The 19 millionth bitcoin will be mined in the next 24 hours.

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Quote from: LFC_Bitcoin on April 01, 2022, 07:12:13 AM

Very, very cool & yes we will all be long gone when the last portion of a bitcoin is mined. Such a genius creation, we are all very lucky to be here what should still be considered early.

I wonder what the next generations of Bitcoin holders would call us, or how would they see us in their time and perspective. The early adopters and their mentors. I think if my kids gets older and I am still alive I would teach them about BTC. 100 years is whole different generations and I think we are so lucky that this opportunity had come to us.

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Quote from: Husires on April 01, 2022, 07:02:46 AM

Only ~2M more to go and now have up to 18,999,800 BTC.
It would take us about 100 years to mine those 2 million.
Imagine how big the market will be if we assume that about 3 million bitcoins are lost forever.

I will edit later when that coin is mined. 19,000,000.

It's impressive to see how Bitcoin reached this far. With only 2 million coins left to mine, prices should've increased already. I think Bitcoin is severely undervalued, mainly because of government's misinformation, false propaganda, and negative criticism from mainstream media. If it wasn't by that, Bitcoin would've been worth at least $100k by now.

At least, Bitcoin works as intended. The limited supply should be able to maintain prices at its highest for quite some time. Lost Bitcoins will certainly add "fuel to the fire" since it will make the cryptocurrency much scarcer than it was before. Probably, there are less than 19m coins in circulation. As long as the community doesn't approve the change of BTC's supply, there should be nothing to worry about. Just my thoughts Grin

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Quote from: oudomopo on April 03, 2022, 10:54:21 AM

Well almost 24 hours ago as I am writing this, the 19th millionth bitcoin has been mined. The 18th millionth bitcoin was mined in October of 2019 so I think the 20 millionth bitcoin will be mined probably in 2024-2026 or maybe 2030 but time will tell.

Well, we can calculate it.
Currently, there are issued around 900 BTC per day: 6 Blocks per hour (10 min per Block) = 6 * 6.25 = 37.5 BTC per hour = 37.5BTC/h * 24h = 900BTC per day
To mine 1 Million BTC at that rate (1.000.000BTC / 900BTC/day), we would need 1,111 days (3.04 years).

We have 2 years left until Block rewards are halved again, to 3,125 BTC per Block, so it would be 2 years in our current halving cycle + 2 years in the next halving cycle (which we need to double because rewards are halved).
So it will take 4 years until we have mined 20M BTC, which will happen in 2026.

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Quote from: Husires on April 01, 2022, 07:02:46 AM

Only ~2M more to go and now have up to 18,999,800 BTC.
It would take us about 100 years to mine those 2 million.
Imagine how big the market will be if we assume that about 3 million bitcoins are lost forever.

I will edit later when that coin is mined. 19,000,000.

A lot of things happened to reach 19 million points. From its inception until now Bitcoin has provided many benefits. Unfortunately, I'm not old enough to spend that long. Could it be faster than expected? maybe because there will be a lot of changes, and adoption and more and more people will be interested in digging deeper so it doesn't take up to 100 years. Several platforms have provided information and we have reached 19,001,706.00 BTC (at the time I'm typing). It is very proud, proud that Bitcoin's contribution to the development of the world is incalculable.

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Quote from: BITCOIN4X on April 01, 2022, 02:03:17 PM

Can we assume that around 3 million bitcoins will be lost forever for various reasons? I may still believe that the number will be less or less than 3 million considering some people will be able to get their wallet back sooner or later.

I think the amount of bitcoins lost forever can exceed this number(Including satoshi's bitcoins) because bitcoin has been around since 3/1/ 2009 and when people's awareness of wallet security is still rudimentary, plus life events, death for example. Then I think the number of bitcoins lost will probably be more. This also means that the value of bitcoin will guarantee there will always be a new ATH peak at any time

Quote

Because next millionth would after 50 years and then after another 50th year.

Probably, it will be a pity that I can't see the last bitcoins mined. So I will enjoy every moment that matters to bitcoin. Roll Eyes

oudomopo

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Well almost 24 hours ago as I am writing this, the 19th millionth bitcoin has been mined. The 18th millionth bitcoin was mined in October of 2019 so I think the 20 millionth bitcoin will be mined probably in 2024-2026 or maybe 2030 but time will tell. Maybe all the somewhere in the 2030s, the 21 millionth bitcoin would be mined and that is my opinion of predicting of when will all the bitcoins be mined.

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Quote from: BITCOIN4X on April 01, 2022, 02:03:17 PM

Can we assume that around 3 million bitcoins will be lost forever for various reasons? I may still believe that the number will be less or less than 3 million considering some people will be able to get their wallet back sooner or later. But when I envision a market with a number of coins circulating then I believe it will be something very extraordinary in the future.

