When 21 million? | Bitcointalksearch.org

LoyceV

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Quote from: MakeMoneyBtc on December 03, 2017, 03:14:55 PM

~ but I dont think it is going to take so much time. In 120 years the technology and economy will change.

Even if the mining will become very hard in future ,new powerful machines will be created and they are going to support bitcoin mining so we cant know for sure when will be mined all coins. It can take all 120 years that is estimated ,but it can takes less than 100 years. It is possible that a big investor to start mining bitcoin and they are going to spend a lot of money for technology.

Please learn how Bitcoin difficulty adjustment works, it is not possible to mine the last Bitcoin 20 years faster.
The Bitcoin protocol adjusts the difficulty in such a way, that on average 1 block is found every 10 minutes. That won't change.

MakeMoneyBtc

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The estimated time when all the 21 million coins will be mined is 2140 but I dont think it is going to take so much time. In 120 years the technology and economy will change.

Even if the mining will become very hard in future ,new powerful machines will be created and they are going to support bitcoin mining so we cant know for sure when will be mined all coins. It can take all 120 years that is estimated ,but it can takes less than 100 years. It is possible that a big investor to start mining bitcoin and they are going to spend a lot of money for technology.

Digitalbitcoin

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Quote from: Argoo on December 03, 2017, 02:52:34 PM

They say that the last bitkoyn will be produced in 2140. Although, given that one bitkoyn mined every ten minutes, it turns out that 21 million will be much earlier. However, it seems to me that by the time the bitcoin itself and its quantity have completely changed. Therefore, it is meaningless to think for a century ahead.

I agree it takes 10 minutes to solve single block to generate 12.5 BTC currently.

In coming future halving also plays important role on production of Bitcoins. We are currently in 3rd phase of halving.

In first phase of halving Block rewards were 50 BTC for 210000 Blocks which were solved in first 4 years from 2008 to 2012.
In second phase of halving Block rewards were 25 BTC for 210000 Blocks which were solved in first 4 years from 2012 to 2016 (Rewards reduced by 50%).
Now we are currently in third phase of having with Block rewards of 12.5 BTC for 2016 to 2020. (Rewards reduced by 50% than second phase).
After 2020 there will be having after that rewards for block will be again reduced by 50% which will be 6.25 BTC for single block solving.

According this calculation it could take 2145. But due to reduction of time for solving blocks (current Block Time is 08:38 min.) according to number of blocks, it will be completed by 2130.

BillyBobZorton

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Just look at this picture:

When I was a newbie, this picture made me understand how the coin supply would be released across time. As you see, there is still a pretty decent curve from now until 2025, when it starts getting pretty straight. I claim that we'll see anywhere from $200,000 to $1,000,000 by then, given that most of the supply will be mined and exponential demand will keep going on as further fundamentals make Bitcoin more obvious as a store of wealth.

michkima

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Quote from: coinsontheroad on December 03, 2017, 01:55:50 PM

I know 2140 is a looooong way out, but will the transaction fees alone be able to support the miners? Will too much profit be taken away when there are no new coins to be minted?

Yes it is indeed far far away from now. But yeah that question is valid, but that time miners will be fighting for the fees. If the fees aren't much then it will just balance it out. Likely the number of miners will decrease by then and it will bring things back to equilibrium. Since if miners are not profiting then that means they will not be able to sustain their mining activities which will result to a lot of them quitting and those who stay will be able to earn the fees just to be able to pay for the fees of operating it.

Argoo

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They say that the last bitkoyn will be produced in 2140. Although, given that one bitkoyn mined every ten minutes, it turns out that 21 million will be much earlier. However, it seems to me that by the time the bitcoin itself and its quantity have completely changed. Therefore, it is meaningless to think for a century ahead.

Digitalbitcoin

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Quote from: LeGaulois on December 03, 2017, 10:49:57 AM

Theoretically by 2140, the 21 million bitcoins will be mined. And if you wonder about miners and mining, we will still need them. They will be paid with the transaction fees but not for the newly created bitcoins (as all of them are mined). Hope that help.

Ya its a great feature for futurist after 2130. Little correct as due to time reduction of solving block from 10 minutes to set to reduction of blocks so It will be finished by 2130.

Last Bitcoin will be generate by 2130. This is not obviously a short span of time. Currently we are in 2017. So it means it will take more 113 years to generate last Bitcoin. Till this time if bitcoin survive then it's price will be beyond sky limit.

GreatOrchid

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¿¿¿??? What are you talking about? The OP asked when are the 21million bitcoins going to be mined.

