Bitcoin Forum

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined:  17,851,062 BTC 

At the moment miners are rewarded with 12.5BTC per block mined. In 2020 it will reduce to 6.25BTC per block mined. There is a block reward halving every 4 years so if you do the maths the very last bitcoin will be mined in approx, the year 2140.

At the 2032 ish halving the overall supply will be 99.21% mined. That's almost all enough for me. In less than ten years it'll be 98.5%.

It's easy to let mining slip to the back of one's mind. There's been a veritable torrent of coins arriving for many years and that's going to dwindle rapidly. It'll be very interesting to observe the effects as the production levels are something we've gotten totally used to.

Let's hope that fee market is good and strong by then.

Keeping a bitcoin, and hopefully everything goes well or just 0.5 Bitcoin, we can imagine our future life will be better. There is nothing to disappoint about Bitcoin. Look at the chart, look at the needs, look at what they are saying and that is the truth.

I had created a pool, people suggested not to share any this kind of information here. Because people may attack with personal message to hack his wallet or to get access.
I have seen more than hundreds on my wallet but bad luck is I was not a believer that time.

Yep! I kinda see it every day because of some market cap data/metric sure to be flashing somewhere on some site.

I know it doesn't matter to most of us, but I've seen people new to Bitcoin have their eyes pop at how close it is to getting all mined. Psychologically, just owning 1 BTC out of the 21 million possible, does seem an achievement. That was my own target -- reached, but unfortunately, often scraped at haha. Gotta live!

The slowing is logarithmic (and dramatic). While most would have already been mined, the reminder is going to come slower and slower overtime until the year 2140. Just imagine how long its going to take for the reminder, every 4 years an order of magnitude slower. Probably most people would have seen 99% of all the produced bitcoins in their lifetime.

This also allows humanity to adapt to the fact that, there won't me more bitcoins. Price will also tend to stabilize, ie. fluctuate less, and gain value more slowly than it used to. It all goes together, the design is working quite brilliantly in fact.

If (large) miners (and asic manufacturers) are sleeping in their laurels and not paying attention, they should, as they won't be able to keep their business the same anymore. Mining will shrink, you cannot escape this reality. You have a chance to shrink now amicably (or diversify your business), because if you do nothing later you might end up in the red.

In the end most of the miners left will be small hobbyists, and those who invested in renewable energy. You might still not get it now but after the next couple halvings you will probably understand. Mining is going to be too expensive, and the bitcoin price will NOT keep pace with mining to keep it profitable, its going to be less and less, and you will see that 1¢ per kw/h will be too much, even with bitcoin reaching, say 100k, because asic efficiency is soaring too among hashrate and difficulty.

Incidentally this also solves the "bitcoin is environmentally bad" (non)issue, because this (brilliant) design makes it solve it by itself thanks to market forces.

I don't have even 1 BTC in my wallet yet, but I know a person who does. He has this one Bitcoin that he never does anything with, no matter what happens with the price. Must have been difficult not to sell when you realize you had $20k and then a year later it's only $4k. But he's very bullish about Bitcoin and absolutely sure it'll hit $100k in the following years. What I don't like about this long holding, though, is that it's not clear what to use it for and when (sell when $50k, $100k, $500k... where's the limit?). It's indeed surprising that almost all of the bitcoins will be mined pretty soon. A very solid amount of them is lost forever already, though, which makes Bitcoin even more scarce.

Fortunately for me, I registered to this forum in early 2017, when the Bitcoin prices were below $1K per coin. I purchased 0.5 BTC back then, and was able to accumulate another 0.7 BTC worth of crypto (BTC + alts) during the next 7-8 months from various bounties and airdrops. I wish I had accumulated more back then, as now the competition has become tougher.

Technically..not.  ;D

First, the won't ever be 21 million bitcoins.
Midnightmagic destroyed (https://bitcointalk.org/index.php?topic=7253.msg184414#msg184414) one satoshi in honor of satoshi.
Plus there would never have been 21mil full bitcoins and the last one would only be 0.0997 or 0.9997, don't remember exactly.

So, the real last bitcoin would be mined somewhere in ~2090, a full 50 years earlier.
But...I won't see that one either!


Yeah, this halving and the next one are the ones left that matter, for the rest, the inflation rate can be ignored, 1,2%  in 8 years..I doubt there are countries that have experienced anything even close to this in the last century, only one that could come close would be Switzerland that experienced deflation twice so on average could come near a few percents.

This is what happens in a deflationary economy. People will save, and only use what they really need to. Inevitable that you will use some, but not all. It does promote a culture of saving, in opposition to a culture of getting in debt. this is the fundamental difference from the opposing schools of economics, the current world dominating (debt based) Chicago vs the (savings based) Austrian. And it happens that one promotes inflation and the other deflation.

The reason you don't understand it is because you have not live it. Please read Mises (http://mises.org/) and the other Austrian economists, then you will understand. And help spread the word, the world is going to move from inflation to deflation.

