Bitcoin Forum

Now is very hard to see any new project to make ,open a new big farm to go into bitcoin,just some that have balls will try it at the moment,but main question is where is the prediction about when the mine will end?When it ends the price of bitcoin will get the fuel that is missing ?Will workt the theory of demand and supply,or the rare coin supply? What you guys think?

I dont know even how many power is currently involveld into bitcoin,i know its a lot and huge even difficult is getting harder ,i believe when the process ends bitcoin will hit 1000 dollars and break it as we make with egss nowadays,we trade bitcoins every minute looks no one sleep,soo tax are getting out some btc daily,these should moove the price above but isnt making it because some bad news and some bad visions about our precious bitcoin.

Your question (http://bitcoin.stackexchange.com/questions/10486/when-will-the-last-bitcoin-be-mined) has been answered a few times.

As for the power involved in Bitcoin, you can check here (https://bitcoinwisdom.com/bitcoin/difficulty)

assuming the rules dont change, mining goes on forever.  The last distribution of subsidies ends in 2140.  The slowdown of new supply means increasing value and price over time.

Actually, lower inflation means the value decreases less, it does not mean an increasing value.

Noone used the word 'inflation', so you better define your meaning if you want to use it here.
If the supply rate decreases and other things remain the same (including rules, and demand rate), then the price will rise.

Semantics.

If there was no new demand for coins, then any new coins would increase supply, lowering price.
But since there is demand for new coins, a slowing down of new supply, while still technically
inflating the total supply, may not keep up with the demand, leading to price increases.

buddy mining of bitcoins will go untill bitcoin serves it needs in internet.....i dnt think it will end watching the current scenario and its popularity in degitalised cureency form.... :)

i cant predict a particular time but yeah it will take much time to happen that....

Bitcoin mining will not end because if they end it means there's no one will confirm our transactions. Currently miners rewards are from your transaction fee and parts of 21 million bitcoin. But when that 21 million bitcoin have achieve ( maybe in 21xx ) their rewards are collected from your transaction fees only.

It is not semantics. You can't claim that a slowdown in the increase in supply of coins will lead to increasing prices without also adding the condition that demand continues to increase at a rate that exceeds the rate of the increasing supply. You left out the last part.

Any new coins increase the supply regardless of the demand.


Possibly true, but let's simplify it. By themselves, an increasing supply or decreasing demand each lead to lower prices, while a decreasing supply or increasing demand each lead to higher prices. If you combine increasing supply with increasing demand or decreasing supply with decreasing demand, then it is hard to predict what will happen.

Yes.  It was implied and obvious to anyone with a brain cell who understands basic supply and demand.  To me that is semantics.

I could pick apart this last thing you said and mention that demand doesn't need to increase, it could stay the same (or even decrease) and yet still exceed the rate the of supply, but that would be obvious too.

well thanks soo 2140 the btc mining should be over and well we will be able to see what bitcoin can do to the world

Lol. We'll see it long before that, even if the (unlikely imo) answer is nothing much.
It sounds pretty likely that 5 years would be plenty of time to see what we need to see.

Agreed. I think something else will take the place of Bitcoin long before 2140. I suppose the best possible outcome when that happens is the new currency would accept Bitcoin for exchange, allowing the BTC to be sent to an unspendable address to be redeemed. Worst case would be BTC becomes worthless.

Here is the answer for end of mining date.

https://en.bitcoin.it/wiki/Controlled_supply (https://en.bitcoin.it/wiki/Controlled_supply)

I guess when one bitcoin is divided in to 9 or more decimal (currently 8 decimals), mining may extent. I strongly believe we need to divide one Satoshi  into multiples some day, may be when we hit 1 satoshi is $1.

well i doubt 1 satoshis will hit one dollar anyday,otherwise we would become the most rich people in the world,well those eras rankings is amazing but i guess the hash from farms as solo mining are decreasing slowly.

Mining should end at 2140, but If you want to setup a huge mining farm right now you will need a huge capital. A capital of several millions need to be invested in order to have a relevant pool nowadays. You will also have to keep your hardware up-to-date and try to build the most advanced miners on the market.