Quote from: btcpepa04 on December 03, 2017, 11:51:23 AM

in bitcoin you can sent 21 million $ to wallet no tracking , And exchange btc to mro

They remaining bitcoins who have not been mined yet, are going to be mined from now until 2140. There are more than 120 years from now, so it is useless to think about it .

We are not even going to be alive to see it, maybe our children or a new revolutionary robot is going to be alive to see it happening.. Just kidding, lmao.

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Quote from: mensa1984 on December 02, 2017, 06:24:06 PM

Hi,

can someone please answer that simple question: When will the 21 million pieces be reached?

You one can accurately tell. I mean, it should be considered that the difficulty of mining bitcoins as more and more saturates the market would be like finding needle in a haystack. Considering the fact that many countries are illegalizing mining and forming of rigs. Less and less coins will be mined. It will more on the circulation through trade in the coming years.

Sachinist

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Not in another 100 years, by which time Bitcoin probably won't exist. A lot of people are saying with good reason that humanity itself will not survive another 100 years.

jacaf01

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Quote from: mekar sari on December 03, 2017, 11:13:45 AM

If bitcoin supply reaches 21 million, what about bitcoin miner? will they stop to mine bitcoin? or will they still do so?

That is why their is transaction fee, as more people use BTC which will cause increase in velocity of BTC in the system, the miners reward will come most from transaction fee rather than mining reward IMO

szpalata

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Quote from: filharvey on December 03, 2017, 12:55:34 PM

Quote from: mensa1984 on December 02, 2017, 06:24:06 PM

Hi,

can someone please answer that simple question: When will the 21 million pieces be reached?

I think that by the year 2140,the last block would be mined and all the last bitcoin out of 21 million coins would come in to circulation.

That is correct but i doubt if it will still be 21 million by then because i'm a aware many have been lost and there are some in wallets that they cannot fund themselves out and are going to remain stuck forever. I think bitcoin will reduce in number along the way because many more are going to be lost and many are going to remain in wallets because of huge fees their users will decide to abandon them.

LeGaulois

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Quote from: mekar sari on December 03, 2017, 11:13:45 AM

If bitcoin supply reaches 21 million, what about bitcoin miner? will they stop to mine bitcoin? or will they still do so?

How that comes you are using this forum for over 2 years but don't know the basics? Are you blind enough to not see that the answer to your question has already be answered in the second post on this topic? "user password changed recently" oh yes we can easily guess what's going on.

lzby2000

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I think it will take many years, and maybe you and I won't see it. The correct understanding is that in many years, the bitcoin should be a kind of past coin, and there will be a new and more perfect encrypted currency accepted and used by everyone. So before it is excavated completely, we don't have to worry about it. Cheesy

coinsontheroad

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I know 2140 is a looooong way out, but will the transaction fees alone be able to support the miners? Will too much profit be taken away when there are no new coins to be minted?

filharvey

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Quote from: mensa1984 on December 02, 2017, 06:24:06 PM

Hi,

can someone please answer that simple question: When will the 21 million pieces be reached?

I think that by the year 2140,the last block would be mined and all the last bitcoin out of 21 million coins would come in to circulation.Already,17 million coins have been mined and available in circulation.Out of that,one million coins of satoshi just remain locked and three million coins have been either lost or just being held by investors for a long time.

jennywhzz

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Quote from: mensa1984 on December 02, 2017, 06:24:06 PM

Hi,

can someone please answer that simple question: When will the 21 million pieces be reached?

It will be around 2140 so no need to think about it or worry about it as we all here will not be there to see that day. lets see where bitcoin will go after 3o years or so as that will be the only time when most of us would be alive and seethe bitcoin growth.

eagleman

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Quote from: LeGaulois on December 03, 2017, 10:49:57 AM

Theoretically by 2140, the 21 million bitcoins will be mined. And if you wonder about miners and mining, we will still need them. They will be paid with the transaction fees but not for the newly created bitcoins (as all of them are mined). Hope that help.

This is the correct answer for your question, you should had enough answer now. I guess there's no reason for you anymore to make this thread remain open.

But if you still have some questions about the supply you had to reply and just ask this so that everyone that has knowledge on what you are asking will answer you promptly.

btcpepa04

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in bitcoin you can sent 21 million $ to wallet no tracking , And exchange btc to mro

Scor1937

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Quote from: mekar sari on December 03, 2017, 11:13:45 AM

If bitcoin supply reaches 21 million, what about bitcoin miner? will they stop to mine bitcoin? or will they still do so?

I think after all the 21 million bitcoins are mined, miners will just get the profit from the transaction fees used to send bitcoins from one wallet to another. Also i don't think price of bitcoins will varry much after all the coins are been mined as bitcoin market now depends on supply and demand and once all the coins are mined, the supply will be exhauster and it will affect in the demand too leading to some how stable price.

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