This is why I'm a small blocker. The inflation subsidy is quickly dwindling down. In just a few more halvings, it will hopefully be negligible compared to transaction fee revenue -- otherwise we might need to start worrying about major drops in hash rate, reorganization attacks, etc. Any increase to block size will lower fee revenues, so I'm definitely on the conservative side when considering them.

Accumulation isn't really that kind of competition yet people who are wealthy or miners itself do have the advantage and with that alone I don't see a point for you compete but at least among all of the said supply of BTC you do own a 1 whole BTC which do matters the most.

I'm excited to see on how things goes on upcoming years seeing several halvings.This do mainly affect miners for sure.

We all look back and think that we should have bought more back in the days, but in the next 5-10 years we will say the same about today's prices. We'll be like; 'do you remember the price around $10,000? I feel so stupid for not having bought more'. Adding to your position today will help you look back happily instead of feeling like you have missed out big time.

In the end, not many people will be able to say that they own 1BTC, which you can. Bitcoin surpassed 1 ounce of Gold in terms of dollar value, and the next target is to surpass the 1KG dollar value of Gold (currently $46,450).

Hmm, now I undestand why Satoshi that that in 20 years Bitcoin will either have big transaction volume or none - by that time most of the supply will be mined, so 20 years wasn't an arbitrary number. We can see now that halvenings strongly influence the long term price, and unless something unpredictable happens, in 10 years it will be very high, just like Satoshi said (I use the price instead of original transaction volume, because we've already reached its limit).

Right now, we are in reward era III, where the block reward is 12.50 BTC. Next year it will decline to 6.25 BTC per block. In 2024, the block reward will be 3.125 BTC per block. By reward era VII (starting from 2032), the block reward will be less than 1 BTC. So that means that if the transaction fee remains roughly the same, then most of the miner reward will be consisting of fee rather than block reward. BY 2040s, the block reward will be so insignificant that whatever reward a miner gets may be mostly made up of transaction fees.

I am not sure whether this situation is sustainable or not. IMO, we should be moving to a PoS mining algorithm from the current PoW algo. The latter wastes a lot of electricity and resources and at some point of time in the future the governments may impose restrictions on PoW mining. Already it is using almost 1% of the total global electricity supply.

this is not necessarily true. because the relationship between revenue and fees is not that easily.
small blocks which means higher fees will also mean less users and stop of adoption and the result of that is falling price and finally less resulting revenue for miners.
on the other hand bigger blocks can mean more transactions in block which have a higher sum of fee instead of having individual high fees and it also means more adoption and the result of that is higher price and finally a much higher revenue for miners.
it is like having 2000 tx/block paying 1000 s/b fee while price is $1k
or having 5000 tx/block paying 1 s/b fee while price is $100k

ps. we shouldn't confuse bigger blocks with what bcash did, that was an exaggeration to create a useless crap for pump and dumping. i believe in a bigger capacity while having a second layer so that everything runs smoothly.

You feeling regret that you hadn't accumulated earlier? same regret with me as well but the price during that time was considerably high.

Comparing to the situation now, we're still good and considerably early. Don't lose hope and keep on accumulating, there's still enough time for everyone to accumulate.

It's like saying "no one goes there anymore, it's too crowded". Fees are high when there's a lot of demand for transactions, it means that Bitcoin is adopted, just maybe not for small consumer transactions. To support them on chain, we'd need gigabyte blocks, it's simple math. Maybe in the future average fee will be $10-20, but it will be viewed as an entry ticket to Lightning Network, or a small fee to pay for a big purchase like a car or a house.

After mining all the Bitcoins, miners start processing transactions, receiving a reward for it. The Bitcoin network will live and I will say more, it will be very successful because, unlike fiat money, Bitcoin will suppress inflation due to its limited count

It will also lead to mass killings and already has, congrats.

Look at the bigger picture.
https://www.youtube.com/watch?v=Y7TLFyK_3Pk

By the way, it's a good idea to redirect forces to the processing of transactions!

Most of people who invest in any cryptocurrency can hardly imagine waiting for something for 5-10 years from now, let's face it, life is so accelerated that people only look how to get instant rich. But even if you give them opportunity for that, what most of them do is to mess up - 2015 price of 1 BTC was even below $200, two years later $20 000 and how many of us get rich after that?

10 years of Bitcoin is not enough to convince people that this is something unique, and that Bitcoin is preeminent over gold, silver, fiat, stocks... So act now or be sorry in future.

---

For OP, you should wait 18 million Bitcoins to be mined - but there is not too much differences in what's left  - 3,2 or 3 million for next 10 years is compared to 18 millions mined in first 10 years exactly 6 times less coins.



 

True indeed. I was happy with selling $200 per BTC and was a thought that I have made a huge. But later, I realized it was one of my biggest mistake. Same, a lot of people from 2011 or so has sold their BTC and now crying. It will be the same for the next 10 years as well.