We will all be long dead and bitcoin price will be above 10k. Gold will be very very rare and we'll have flying cars. 2140.

2140.

When block rewards become less than the average fee per block, mining should be renamed to "block confirming". That is when mining will end, which should occur well before 2140.

Lol... 2140 is more than a century away. By then, either the Bitcoin will cease to exist, or it will be worth millions of USD. Let's assume that the world population will be 10 billion by 2140. And now let's assume that 20% of them uses BTC. So there will be 21 million coins, for 2,000 million people. That is 0.01 coin per person.

http://www.barnesandnoble.com/w/crisis-in-2140-by-h-beam-piper-h-beam-piper/1110919791#productInfoTabs


http://ecx.images-amazon.com/images/I/61ydV%2B4u8LL._SL500_.gif

Mining will never end. I have heard something about the amounts of rewards beeing real low around the year 2140

even without mining really end and those 21 milion bitcoins because at some point the big farms may be left before end since the ROI on the last coins wont be possible.What i mean is to has 2 pentahash into it that will generate 2 bitcoins in 7 days.... the bills will be at red ,farms turned on to roi and avoid any loss not to be richy at this moment,can generate new thousands maybe .

http://i.stack.imgur.com/JLm1p.png

In about 2030 the rewards will be so small that it will be next to negligible. This can only mean that if Bitcoin survived, the price of 1 Bitcoin will be high, very high, enough that small rewards keep miners happy. Satoshi himself said in 2010, if Bitcoin is alive in 10 years, it will either be nothing or very big.

You have forgotten about transaction fees. When the subsidy is gone, either the transaction fees or the block sizes will have to rise significantly in order for a block to continue to be worth 25 BTC to a miner.

If the blocks remain at 1 MB, then the transaction fee will need to rise to 0.0250 BTC per kB (currently the typical fee is 0.0001 per kB).

If the transaction fee remains at 0.0001 BTC per kB, then the size of a block will need to be 250 MB.

Correctly said. Mining will never end. Now people mining for new bitcoins, after 21 million bitcoins dug, people will mine for transactions fees. So, mining is the part of bitcoin networks which assures the security and movement of bitcoins.

I want to say 2016 after the Halfing, because many of the miners with the expensive electricity, might not make enough profit to stay in the mining game. The thing is, there will always be some miners doing it for the pennies. As these guys leave, the difficulty will decrease and it will become more profitable to mine again, and some will come back. The whole protocol function like the flu virus. It adapts to the changes in the environment around it.

Some people might even do it, without any profit to sustain the network for their other businesses based on the Blockchain.

its insane to invest any money into farm bitcoins now,like were on the half of the road,who made some money mining were the firts.Now the currently farms,well they have to manage and improve all ways to be able to roi,and on their case to earn some hundreds more dollars that would earn if the money were invested at something.

Mining will end on Tuesday because of economics and stuff. 

mining doesn't end in 2140. technically it goes on forever. Assuming that Bitcoin will not die, in 2140 the issuance of Bitcoin ends, but mining will go on. It will continue to maintain and secure the network. Miners will no longer "mine" bitcoin but they will still be awarded the fees.

yes they can get the fees since without mining bitcoin is vulnerable and well soo the industry will go into another step collecting fees,main question is will those fees enought to keep miners running ,how much in fees blockhain collects? i guess isnt enought to run those miners.

All depends from the bitcoin value comparing to fiat at that time, if it is high enough then miners will profit, if it is low then the fees will be very very high!

Theritically Bitcoin mining will automatically stop in 2140 but None of us will be alive at that time to see the result of bitcoin and what will happen to it in the future

this would surely destroy the whole "bitcoin is better than fiat because of low fees", but on the other hands miners will not mine without a reward

it seems that something it's flawed here or not perfect

Mining is the continuous process for bitcoin network. Now people mine for block rewards+fees. when block rewards go below 1 milli BTC, at that time 1 satoshi would cost more so people would mine for fees alone.

