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    Author Topic: 18.5 million BTC already mined  (Read 468 times)

    • bryant.coleman
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    October 02, 2020, 06:02:11 AM
     #41
    Quote from: mikeauerbach on September 30, 2020, 07:14:48 AM
    It's strange a bit that 88% of all Bitcoin were mined in 11 years. And now we have more than a century to mine rest 12%.

    It is better than the shitcoins, which usually have a premine of anywhere from 25% to 75%. Bitcoin never had a pre-mine and it's inventor (Satoshi Nakamoto) never benefited from it. The decreasing mining reward was introduced, in order to encourage Bitcoin mining in the early period. Without it, the hash rate would have gone below sustainable levels.

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    October 02, 2020, 10:54:04 AM
     #42
    Only 12% of bitcoins have not yet been mined

    According to CoinMarketCap, the total number of bitcoins mined has crossed the 18.5 million mark. This means that 88% of all bitcoins that will be in circulation to date have been mined.

    The first bitcoin block to be used as a "Genesis block" was extracted on January 3, 2009 by Satoshi Nakamoto, the creator of the world's largest cryptocurrency. The final block of Bitcoin is expected to be extracted earlier than 2140.
     
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  • Kelvinid
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    October 02, 2020, 12:41:11 PM
     #43
    2.5million BTC is still a long time to mine. Maybe we can't make it in 5 years, 10 years? because the more we got into closer the harder it takes to mined. Mining machines upgrade, fees increase, all of these changes will soon to rise as expected.

    have the question in mind. What happens to the price if we all get mined the 21million BTC? Does it make the market less volatile?
    It was an off-topic but wanting to know also what well happens next.

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    October 02, 2020, 01:21:32 PM
     #44
    Quote from: Yaunfitda on September 28, 2020, 08:41:00 AM
    ~
    What is the connection between the time isn't our side and the total amount of Bitcoin that has been mined??

    The Bitcoins that are already been mined will circulate anyway so I don't see any problem here. Demand in the future?? Maybe if there are many who will accept it but the supply? I can't say that it getting shorter since it is still the same 21M. People can accumulate anytime they want and they can hold anytime they want. Its their decision in the end.
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  • claire_lovely
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    October 02, 2020, 02:00:36 PM
     #45
    Quote from: LogitechMouse on October 02, 2020, 01:21:32 PM
    Quote from: Yaunfitda on September 28, 2020, 08:41:00 AM
    ~
    What is the connection between the time isn't our side and the total amount of Bitcoin that has been mined??

    The Bitcoins that are already been mined will circulate anyway so I don't see any problem here. Demand in the future?? Maybe if there are many who will accept it but the supply? I can't say that it getting shorter since it is still the same 21M. People can accumulate anytime they want and they can hold anytime they want. Its their decision in the end.
    The price would still increase over time but miner profit would begin to come from primarily transactions.
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  • oprahwindfury
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    October 02, 2020, 03:39:49 PM
     #46
    Quote from: davis196 on September 28, 2020, 11:25:33 AM
    Quote from: Yaunfitda on September 28, 2020, 08:41:00 AM
    Time is not on our side, 18.5 BTC has already been mined. So it means that only less than 2.5 BTC is left for us to grab and accumulate overtime. So make the right choice, invest while there is still time, as there will be demand in the future because supply is getting short.


    https://coinmarketcap.com/


    Invest in what?Buying Bitcoins or buying mining hardware? Grin
    Anyway,the expectations that the future demand for Bitcoins will explode are becoming somewhat naive.
    In 2020,we had trillions of USD in stimulus packs,a global recession and Bitcoin halving,and yet the BTC demand didn't explode and the price didn't hit the moon.
    You are wrong that only less than 2.5M BTC are left for us to grab.The crypto traders are selling thousands of Bitcoins every day,so there will be more opportunities to buy cheap Bitcoins and we don't have to rely on buying only freshly mined BTC.

    Less than 2.5 Million  bitcoins are left  for us to grab, in mining section.After finishing  this process, bitcoin will  have a limit of course.A lot of crypto sellers are selling bitcoin but the price will increase for sure.Because the BTC supply is getting short.So crypto seller will take advantage and this is a simple business strategy. Bitcoin is demandful and this will be the time when it will hit the moon.investing in mining or holding bitcoin can be a great use of observation.

  • Coroline
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    October 03, 2020, 02:20:09 AM
     #47
    Quote from: oprahwindfury on October 02, 2020, 03:39:49 PM
    Less than 2.5 Million  bitcoins are left  for us to grab, in mining section.After finishing  this process, bitcoin will  have a limit of course.
    The bitcoin mining process rewards miners with a chunk of bitcoin upon successful verification of a block. This process adapts over time. When bitcoin first launched, the reward was 50 bitcoin. In 2012, it halved to 25 bitcoin. In 2016, it halved again to 12.5 bitcoin. On May 11 2020, the reward halved again to 6.25 bitcoin.