We still have a long years to go before all bitcoin will be fully mined. This is just year 2019, we do still have about 121 years to go. Most of us wouldn't be around then when the finally block will be mined. This means miners are going to stay enjoying the benefit of mining bitcoin.

The final 1% takes over 110 years to arrive. That's either going to require a mind boggling price to attract people to a minuscule block reward or a ton of fees. Neither are in the bag so it's an ongoing question mark.  

The earlier miners and hodlers takes the bigger profits, anyone who have 0.5btc - 1 above in the next 5 years will be wealthier.
next halving will reduce the block to 6 btc, this will increase the difficulties.

Mining will go on, and transaction fee will make up for most part of the mined output. Right now, on average 0.5 BTC to 1.5 BTC in transaction fee are included in every block, in addition to the block reward of 12.5 BTC. The fee part will remain unchanged, if nothing catastrophic happens. So the mining will go on, and it will continue even after 2140.

I don't think the bolded statement is a safe assumption to make. The fee market is a function of how full blocks are (at any size) -- it doesn't linearly aggregate fees as blocks get bigger. Increasing block size won't necessarily increase fee revenue because it will also reduce fee pressure by providing more block space. That means more transactions, more bloat and cheaper fees but not necessarily more revenue for miners to replace lost subsidy.

Let's assume that Bitcoin adoption is increasing, regardless of the transaction fees users need to pay. Then all else equal, keeping block weight limit static will increase fee revenue for miners. The same cannot be said if increased adoption (demand for block space) is being negated by increasing block sizes. In that situation, we're left hoping that speculative price increases are enough to incentivize miners.

That's why I say "allmost all" bitcoin is going to be mined in the next 10++ years because we won't see the last bitcoin in 2140. 90%-99% for me will be enough, theoretically, there's 20999999.9769 million supply, not 21 m, due to the bug in the early days of bitcoin mining.

So let's continue to accumulate at 1 BTC in our lifetime.  ;D

Which one you are talking about? Is it becauae of the reward model of mining? I'm a bit confused.

If there will be 10 million BTC holder who at least hold 1 BTC, can you imagine where BTC price will be?

Saw this one and I feel like on a panic mode because I don't have much bitcoin yet because of many financial needs. The next halving are also coming, we can expect a low supply which can make the price of bitcoin goes higher. Its good if you have more bitcoin today, congrats!

I definitely agreed with you dude, Bitcoin still remain the top of the digital currency in this field of business.
I also believed bitcoin has a big future were in the end it could be the world currency in my own perception.
Bitcoin never always amazed me even ti dropped last year I still believed in it.

This is just conjecture on the basis that people like you panic;) No offence, but if there was 20 million or 20 bitcoins mined, the only thing most people look at is price. If the price is low enough they will buy it (psychological) and if they understand Bitcoin and they want it anyway, they will even buy 10,000 satoshi if that is all they can afford.

I also buy some BTC in 2015, and sold them for profit of only $50 or something like that - then it seemed quite normal thing, but of course I failed to see the big picture and understand the potential of BTC. But today people can look in past and learn from our bad moves, although we cannot be sure what will be in 5 or 10 years, price of 1BTC should be at least 10 times bigger than today. Of course inflation should be taken into account, and fact that $100k today and in 10 years will not be same - life is likely to be much more expensive than it is today.

I would say that it is not bad to pay with BTC when you can do that, or convert some to fiat from time to time, but it is also smart to hold some coins for long-term. I think that in next 10 years we will be able to pay with BTC almost everywhere, without high fees or waiting for confirmations, Lightning Network will be something fully implemented and easy to use.

I can understand why someone would've offloaded when Bitcoin hit $1. It was still a pure experiment that could've crapped out any second. I've no idea why anyone would do it at any point after that unless they needed the money.

The price action was of course pretty dire and boring in 2015 but 2014 was heaving with amazing developments that pointed to nothing other than an amazing future. All the same I remember a lot of users declaring $300 would never, ever, ever happen again.

Bitcoin fans have always had a problem conceiving of its scale. Some think it's vastly bigger than it actually is. Others can't see beyond the end of their own private key and fail to perceive all those millions of people and machines who'll be beavering away no matter what the price is doing that minute.

After all BTC (99%) mined, a significant move will be there since there will be no more supply and within that time, more people will be interested in bitcoin. For me, 1 BTC is still a big amount to accumulate. From my earning, I used to hold a certain portion for the future.

A few months back, Charlie Lee (the inventor of Litecoin) said during an interview that every cryptocurrency user should strive to accumulate one BTC in his wallet. Despite being the inventor of an altcoin, he was saying that we should focus on alts only after accumulating 1 BTC. I agree with him. After all, Bitcoin was the first and original cryptocurrency.

