|
Title: Re: Where does the money come from when mining? Post by: irb on June 15, 2011, 11:42:11 PM What is the actual likelihood that all of these 21 million BTC will be found? It seems to me, and I am not a mathematician, that at some point the time and cost of mining will be greater than the value of the bitcoins left to be found. I don't feel too bad asking such a newbie question, this being the newbie forum, so: what happens then? Is there an "Official Plan"?
Title: Re: Where does the money come from when mining? Post by: irb on June 15, 2011, 11:44:56 PM I don't feel too bad asking such a newbie question, this being the newbie forum, so: what happens then? Is there an "Official Plan"? I might add that directions to where these questions might be answered are also gratefully accepted. Title: Re: Where does the money come from when mining? Post by: theymos on June 15, 2011, 11:48:45 PM The difficulty (and therefore cost) of solving the problem is automatically reduced by the system if people stop mining.
Title: Re: Where does the money come from when mining? Post by: jalidi on June 15, 2011, 11:59:27 PM It's estimated about half of the 21 million will be crunched out by 2013 and about 3/4th of the total by 2017.
It'll take about ten years to create all 21 million and we're only a quarter of the way so far. Unless the currency is devalued to nothinginess or banned, there's a good chance all 21 million will be made. |