Bitcoin Forum

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

No body cares about 12 million BTC. Only cares when supply halve..

Yup.. I think 12 Millions is a good milestone.. It will be here any minutes..

Block #269,999 to be exact.

It's a shame that the Bitcoin algorithm wasn't designed to pay out an additional bounties when we hit certain landmarks. To be honest I'm not sure how practical it would have been to implement but it would have been kinda nice.

Then again, these days it would probably just end up going to some big time miner instead of rewarding a "little guy" for being lucky enough to mine the milestone block.

Oh well, here's to the remaining 9M BTC to come!

11 or 12 million btc won't change much

What happens after the mining BTC reaches its cap?

The new blocks won't include any bitcoin, just fees from transactions.

Let's start a forum party!

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

You bought one gHz for one year only. Miners will receive block rewards at least next 100 years

now that we've hit BTC12M.  How long will it be before we hit BTC13?

I've been running a mining app on my PC. Minor duckets, I know, but it *is* something. Does that mean that I'll be receiving block rewards off of what I have mined even after all of the BTC have been mined?

Well, by that time, the bitcoin value will be really high so there will be no difference. The profits by miner's will be received from transaction fees. Also, the 21M cap is so far away, you don't have to worry. This chart is a prediction if a block is created perfectly every 10 mins.

https://en.bitcoin.it/w/images/en/e/e3/Total_bitcoins_over_time_graph.png

As you see, even by 2033, we shouldn't reach the 21M cap. Also, Cex.io will probably have closed down by then.

Looking at this graph it appears as though 1 million bitcoins is mined every 5 to 7 months:

https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

They would most probably shut down due to the high electricity cost... I believe 99% of the people have cheaper electricity...

Yeah, it doesn't mean much other than a fun milestone. Party!

At 3600 BTC/day that's 277.7 days until 13.000000M BTC (Aug 20, 2014), but that's only if the mining rate stays constant. As I understand it, every 2016 blocks (nominally two weeks) it adjusts based on previous two-weeks actual time of completion, so if there is say a 10% increase in mining power every week sustained then each next 1016 blocks would be 10% faster than 2 weeks. So that would be 250 days.

bitcoins is really pushing its way up.

It really is. $437 at writing on Bitstamp. Guess demand is rising. I wonder at which price will it stop.

We will hit the 21 mil cap way before 2033. The difficulty is set to make a block every 10 min, but as it is not adjusted every block, we will mine some blocks faster than 10 min and will hit cap before 2033.

At the time when demand and supply are stable again, right now the demand is way higher than supply, so won't Price jump wont stop just yet. My guess is at 750-1000$ we will see a slowdown in price increasement.

So you can still make money after the cap from mining?

You got the year wrong.  The bitcoin block subsidy will continue to exist until approximately 2140 (not 2033).

Of course, if difficulty rises too much, or the exchange rate drops too much, some miners will shut off their equipment.  Then blocks will average more than 10 minutes each until the next adjustment.  It is really difficult to predict how that will play out in the future.

If people start using bitcoin for trade there will be enough transaction costs to support the running of the network.

https://en.bitcoin.it/wiki/FAQ#If_no_more_coins_are_going_to_be_generated.2C_will_more_blocks_be_created.3F

It is a milestone, I'm thinking it's gonna rise to just above 500 then correct back down to a lower price, but you can't really predict it so it's just my feeling on what's gonna happen.

Cap 21 mil is not in 2033, this graph image above just not continue after 2033   :D

Damn. Why not 270,000. Then it would look so much better!

I guess first block was Block #0

Coders always start counting from 0. That's what I was thought, that is. ;D

so what? it could still be block #270 000 :D

Well, then we would have 270 001 blocks. That's not a round number and it looks much worse than 269 999 which in this case is the last block's number.