It is harder to accumulate btc during the bull market, I can get more during the last bear, but I didn’t manage to get 1btc because of the suddenly pump on the price, I’m still content with it, because I’ve more btc now compare to 2017, 1btc might be possible in the next bear market if my timing were perfect again. It would be easy to just buy it with hard earned money, but I don’t want to cheat the process and accumulate it in a intended manner, my principle are simple, do anything but don’t buy it, because it is how we can avoid all kind of risk, when you’re buying something you’re dealing with risk, when it’s free, it’s risk free.

i am talking about a balance between all these factors instead of an imbalance that damages bitcoin.
we need to increase the "capacity" so that it is capable of handling more users but at the same time we need to keep it at a level that both ensures decentralization and keeps the fee market to prevent cheap spam but not an outrageous fee market where fees reach unreasonable levels.

besides the arguments about fees and miners incentive doesn't belong here for at least another 10 years!

Segwit included a capacity increase, but fees are still so low that there's been little pressure to adopt it. I think we should let people adopt Segwit before pushing for more.

I also don't think we can wait that long to have this discussion, especially given how ugly the block size debate already got in 2017. In 10 years, the block subsidy will be down to 1.5625 bitcoins per block. That's really scary with fee revenue already this low.

We can't keep kicking the can down the road (by raising block size) and coddling users with low fees. Because when the time comes and the subsidy is drying up -- and the system is therefore becoming unreliable -- do you think users will all of a sudden be willing to pay the real cost of transactions? After being subsidized by miners for the first 20 years? I don't know. I'd rather not find out.

That is really a food for thought for everyone really including me, I believe that by now, averagely, everyone should already have at least 1 BTC in their wallet, I am not talking about new investors who are still new to bitcoin or the richer ones though, because those ones accumulate bitcoin like they buy popcorn on the road. Bitcoin Is really close to closing the gap of the total supply of bitcoin.

In 10 years bitcoin has already mined almost 70 percent of the total supply of bitcoin, which means there is possibility of these supply getting exhausted in another 10 year’s time, so I am wondering where some people are getting the arithmetic of 2140 from, which is about 95 years from now. I know that bitcoin will start getting quite high gradually, but that would still not stop people from buying it no matter how expensive it is.

Well, I guess it can't be helped.  I also sold at cheaper price way back 2016, sold it at around $400.  If someone need money badly, you cannot see the big picture ahead since what is important is the "needed now".  Anyway it is still not late to accumulate, there is still more than millions to be mined and hundred more years for mining span. 


Indeed, we failed to notice that the total supply of Bitcoin mined had already been 17,800,000+, from 2009 to 2019, its been a decade of Bitcoin mining, and it felt like it was just yesterday.

Do not worry. We will not see these times. However, the price of Bitcoin will be going up each year, especially if we are talking about 15-20 years period. I believe that not so many people are ready to wait for this time. Thus, the idea of daily trading seems to be much more attractive. It is a risk, but if you become a very skillful trader, you will get profits always.

If that happens just imagine the fees you have to input for every single transactions. Logically if there is a solution where you can input more transactions in a block then the miners could have a profitable time when the mining reward ends, if not no one will mine if there is no rewards and you cannot survive with fees alone if the number of transaction does not increase. There is another hope in this regard, when the mining will not reap much profit, all the big miners will leave the scene and then home mining will be possible if anyone is willing to support mining and as a reward you will get the mining fees.

Then Bitcoin will be a sitting duck for anyone who wants to launch an attack.

Dunno how mining will work itself out but it needs to be as muscular as possible if BTC takes a step up in use and visibility. There'll be an ever increasing number of entities with an incentive to mess with it.

If 20 million people all had a few asics maybe that wouldn't be an issue, but home miners will be way more fickle than larger and more committed operations.

I also agree we have to start saving some Sats since most of us couldn't really save a whole BTC.
I was also close on achieving 1 BTC back in 2017 through bounty and trading.
So I hope that soon I could achieve that goal and have my very first whole BTC.

Arguably, the difficulty is being driven unnecessarily fast because of miner speculation on the existing subsidy, and some eventual decline in the hash rate would be fine and expected. Whether it's an orderly decline -- as opposed to a downward spiraling crash -- is what matters.

The problem is, we have no idea how much fee pressure is enough to strike a balance between sustainable mining rewards and the diminishing returns from mining speculation. Segwit's 4MB limit may already be pushing the upper bounds since we can't just rely on mass adoption. We need to make the system sustainable with or without an exponential increase in user base.

Early miners wouldn't have been able to conceive of the figures flying around. I do wonder how it's going to balance itself out. I presume mining machines will get more powerful and efficient and miners will seek out cleaner and cheaper power. There'll always be money to be made and I can't ever see deep pockets vacating in favour of the little guy.

It's the biggest unknown looming but I guess it always has been and every doomy scenario so far has been shat upon in an emphatic fashion.