Looks like there is something missing,no one thinking about when mine ends,to the fees get more value means that on the next years bitcoin must raise in value fees will be get by all miners in that time i guess but how much would cost a house in 2100 or others stuff like an apple?Is wizzard we being talking about near future and most of us wont reach such time to see what will happen,most of us will have to let our child know about bitcoin ,otherwise they will sell and moove on.

2140 will come up quick, many issues need resolving before than, year 2037 likely most pressing right now

There are many variables involved and some of them are unpredictable so it is impossible to know.  It may never become unprofitable, or a government could launch a mass cyber attack on bitcoin tomorrow and destroy the currency.  Or, some other cryptocurrency could become more popular and even though bitcoins become more scarce, the value decrease, rendering mining unprofitable over time.  Many scenarios are possible.

Why would governments attack bitcoin ? Some of them are just making rules to tax who hold bitcoins.

Because bitcoin is deflationary by nature.  If people stop trusting central bank currencies and decide to hold bitcoin because it is a better store of a wealth, it would be massively disruptive to the power structure.  They may then decide to do something to force people to switch back to the central bank currency.  People don't trust central bank currencies during bad economies with high inflation.  Right now, we have a slowing global economy with near-zero interest rates and a deflationary environment.  This is not good. 

When mining will stop? Uhm never.... If the mining stops, there is no bitcoin, because there are no transactions getting signed anymore.

Once all the bitcoins are in circulation, the miners only recieve fees. By that time, another crypto has taken over, the world as we now it will have ended OR bitcoin is so extremely high in price and the miners are so efficient, that it's still feasable to run :)

Just my 2 satoshi's ;D

ok but if they simply tax it, they can make the money that may be lost in the case the bank system collapse, or something(very unlikely), instead of just banning it

every money opportunity it's a good opportunity for the government

Till all bitcoins are generated.

I understand your point but government take the fees to uses bitcoin at some countries already soo why to attack it?The same way as loteries governments are against it ,but since they take a fee from it they allowed them,and worse is they own several loteries....

Even taking our money out banks,and holding it at bitcoin,we get montly fees to pay to them always ,soo i guess what we take out will affect banks and not the country,even knowing that the money is out of the country,that already happen with some big companies,fiscal paradise.

Mining bitcoins can go forever, untill there is profit from it  ;) And BTC mining farms have expensive equipment, which costs a lot  ;D

Yes but besides bitcoin im pretty sure they can mine others coins and play the pump and dump ,just dont know if the costs vs benefict will be enought to roi.

Never.

At the end, the mining job is a hobbyist thing ... like football, golf or bridge.  ;D

What about question if/when mining becomes unprofitable for the mining farms even with very cheap electricity. For the reason so many small miners like myselves mine not for profit but paying small electricity bill to support Bitcoin hashrate/security. Is it even likely scenario?

And you think mining is going to stop after then ??? read my post a few post back ;)

The text book answer is that it will go on forever.

However greed might make mining proverbially "blow up". Or just drop to an impossible difficulty and a pathetic hash rate. While mining could theoretically go on forever, the greed of insane mega mining farms has to exceed catastrophic proportions at some stage. What will happen then nobody knows.

if mining stops there will be alot of double spending occur
and thats really bad

it is scheduled to last for quite some time, but for all practical purposes it will kind of be finished after 3 more halfings.  By then the reward will be a fraction of what it is today and the model of bitcoin will have had to adjust if it hasn't mooned by then.

excellent post.  Bitcoin will switch to a fee based mining model, or PoS, or something else in 15 years, but one thing is for sure, miners probably won't be mining for huge block rewards of bitcoin then.   

More likely total hashrate adapts to the actual situation in future, the block reward is only one part of the equation, and any change of block reward can be balanced with: total hashrate, electricity costs, miner costs, Bitcoin price, number of hashrate runingn at electricity loss (sometimes just generating useable heat for the miner)

By the looks of it and its rate of growth exponentially I'd say just under a century

When the mining time ends i guess bitcoin will be worthing around 600 dollars,soo profitable in the short time ,after it ends well something must be done to keep the hash to protect blockhain from cyber attacks otherwise something must be done ,to protect all money inside it.