Topic: when will all btc be mined? - page 2. (Read 3503 times)
supposedly around 2143.
the gnome project is taking off, young pill is coming, we might live to see that day
You don't even have to go that advanced. Even stem cell technology will soon allow people to grow replacement organs for many parts of the body, though I would imagine only rich people would be able to afford it.
the gnome project is taking off, young pill is coming, we might live to see that day
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2. Around 2140 the block reward will indeed go to zero. The thing is that it would be less than 1 satoshi per block, so they rouned that to 0.
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2. Around 2140 the block reward will indeed go to zero. The thing is that it would be less than 1 satoshi per block, so they rouned that to 0.
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More specifically, the last bit will be shifted out of the integer.
The current block height is divided by 210000 and the decimal portion of the result is thrown out. The resulting integer is the number of "halvings" that have occurred.
The initial 50 BTC block subsidy is stored as an integer. A right bit shift operation is performed on the block subsidy value. The number of halvings indicates how many positions to the right the bits should be shifted. Any bits that are shifted to the right of the least significant bit position cease to exist. New zeros are shifted into the most significant bit position. The resulting integer is the new block subsidy. Once the value has been shifted 33 times, the last bit will be shifted out and integer value of the block subsidy will be zero.
Code:
Original block subsidy: 100101010000001011111001000000000 (5,000,000,000 satoshi, right shifted 0 places)
Current block subsidy: 010010101000000101111100100000000 (2,500,000,000 satoshi, right shifted 1 place)
After next "halving": 001001010100000010111110010000000 (1,250,000,000 satoshi, right shifted 2 places)
Never actually got into those details. Thanks for the lesson!
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2. Around 2140 the block reward will indeed go to zero. The thing is that it would be less than 1 satoshi per block, so they rouned that to 0.
- snip -
2. Around 2140 the block reward will indeed go to zero. The thing is that it would be less than 1 satoshi per block, so they rouned that to 0.
- snip -
More specifically, the last bit will be shifted out of the integer.
The current block height is divided by 210000 and the decimal portion of the result is thrown out. The resulting integer is the number of "halvings" that have occurred.
The initial 50 BTC block subsidy is stored as an integer. A right bit shift operation is performed on the block subsidy value. The number of halvings indicates how many positions to the right the bits should be shifted. Any bits that are shifted to the right of the least significant bit position cease to exist. New zeros are shifted into the most significant bit position. The resulting integer is the new block subsidy. Once the value has been shifted 33 times, the last bit will be shifted out and integer value of the block subsidy will be zero.
Code:
Original block subsidy: 100101010000001011111001000000000 (5,000,000,000 satoshi, right shifted 0 places)
Current block subsidy: 010010101000000101111100100000000 (2,500,000,000 satoshi, right shifted 1 place)
After next "halving": 001001010100000010111110010000000 (1,250,000,000 satoshi, right shifted 2 places)
Never, there will always be a little block reward available everytime a miner solves the block hash.
The vast majority of bitcoins (99%) will be mined in 2140 or so, we'll be all long gone
The vast majority of bitcoins (99%) will be mined in 2140 or so, we'll be all long gone
I dont think it would be mined by then, even after all the estimates. A lot of miners would give up at low rewards .
Oh dear... Looks like many still don't understand the basics...
1. The vast majority (99%) will be mined in 2033 (give or take a year). About 100 years before 2140
https://en.bitcoin.it/wiki/Controlled_supply2. Around 2140 the block reward will indeed go to zero. The thing is that it would be less than 1 satoshi per block, so they rouned that to 0.
3. If there are more miners the difficulty goes up. Less miners, the difficulty goes down. This way the supply remains constant.
4. The transaction fees will replace the fixed block reward. Miners get that today, but it's less than 1% compared to the block reward. So it's not included in calculators... In theory with wider adoption there will be more transactions and more fees collected.
Never, there will always be a little block reward available everytime a miner solves the block hash.
The vast majority of bitcoins (99%) will be mined in 2140 or so, we'll be all long gone
The vast majority of bitcoins (99%) will be mined in 2140 or so, we'll be all long gone
I dont think it would be mined by then, even after all the estimates. A lot of miners would give up at low rewards .
Never, there will always be a little block reward available everytime a miner solves the block hash.