Not yet. I am a poor person and accumulating even 0.5 BTC is impossible for me. Specially, it is hard to find a promising and generous alt campaigns. I hope that before bitcoin goes up severely. I already have savings of bitcoin even in a smaller scale. The ATH of bitcoin is nearly coming, the supply becomes smaller and smaller till 21M reach.

Letting people adopt Segwit isn't easy when a handful of largest entities in crypto aren't going to adopt it. Blockchain.com alone could contribute an easy 10% increase in Segwit adoption if they stop sucking off Roger and Jihan. The sad truth is that it will probably never happen. In the same camp we have BitPay that will probably never adopt Segwit.

The only relatively large short term bump in adoption can be expected to come from Binance when they finally switch over, but even then I doubt that we will leave the 50% adoption mark behind for ever. The average adoption percentage currently is ~40% which is shockingly low. Litecoin is doing way better in that regard, and they don't have to scale at all.

https://blockchair.com/bitcoin/charts/segwit-usage
https://blockchair.com/litecoin/charts/segwit-usage

This is really a good opportunity for traders, short-term trading will give you profits at a very short period of time. And since the adoption is growing everyday, the value of bitcoin will continue to increase in the coming years, which is also good for long-term holders. But I am wondering how many bitcoins are considered lost from those 17.8M coins?

If the reward is reduced by half, then it's clear that the miner will start selling Bitcoin at a high price.  The more difficult it is to be mined, the price will rise due to market demand. And I'm sure many people already know about this.

10 years? Well in every four years there is a bitcoin halving so the miners block rewards are greatly decrease by half and it will take 100 more + years approximately to mine all bitcoin that is left. I will accumulate to the best that i can because i believe the scarcity of bitcoin will increase the price in the years to come.

Rising fees should take care of that problem eventually. They just haven't risen enough to drive users away from Blockchain.com and towards Segwit wallets. I interpret that as an indicator that fees are actually quite low -- too low to be discussing further block size increases yet.

Now I only find Bitcoin useful for making large transactions from a few hundred dollars to a few billion dollars. Technology is increasingly improving and it is certain that bitcoin will be upgraded to become stronger. I wish for the payment to become faster and lower cost.

I didn't save a bit of bitcoin.
but I will save it one day. now I prefer to save altcoin like ETH which I believe will benefit even with a small initial capital because of its low prices.
if it's true like what you said then I think when bitcoin is depleted in the mine more and more will hunt for it and of course the higher price.

only a small amount of bitcoin is available that can be mined, the rest is in the hands of the owner. I think thus bitcoin will be increasingly sought after and the price will definitely increase. to keep it in my wallet now I collect as much as possible. I am sure one day the price will be very high, even I do not currently have 1 btc but I will continue to look for it.
I believe many people's predictions about the price of BTC will soar several years later.

I believe in the aforementioned data, I fully believe in the bright future of Bitcoin, when it is almost fully exploited. At this time, it is certain that the price of Bitcoin will push up.
As for the second one, I have never talked about the number of Bitcoin in my wallet, which is naive and attention to the crooks. My money should only let me know, never let others know.

So that is why you really need to at least get into the 1 BTC club because you won't see the last bitcoin being mine in our lifetime. It is still my goal though, I mean I wanted to earn BTC not to buy so it might take some time though, but I'm willing to take baby steps to at least get into that range.

17.8M? and i don't have even .5 btc on my wallet poor me. I invested it on real estate for a greater purpose when all is settle i would love to invest on BTC again when it will hit 5k-8k again :)

There are actually quite a few people that bought in 2015 and sold in 2017 at all time high of $20000. Some of these people got "rich" but the majority of them are people like myself who made a good amount of profit but not millionaire. It took real guts to invest in 2015 when market was in bear mode so it is rather amusing to see all these comments saying they would have bought in 2015 because I know for a fact that 99% of them would have backed away from such a risky investment especially at a time when crypto's future was in doubt.



 

1 of 21,000,000 isn't a big number at all, i think the right amount to hold is 10 btc... this could be a good bet to stop working in 10 years and enjoy the high lifestyle with sports cars and a mansion. For this, we need the price of half million each coin, but i know its hard to believe.
.

God bless all miners but I'd rather trade considering current price and year. :)

Since there's possible for bitcoin to reach more than half a million in the next 10-15 years. Having 1 coin out of all the 21million coins to be mined is good for people who are from Africa, Asia etc.

Mining is still profitable buddy if you have the required mining equipment with solar which will reduce the cost of mining but trading is also good due to the current price of the market but I prefer accumulating of more coins than trading cause this current dump may be the last chance to buy low.

thats cool , i mean the price of bitcoin will be more than 50k .

i think good news,btc to the moon :P :P :P

it still takes a long time to reach the time you predicted, and we can still enjoy mining bitcoin. but mining bitcoin isn't as easy as a few years ago anyway. it takes a lot of effort and a lot of money to produce a few satoshi only in a day, different from a few years ago which is very easy. of course in the future, in the next few years mining will be even more difficult, and certainly the price will be more expensive because of that.

