community leaders on this topic.

once people believed that if they continue to travel to cities on horses, all of the city will drown in the manure due to the large number of horses, and then bang, and the car came and all changed. so why are you convinced that during 120 years, nothing will happen?

TirionLannister

member

Activity: 476

Merit: 12

The last bitcoin will be mined in 2140. And your schedule only shows your assumptions, but market experts say differently. Look carefully at the opinions of community leaders on this topic.

_Miracle

hero member

Activity: 912

Merit: 661

Do due diligence

Quote from: DannyHamilton on May 03, 2018, 08:34:39 AM

Quote from: freesia_pnp888 on May 03, 2018, 06:50:55 AM

. . . 2 more years. Or 3 . . .

Nonsense. Absolute nonsense. Please just go away. If you can't be bothered to learn the absolute basics, then you shouldn't be answering questions.

Quote from: Theo222 on May 03, 2018, 06:54:03 AM

it is already 21million in supply

What?

No. Just no.

Your response made me LOL Danny ;-)
Not understanding where some of this mis-info is always coming from? It does often get frustrating or laughable when the info is so off.

Topic: produced 17 million BTC, when will they get 21 million? - page 2. (Read 670 times)