The vast majority of bitcoins (99%) will be mined in 2140 or so, we'll be all long gone
The vast majority of bitcoins (99%) will be mined in 2140 or so, we'll be all long gone
My guess ... 2138, because the difficulty change slightly lags the hashrate increase.
Let's keep things in perspective. In 10 years 95% of bitcoins will be mined. The rest will be spare change and less and less relevant to miners for the next 100 years.
Transaction fees will be the main incentive for miners.
Transaction fees will be the main incentive for miners.
Bitcoin mining is loosing it's popularity recently... So it might take some time...
That doesn't change anything : wikipedia bitcoin mining
if nothing drastic is canged in the Protocol then NO it will still be (I think it is) 2040 and only 21 million mined. that was how it was set up.
Moving the decimal does not change the number of existing bitcoin, only the divisibility of them. A transaction (like a couple pizzas) that was once 10000 bitcoin could now be .01 bitcoins. If by 2140 a couple pizzas is 0.00000000001 bitcoins, there will be no way to order them unless the we go to more decimals. It isn't a very drastic change after all, and very possibly necessary.
If 50 -> 25 -> 12.5 -> 6.25 -> 3.125 -> 1.5625 -> 0.78125 takes 24 years, or about a generation with halving every 4 years, then if the number of significant digits increases by 4 faster than every 50 years... it could be forever until there are no more block rewards at all and that last bitcoin is never completely mined.
Its impossible to know this, as the difficulty increases, miners might go away, so it could be anytime within the next 100-200 years.
Expected is 2150 though/.
Expected is 2150 though/.
Bitcoin mining is loosing it's popularity recently... So it might take some time...
if nothing drastic is canged in the Protocol then NO it will still be (I think it is) 2040 and only 21 million mined. that was how it was set up.
The intensity of mining (hashrate) has (virtually) no impact on the rate at which bitcoins are mined. BTC are currently mined at 25 BTC every 10 minutes, the reward halving every 4 years (next in 2016). I believe this runs until ~2140 AD.
This is not true. The network difficulty is reset every 2016 blocks so that if the hashrate that was being used the previous 2016 blocks continues to be used (and the same level of luck is realized) then the next 2016 blocks will take exactly two weeks to be mined. Every time the difficulty rises, it means that the previous 2016 blocks took less time then 'expected' to be found.
It is really not possible to know with any kind of certainty when the last block with a block subsidy will be mined as this is largely dependent on the difficulty between now and then
Another answer may be "never".
If bitcoin price rises over time, the number of decimal places may extend to accommodate smaller payments. Each such extension increases the time before the block reward halving will round down to 0.0000......0
This can be a natural consequence of "lost or destroyed" coins, which increase the scarcity of existing coin and thus also perhaps the price of them. So this can in principle continue for so long as there are people exchanging bitcoin with one another.
The intensity of mining (hashrate) has (virtually) no impact on the rate at which bitcoins are mined. BTC are currently mined at 25 BTC every 10 minutes, the reward halving every 4 years (next in 2016). I believe this runs until ~2140 AD.
This is not true. The network difficulty is reset every 2016 blocks so that if the hashrate that was being used the previous 2016 blocks continues to be used (and the same level of luck is realized) then the next 2016 blocks will take exactly two weeks to be mined. Every time the difficulty rises, it means that the previous 2016 blocks took less time then 'expected' to be found.
It is really not possible to know with any kind of certainty when the last block with a block subsidy will be mined as this is largely dependent on the difficulty between now and then
I thought it was 2138 or 2139 since it is suppose to take 140 years from jan 2009
Interestingly, it will take more than 30 years to mine "the last" bitcoin.
The 20,999,998.9769th bitcoin will be mined at block 5121610 somewhere around the year 2106.
The last block reward will mine the 20,999,999.9769th occur in block 6930000 somewhere around the year 2140.
That means it will take nearly 34 years to mine that last full bitcoin.
it is an incredible thing,while today we have 25 new bitcoins every 10 minutes The 20,999,998.9769th bitcoin will be mined at block 5121610 somewhere around the year 2106.
The last block reward will mine the 20,999,999.9769th occur in block 6930000 somewhere around the year 2140.
That means it will take nearly 34 years to mine that last full bitcoin.
we hope bitcoin is more valuable in that days
It will be more valuable. 90% of the Bitcoin will be mined before 2070, someone can calculate a precise year?
guys keep it simple,smile and cheese
Until quantum mining is perfected, difficulty should be able to adjust for network hashrate increases.
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