It doesn't, and it probably won't be. Mining is destined to fade. The writing is on the wall (actually in the code) and those large miners who don't shrink now, will go bankrupt. You are going to get less bitcoin, and fees will remain low, even lower now with LN.

There will be miners, just not as many. Hashrate will plummet, and difficulty with it, at the same time the asics are very efficient but they won't be profitable on most places, and as time passes they won't be profitable anywhere, and even asic production will fall.

This goes tied to the bitcoin production, because its logarithmic as you correctly noticed, in less than 10 years most the mining profits will be gone.

that's a good idea. however, 10 bitcoin is quite difficult to obtain for now. I agree with Hulla, who said that 1 coin of 21 million coins is very meaningful to some people, however, I will try to get as much bitcoin as possible at the moment. halving will slow down the achievement of bitcoin to 21 million, so I think there is still time for that.

as an update, to date 17,885,412 BTC have been successfully mined. Let's work.

Mining will not fade if BTC is adopted en masse, in my opinion because at that point the world governments will have a vested interest in keeping it working. I imagine maybe a bunch of gov't agencies tasked with running ASICs and the mining fees accrue to the gov't as taxes.

There is no need because with many or few, bitcoin production remains the same. It self-adjusts every 2016 blocks (about two weeks). Those with vested interest in bitcoin, such as business, can run their full nodes and some mining if they want. The last miners will be among that group, hobbysts (and those with free energy).

You have nothing to worry about the inevitable decline in mining, it is a natural market response. This process might take a few more years depending on bitcoin price, but the price will not compensate at the same rate as hashrate production, making it more and more unprofitable to mine.

I honestly do not understand his breakdown because I see no reason why it would take 121 years for the last bitcoin to be mined, it makes absolute no sense to me, if within the space of 10 years as op presumed, 17.8 million bitcoin has been mined, and the more people demand for bitcoin, the more bitcoin reduces, does he know how many bitcoin is being mined and owned in a day, so I don’t think it will take us more than another 5 to 10 years for bitcoin to be fully mined, and before then is when we should strive as much as possible to at least have 1 btc, for me now, I already belong to such group as I have more than 2 bitcoin already  and I am still hoping that I could be financially more buoyant to accumulate more of it and have at least 10 btc.

I suggest you actually read up on what you've bought into because the lack of understanding demonstrated is unimpressive.

The production rate is baked into the protocol. It cannot be changed unless there's overwhelming consensus. Unless everyone agrees otherwise the block reward will end in 2140. That's how it's been since it was launched in 2009 and that's how it's very likely to stay.

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

I think that we have at least another 1 year to buy Bitcoin at the lowest possible market price. I am sure that a bear market will help us buy Bitcoins for $3-4k. But 2021 can be very successful for Bitcoin, and then it will be extremely difficult to accumulate at least 1 Bitcoin.

What do you mean by bear market? We are already in a bull run and there's no way that the price will go on $3000-$4000 range, but we can still accumulate Bitcoin at this current price range though, not that cheap but if you look to HODL on it till 2021 because it is expected that a massive bull run similar to 2017 will happen, then by all means try to accumulate and purchase at every opportunity you can get.

We have now mined over 18 million bitcoins.  Only about 3 million more bitcoin will be mined until 2140. The scarcity will be huge in the future when the next having will take place in about 7 months.  I have not imagined that Bitcoin's block reward reduced by 50% to only 12.5 Bitcoin for 1 mined block will make miners continue to mine them.

I think when all the bitcoin mined, the price getting higher and higher because if the supply was dump then the demand was still high, then the price would be unstoppable from running but it is good for the investor but dangerous from the person who buy at late.

Wait for the winter period of the bear market. I am sure that Bitcoin will drop to such an indicator and you can profitably buy Bitcoin. Perhaps this will be the last chance to buy such cheap Bitcoin, because it becomes more and more popular every day

The last Bitcoin is predicted to be mined in 2140. It sounds crazy but it seems to be real. I wonder what will happen after the last Bitcoin is mined. For example, what will Bitcoin miners do then ?

Thinking about 2140 is like people in 1900 thinking about today, imagining all the inventions that are really just improvements on what they know instead of what they can't even comprehend like GPS and gene therapy. Think of all the unexpected inventions and change over the last 120 years and project that into the next 120. The world will be a very different place. I expect even the term 'bitcoin miner' will seem antiquated.

When all the bitcoin are mined then the miners will survive with the transaction fees alone, consider the price during that period and transaction fees will be more than enough for the miners to continue their activity and hopefully we will see much improved solution to include more transactions in a block, we will see changes in the future to make this function even after all the coins are mined and how this will be done is the headache of the developers as i am just an end user.