Maybe not 3 million bitcoin but at least 2 millions yes, I would say those are lost for sure. Those of course include Satoshi's million bitcoin. It's sad that there are some many lost bitcoins, at the same time it just reduces (again) the supply and increases its value and scarcity.

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Quote from: LFC_Bitcoin on April 01, 2022, 07:12:13 AM

Very, very cool & yes we will all be long gone when the last portion of a bitcoin is mined. Such a genius creation, we are all very lucky to be here what should still be considered early.

Trust that our future successors, that when it takes 100 years to complete we really can't be in that moment. The hope is that everyone, especially us, will want to witness the last part of the bitcoin mining momentum that has given so much color to life. From an economic perspective that has clearly changed someone's life, we are very grateful to exist and have ever held Bitcoin.

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Quote from: Husires on April 01, 2022, 07:02:46 AM

Only ~2M more to go and now have up to 18,999,800 BTC.
It would take us about 100 years to mine those 2 million.
Imagine how big the market will be if we assume that about 3 million bitcoins are lost forever.

I will edit later when that coin is mined. 19,000,000.

It indeed feels proud to be here. The very thought of existing in the initial stages of a revolutionary cryptocurrency and using it is really exciting.
Although we might not live to witness the last bitcoin being mined but we can witness how bitcoin transforms in the next 10 - 20 years or may be more.
It has just been around a decade since bitcoin was available for trading in a crypto exchange and we have seen how it has grown over the decade.
We can only imagine what's gonna happen in the next 2-3 decades. So accumulating as much as possible is the best way ahead.

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Quote from: Flexystar on April 01, 2022, 02:28:29 PM

Because next millionth would after 50 years and then after another 50th year.

The first part ^{[and almost 3/4th of the latter part]} will happen sooner than that ^{[refer to @Lucius's post]}.

Quote from: KennyR on April 01, 2022, 05:35:09 PM

Now people start thinking of possible ways to increase the limit from 21 million to a higher number.

But why would they think of such things ^{[it doesn't really make sense, unless I'm missing something]}?

Quote from: xSkylarx on April 02, 2022, 05:46:39 AM

But I do have a question: is this 19,000,000th bitcoin in circulation right. What about bitcoin that isn't moving at all, such as Satoshi's 1 million holdings? this still in the circulation of bitcoin? or how many bitcoins that are sleeping right now which means that it is not in the circulation since it is not moving .

Technically, it's still part of the circulation... There's a difference between "not having any kind of activities" and "no longer having the ability to use them ^{[only the latter is considered not part of the circulation]}".

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Quote from: DeathAngel on April 01, 2022, 01:18:41 PM

Pomp
@APompilano
The 19,000,000th bitcoin was just mined.

Only 2 million more bitcoin to go.
https://twitter.com/apompliano/status/1509930836417826817?s=21

19,000,000th has been mined, amazing. The rest will take much longer to mine though. We will not be alive when the final bitcoin is mined.

and it will take 118 years to mine the remaining bitcoin, by which time we will all be dead. However, if anyone ever comes up with a way to extend the life of a person, then we will be able to see this event Cheesy

I'm hoping that my grandchildren will be able to witness this in the near future. The next halving of bitcoin will take place in the year 2024. But I do have a question: is this 19,000,000th bitcoin in circulation right. What about bitcoin that isn't moving at all, such as Satoshi's 1 million holdings? this still in the circulation of bitcoin? or how many bitcoins that are sleeping right now which means that it is not in the circulation since it is not moving .

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Quote from: SirLancelot on April 01, 2022, 04:54:45 PM

I still do not get how we will continue down this path like this. Maybe it is my bad, maybe I do not understand it perfectly enough. But, by the looks of it we are not going to be mining the 21 millionth coin in the planned time, it is getting very closer. Maybe I do not know the math very well, but it looks like we are mining very fast right now and I am saying this as someone who has been here for MANY years, would love to see a chart of the trajectory we are in right now. Hopefully nothing goes wrong. As long as it is technically impossible to mine 21 million and one coin, as long as it stops where it should be, that is fine by me.

I'm not sure if I understood your post right, but you are asking how can it be that there will be only 21 million BTC and we are still mining it at a rate of 6.25 BTC per 10 minutes. Take a look at this chart and you'll see that it is getting pretty flat when it's compared to the previous time. With halvings that are embedded into Bitcoin's code, there is no way to mine more than 21 million BTC in total. With few million being already lost, I guess there will never be more than 18-19 million BTC in circulation.

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Quote from: DeathAngel on April 01, 2022, 01:18:41 PM

We will not be alive when the final bitcoin is mined.