    The reward will continue to halve every four years until the final bitcoin has been mined. In actuality, the final bitcoin is unlikely to be mined until around the year 2140. However, it's possible the bitcoin network protocol will be changed between now and then.

    source

    At least it will take more than 100 years for the last BTC to be mined. Correct me if I wrong

  • 20kevin20
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    October 03, 2020, 10:50:28 AM
     #48
    Quote from: LogitechMouse on October 02, 2020, 01:21:32 PM
    What is the connection between the time isn't our side and the total amount of Bitcoin that has been mined??

    The Bitcoins that are already been mined will circulate anyway so I don't see any problem here. Demand in the future?? Maybe if there are many who will accept it but the supply? I can't say that it getting shorter since it is still the same 21M. People can accumulate anytime they want and they can hold anytime they want. Its their decision in the end.
    Well, while the supply will theoretically be fixed at 21M coins, there are a lot of them that have already been lost and a few people are losing their coins every day. I think it's quite realistic that, within a century, at least half of the Bitcoin supply in circulation will be gone.

  • Oceat
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    October 03, 2020, 02:43:29 PM
     #49
    Quote from: Kelvinid on October 02, 2020, 12:41:11 PM
    2.5million BTC is still a long time to mine. Maybe we can't make it in 5 years, 10 years? because the more we got into closer the harder it takes to mined. Mining machines upgrade, fees increase, all of these changes will soon to rise as expected.

    have the question in mind. What happens to the price if we all get mined the 21million BTC? Does it make the market less volatile?
    It was an off-topic but wanting to know also what well happens next.
    As calculated, we aren't alive in the process if all 2.5million BTC will be mined, so why worry? We should be worrying on how to hodl more Bitcoin while we are still alive or how would you gain a profit or master at least the trading strategy that you could pass to your own children in the future if they are interested in trading of crypto currency. It's expected that the price would soar high in the future while the amount of Bitcoin we get would get smaller and smaller.
    3996

  • pawanjain
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    October 03, 2020, 04:22:42 PM
    Last edit: May 16, 2023, 03:12:56 AM by pawanjain
     #50
    Quote from: Yaunfitda on September 28, 2020, 08:41:00 AM
    Time is not on our side, 18.5 BTC has already been mined. So it means that only less than 2.5 BTC is left for us to grab and accumulate overtime. So make the right choice, invest while there is still time, as there will be demand in the future because supply is getting short.


    https://coinmarketcap.com/

    That's quite obvious isn't it. As the supply will decrease the demand will increase and that will make bitcoin's price pump.
    Even if the demand does not increase the number of bitcoins in circulation will be limited and so the price is expected to pump as years pass by.
    This is why many traders say that bitcoin will be worth a lot more in future.
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  • konfuzius5278
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    October 06, 2020, 01:43:34 PM
     #51
    Quote from: Karartma1 on October 01, 2020, 01:50:56 PM
    Quote from: Lucius on October 01, 2020, 10:02:27 AM
    Quote from: Astvile on October 01, 2020, 06:37:56 AM
    We are still a 120 years away from it, all bitcoins will set to be mined at year 2140 we still have a long way to accumulate bitcoins.

    Even if BTC mining is completed today, that would not mean that trading would no longer exist and that someone could no longer accumulate BTC. Even today with 6.25 BTC per block the total amount created in one month is 27 000 BTC which is very little if we take into account that there are over 18.5 million coins in circulation.

    It is very important that everyone understands the moment we are in and looks at what happened 5 or 10 years ago - so that we can try to conclude what will happen in the next 5-10 years. Of course, there is no guarantee that the past will be repeated, but it seems to me that in a few years people will regret not investing today, just as some today lament the days when BTC could be bought for a few tens of dollars or maybe a few hundred $ back in 2015/16.
    People today have two ways when approaching bitcoin:
    • 1. Already a bitcoiner BTC- Keep on accumulating sats, find jobs that pay in btc, work for btc, sell goods/services for btc and so on. Ultimately, become a a master in keys/wallets management and don't leave anything behind as you might want to pass your btc wealth to your family members (or your cat, for what it's worth, I am not here to judge)  Grin
    • 2. Nocoiner, shitcoiner - First of all, unload your shit bag and go back to btc. Then follow point 1.

    The road is paved for btc to succeed, so don't be left behind.

    I made my Crypto money with smaller coins, the BTC price will be maximum ATH for next  years
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