With current computational power, the last BTC will be mined in 2140. With 17 million already mined I don't think there is much benefit in mining BTC.
No, I am not that fortune to have One BTC in my wallet. Just few ethereum though

The hash rate is at or near all time highs which tells us there's a ton of benefit in mining BTC otherwise they wouldn't be bothering. They certainly are not doing it for fun. I'll bet most miners do not care in the slightest about what they're mining as long as the dollars keep rolling in.

By 2140??? Oh wow! Didn't think it would take that long for the remaining 15% to be mined. Crypto traders should have filled their wallets with more than 2 BTC by then ☺️

Exactly, it is going to be profitable for miners even if they continue to mine even if we get past the next block halving after 2020. Because $$$ will come, bitcoin demands will definitely grow in the future so there are incentive for miners specially for those big mining company out there. Why not start to 0.01 -> 0.1-> 1 BTC goal?

Hey guys, I want to know what would happens if all of Bitcoins are mined?

some articles estimate that bitcoin will be depleted at the mine in 2140 ( https://cryptalker.com/bitcoin-mining-end/ ), so by calculation bitcoin still has a halving 30x until the last reward at the mine. so that the 15% amount has a longer time than 85% that has been mined. but we also don't know what the future of bitcoin will be like. will either reach the last mining point. or will make a new upgrade.

So really, are we going to have a Bitcoin supple more and more? Is it favorable to this system for the future purpose? I have a little shock that if this mining rate is increasing day by day then the demand may face a crisis because we know that when supply is more then demand will less and when the supply is less then the demand, as well as price, is also more, In this sense, Bitcoin mining should be considered once again for the shake of this platform, I don't say that Bitcoin mining should be controlled, I know mining is good for the future but I am concern of its future prospect, nothing else.

As soon as the last coin is mined, the price of bitcoin will grow several times.

It will still take roughly 25 more years for all bitcoins to be mined and I don't know why I'm getting excited about it im wonderint how price would move by that time.
I've accumulated well over 5 bitcoins in my wallet but not even a satoshi is left now lol due to some bills needed to pay in suprise and rush.

There is still plenty of time and I don't think we should bother now what would happen when all coins are mined. It's so distant future that makes no sense to make any kind of predictions, if the demand will rise, if supply will be sufficient. I'm more focused on current situation.

For this moment the bitcoin was already mined is 18 million and we still have 3 million to be mine in the future.
In all of my wallet the total bitcoin that I have since I started I think 6-7 bitcoin and still counting.
There's anyone knownthe date when the last bitcoin will be mine or even exstimated anybody know that?

That won't be the case, when all the Bitcoins were mined, there are no more rewards for every block that will be mined. Instead, the minerss will have to place higher transaction fees just to sustain the profitability of mining. With this, we can assume that transaction fees of Bitcoin will be very high compared to the current fees.

You are short for more than 1 million BTC, there is more than 18 million mined (https://www.bitcoinblockhalf.com/) and by the time of the next halving we have 1800 new coins mined every day. Mining of BTC is a very profitable business, but not for people who want to do that with PC or some outdated technology. In this game you need money, a good location with cheap electricity and earnings are guaranteed. The price of mining 1 BTC in China is around $3000, they do it for huge profits.


I'm just curious how you got to 25 years? Mining of the last block should happen sometime around the year 2140, so your calculation just doesn't make sense. I mean it's pretty useless to write again, most people do not read anything on this forum except titles, but 99% of BTC will be mined by year 2032 so that 1% and year 2140 make no sense to us who live today.

You are absolutely wrong. The halving is due next year when the.block Reward would be halved automatically. Once this is done miners would get lesser btc after each block. After this there are many more halvings which would create a shortage in creation of Bitcoin and all the Bitcoin together will not be mined until 2134 it's because hash rates would make it much more difficult for miners to mine Bitcoin.

I wonder if mining will pay off when the Bitcoin block reward is halved? It seems to me that the electricity and the price of equipment will exceed the payback

Good question, based on the previous halving which happened last 2012 & 2016 the price of Bitcoin always went up and creates new ATH at least one year after the halving and I think this is one of reason why miners continue to mined Bitcoin because they still see it as profitable. With regards of electricity consumption there are mining hardware already that is available in the market which is cost efficient and I bet they will continue to improve these in the future.

It's an ongoing race between the btc algorithm's built in austerity and miners' efforts to squeeze profit from it. ASICs are still improving, energy costs are widely variable around the world, regulations can hurt or help depending on the country, etc. I think miners will be just fine for the next few halvings at least.

I think more important than the last bitcoin, is the last one percent to be mined, which happens after a couple more halvings, around 2030, roughly another ten years from now. That means 99% of all bitcoin will have been mined, then it's another hundred years to the last bitcoin.

It's at this point, much earlier than in the year 2140, where we will begin to see massive adoption and price increase. From 2030 to 2040 may be another decade where stabilization may happen, and from 2040 all the way to 2140, we will see much less volatility. We just can't predict how much less, and for most people it's irrelevant since plenty of us won't be alive for the last bitcoin anyway.