It is very likely that none of us will be alive until 2140, unless technology advances so much that it is possible to extend the human lifespan to at least 100 or more years. In addition, some people have decided to freeze cryonically in the hope that one day, with the help of advanced technology, someone will be able to cure and revive them. One of them is the well-known Hal Finney, whose body was frozen after his death, and maybe he will have the opportunity to witness the last mined Bitcoin.

Quote from: KennyR on April 01, 2022, 05:35:09 PM

By now we've been experiencing the 19 million bitcoins being mined. For this remaining 3 million bitcoin to be mined it needs more than 100 years.

Something is wrong with your basic mathematics, 19 + 3 = 22. It seems that you have already increased the max suppy by as much as 1 million BTC Wink

Quote from: DeathAngel on April 01, 2022, 01:18:41 PM

Now people start thinking of possible ways to increase the limit from 21 million to a higher number.

Technically there is no problem with increasing max suppy, it's just a change in the code - but it's something that doesn't need to be changed and I hope it never happens. In addition, if you want an alternative with a higher max supply, you have at least a few dozen BTC forks that have that number set at more than 21 million.

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With time the reward will decrease and that's where bitcoin mining difficulty keeps increasing. By now we've been experiencing the 19 million bitcoins being mined. This has taken place within 14 years . For this remaining 3 million bitcoin to be mined it needs more than 100 years. It is very challenging to predict when the 20th million coin gets mined. Now people start thinking of possible ways to increase the limit from 21 million to a higher number.

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Great to be part of it and the scarcity of it really shows how valuable bitcoin is. I hope that many folks would understand the point of it and why everyone is telling them to buy bitcoin.

Quote from: Z-tight on April 01, 2022, 02:48:19 PM

If Bitcoin demand should continue to increase with its fixed supply, that is to say there will be a time Bitcoin would be scarce, could that be the time of mass adoption?

It's actually bound to those positive things that you've mentioned. As for the mass adoption, it's been happening already and it's just a matter of time until it covers the whole world. But the good part is that it's already in the mainstream.

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Quote from: Welsh on April 01, 2022, 07:50:55 AM

It's pretty impressive that while we've already mined the majority of Bitcoin, we are still as LFC_Bitcoin puts it; relatively early. Anyone from the outside that doesn't understand how Bitcoin functions, would assume we're already close to mining it all, and therefore feel like they've already missed out on getting some, which obviously isn't true.

In theory, Bitcoin should continue to become more exclusive, and the demand should increase. Adoption will likely only increase once Bitcoin becomes less volatile. That's when we'll likely see pretty much everywhere accepting Bitcoin, whether that's directly or through payment processors that convert it automatically to fiat.

I still do not get how we will continue down this path like this. Maybe it is my bad, maybe I do not understand it perfectly enough. But, by the looks of it we are not going to be mining the 21 millionth coin in the planned time, it is getting very closer. Maybe I do not know the math very well, but it looks like we are mining very fast right now and I am saying this as someone who has been here for MANY years, would love to see a chart of the trajectory we are in right now. Hopefully nothing goes wrong. As long as it is technically impossible to mine 21 million and one coin, as long as it stops where it should be, that is fine by me.

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Quote from: Welsh on April 01, 2022, 07:50:55 AM

and the demand should increase.

If Bitcoin demand should continue to increase with its fixed supply, that is to say there will be a time Bitcoin would be scarce, could that be the time of mass adoption? And if it happens to be that time as i am imagining, that implies it is still in a very long time away from us, and would we that are around now even experience it? El Salvador is for now the only country that has made Bitcoin legal, please tell me if i am wrong though, is that slow or fast progress?

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Wow. Amazing to hear that one. It’s cool so many of you are actuslly keeping track of it or somehow involved with the great updates like this. Thanks for sharing this one, I will have it published on my social accounts just for some shine about bitcoin and it’s 19mln-th bitcoin. Imaging that one mining rig from hundred thousand rigs around the world who will mine it would be the luckiest one. Because next millionth would after 50 years and then after another 50th year.

That is so cool to imagine. This will definitely put the market onto a next level. Can’t wait to see it get mined! Ciao!

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Can we assume that around 3 million bitcoins will be lost forever for various reasons? I may still believe that the number will be less or less than 3 million considering some people will be able to get their wallet back sooner or later. But when I envision a market with a number of coins circulating then I believe it will be something very extraordinary in the future.

Increased adoption is expected, volatility can also be minimized because of that so prices can actually increase over time. We are the lucky ones to be here although I must apologize for being a bit late.

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I just checked Coingecko and it seems their API is very reliable that they quickly update things and now we have to stay awake to see how market will react to the remaining 2 millions, I may not see this happen but one of my child will surely experience the events. Cool

The mining market will become so competive, most of them will struggle to claim the block reward especially now that next halving is fast approaching come 2024.

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