It has a good and bad effect in the marketplace when it come to the price of bitcoin in the market. If we mine all of the bitcoin the supply will surely going down and meaning I guess the bitcoin price will rise also there is a high percentage of bitcoin that is lost from a forgotten wallet address that will never be recover again that is also a big contribution in the market. The more of the investors in bitcoin the higher the bitcoin price will rise having the bitcoin price rise is a good thing but if it doesn't regulate it might have a bad effect in the community.

Yes according to reports we have already mined 18 million of bitcoin and next year halving will have a great impact on btc mining as rewards will be halved per block and for your information it will take another 110 years to mine the rest of btc as in next 10 years only 2 million btc can be mined due to rewards getting half to 6.5btc per block so it there is still lot time to complete the supply of btc.

I'm imagining the last bitcoin mined as a worldwide celebratory event, kind of like when Deep Thought answered the question to what is the meaning of life the universe and everything in The Hitchiker's Guide to the Galaxy. And probably with a similar aftermath of letdown.

https://cdn.hackaday.io/images/9748691486852957240.png

In 10 years we mined 18 Million Bitcoin, In the next 9 years we will mine 2 million, and 1 million to go for the next 90. most importantly, we will have 3 halvings in 9 years from today. Basically we will have almost 99 percent BITCOIN supply ever available to the world and by the end of 5th halving around 2028 we shall be really close to Global Adoption.

However, It’s hard to believe for those of us that started mining in 2009, it’s been an incredible journey. Maybe your first mined coin was worth less than a nickel but today, 30 coins will buy you a decent house just about anywhere in the US. I think in the next 5-10 years we can see cryptocurrency being a part of our regular lives the same way current technologies like the internet and mobile communications are.

A high percentage of bitcoins have already been extracted and an interesting question that can be asked is what will happen to the price when the total bitcoins have already been extracted? Because mining activity brings a high energy cost, we do not know the truth, but thinking about the shortage, it is very likely that its price will continue to rise to record values.

Analytically, if we look at it, we will know that bitcoin cost will actually become very expensive once the whole bitcoin has been mined, and reason being that bitcoin would have already been with the holders of it and there would not be anyone left to be mined again, which will make people who have it to be hoarding it and as they are hoarding it while request is becoming money, the value will gradually be appreciating which I think that this is how it will work then.

That was just based on assumption and based on the level of knowledge that I have about analyzing, there might still be more reason that another person have to for that believe and I am open to learning also. This is one of the basic reasons why I am trying as much as possible to hold bitcoin now.

Close to 1,000 coins are being mined per day as of now, and this will decline to around BTC500 per day after the next block reward halving. However, if you compared the daily volume, these numbers look minuscule. According to coinmarketcap, the 24-hour trade volume for Bitcoin was around $25 billion. And the value of 1,000 BTC which are mined every day comes to just $9 million (less than 0.1% of the daily trade volume). So I don't think that the block reward halving will have a major impact on the exchange rates.

I can’t even imagine what will be the value of one bitcoin in 10 years. Of course, its value will increase and the cost of mining will also increase, so this is a very good long-term investment. But I still have not collected a single bitcoin.

It is not too late to acummulate! $9k is a bargain! You may want to $8k around but I'd personally go and get some bitcoin at this price! Next few years will be great!

I don't have 1 BTC yet and I just entered the crypto market in early 2018. But I will continue to try to collect bitcoin. because all bitcoin holders say in 2020 when the number per block mined is reduced by half it can cause the price of bitcoin to rise. I am very motivated to continue to collect bitcoin. although my bitcoin number has not reached 1 but if the price of bitcoin soar it will be very valuable.

Luckily I own 1 BTC.
Almost, 18 million Bitcoin are mined and added to that almost 20% are lost and will remain as it is. This reduces the number to almost 14.5 million. Owning 1 BTC in a population of more than 7 Billion is a big thing in itself. I believe owning 1 BTC will become a luxury at a certain point. This can boost the price heavily.

That would be interesting to think that way but in the world of cryptocurrency where a lot of unexpected things happen.

I really hope that we can use BTC as regular mode of payment rather than just an investment like gold in the future because I believe that it would be treated that way in the future. There would be a lot of crytocurrency that would pop up as the time goes by which would be much better to use if we ever think to use the blockchain technology as a vital medium in doing transaction especially from overseas which would extremely save us the time doing it in a traditional way.

In as much that the block reward is halved every 4 years, did you consider the rate at which blocks are confirmed by miners?  This determines the number of bitcoin being mined within a specific moment in time. If the  frequency at which miners solve a block transaction increases, the rate at which block reward are given to miners will also increase.  This will make your calculation wrong regarding when the last bitcoin will be mined.  As years go by, there are new advancement entering the crypto space with regards to making bitcoin transactions faster. This advancement might affect the time range for the last Bitcoin to mined..