Whens all bitcoin going to be mined?

[dillpicklechips]

How does this affect the average user?

Either way, shouldn't be long before people lose coins faster than they can be mined.

Impossible. The tendency to lose your bitcoins is low and the amount would not be too great (just a few bitcoins). Base on basic economic principle, it would lead to an increase in price because of the lesser supply.

[junoreactor]

They reckon 2040 the final block will be mined. I dont see how that is possible.

It's not possible. Want to know why? Because 2140 is when the final block will be mined. NOT 13 YEARS FROM NOW! 113 YEARS FROM NOW!

OMG when all bitcoins are mined the price of each coin will go up so much everyone here right now will be rich

The price would only skyrocket if demand soared as well.

I stand corrected

[CheapDayTrader]

16 million have already been bought/mined in just 8 years, so you probably have about 3 more years at most (that would be my guess)

[masonli@M_27]

Hello, when do you guys think all the bitcoins will be mined?

yeah it is true all bit coins mined in 2040. so we have to use bit coins in these before. present in the market bit coin has great demand i would like to buy bit coins for my needs. so i have to keep hold few months or years next i have to use it for my needs. really using bit coin and alt coins very happy. actually i felt in the currency never replace anything but bit coin has replaced it. so i was very happy to this.

[odolvlobo]

Wow. I don't believe there has been a single correct post yet in this thread.


According to the design, the last satoshi (not the last block) is expected to be mined around 2140, but because of an error in the difficulty calculation and because the difficulty is continually increasing, the actual date will probably be several years before that.

When there are no more new bitcoins, miners will still make money from fees.

There is a gradual reduction in new bitcoins (by half every 4 years, approximately). The subsidy will drop below 1 BTC in about 15 years and miners will begin mining the last bitcoin sometime around 2104.

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

[w33man]

Hello, when do you guys think all the bitcoins will be mined?

I think bitcoin will not all be mined, it is impossible. Because bitcoin is like money, and money just circulates around, and I think the same principle applies in bitcoin. So, we don't have to worry because it will not be drained at all.

[martina14]

you cant mine any bitcoin now as it is all out in the sciety! bitcoin only have 21million tokens and which are alll mined and saved !

[Gargo]

Hello, when do you guys think all the bitcoins will be mined?

I think bitcoin will not all be mined, it is impossible. Because bitcoin is like money, and money just circulates around, and I think the same principle applies in bitcoin. So, we don't have to worry because it will not be drained at all.

In my opinion, there is no need to worry, so bitcoin is very developed and I can not imagine that something was going to destroy it. The electronic currency will soon become a payment medium in highly developed countries.

[Vivisector999]

You have it wrong. 

Difficulty does not automatically increase over time.  And tt also won't be mined years in advance because there are more people mining, or because computing power has gone up dramatically.  And last coin won't take 100 years to mine. 

Mining is just a game created to try to ensure the same person or entity doesn't get multiple blocks in a row.  With a coin like BTC, after every 2016 blocks, it will automatically re-adjust the difficulty based on the previous block times to try to retarget mining at 10 minutes.   Different coins have different numbers of blocks before retarget, and different block times they retarget for.

The only time a coin does run into a problem where it would take 100 years per block is when you have ALOT of people mining a coin, and then jump to a different coin all in a short period of time, leaving a high difficulty, and possibly a log way to retarget.   When this happens, usually the majority of people remaining will also leave, as they aren't getting anything hashing for days/months per block, and the coin usually dies.  Is a common problem that can occur with large pools that mine small coins based on profitability, that drive up difficulty, then when that coin is no longer in the profitability target it jumps to a new coin, leaving the previous coin a wreck.

[Vivisector999]

Hello, when do you guys think all the bitcoins will be mined?

I think bitcoin will not all be mined, it is impossible. Because bitcoin is like money, and money just circulates around, and I think the same principle applies in bitcoin. So, we don't have to worry because it will not be drained at all.

BTC will eventually all be mined.  The mining rewards halve at a pre-determined rate.  Once all the coins have eventually been mined, the miners will then be mining solely on transaction fees, which as long as the coin is being used on a regular basis will be enough to keep it alive. 

[altcointalk14]

According to the researchers and the miners all the Bitcoins are most likely to be mined around year 2040 but as the technology is advancing swiftly, one can easily presume that the predicted time is to be shortened.

Maybe time will be shorter but it will not be below 2030, and the technology that is now used to mine that will not be so streamlined that these predictions are not very misleading.

[Vivisector999]

Hello, when do you guys think all the bitcoins will be mined?

The total number of bitcoin to be ever produced is 21,000, 000 and due to my research the current total number of bitcoin left to mine is 4,375,400 btcoins and we're to reach the 21,000,000 bitcoins in the year 2050.

You are missing the most important step in your calculations.  Every 210,000 blocks the mining reward halves. 

As for the idea that like money, Bitcoin will keep circulating, and increasing.  Nope that is the very essence of Bitcoin.  A finite amount of coins, which keeps it from inflation.  In essence BTC is set to increase in value do to the fact it has a limited number of coins possible.  Bitcoin will continue to be mined after all the blocks have been mined though, as the miners will be working off transaction fees.

[btc2y]

They reckon 2040 the final block will be mined. I dont see how that is possible.
Super new technologies and more internet users every year as well as more people knowing about mining.
I reckon bitcoin mining will be done by 2025 or so.
Unless i am completely missing alot of facts here...
I personally do not understand block time and all that stuff, but i just guesstimate that as early as 2025 its done.
Thanks for reading and educating me.

Sorry.
Do not want to be rude, but you are completely wrong.

The Bitcoin is set to adjust to any power you trow at him.
So no matter how much computing power is directed there the time
Will be adjust each 2016 blocks (14 days to mine 2016 blocks = 10minutes per block).

If the last 2016 blocks are mined faster then 14 days, then the difficulty jumps in a manner that the next 2016 blocks will be mined for 14 days.
As the power goes faster then it can adjust it is possible to mine the blocks faster, but it will give offset of couple of years tops.

So as it has to go down like this:
50
25
12.5
... (halving each 4 years)
0.00000001 - this will be ~2140
So we have way over 100 years more...

[btc2y]

According to the researchers and the miners all the Bitcoins are most likely to be mined around year 2040 but as the technology is advancing swiftly, one can easily presume that the predicted time is to be shortened.

Maybe time will be shorter but it will not be below 2030, and the technology that is now used to mine that will not be so streamlined that these predictions are not very misleading.

As there are still 6.66mil blocks to be mined, even if they mine it with speed of 6minutes per block (normal is 10)
They will have to provide additional 40% of the current total hashing power every 8.5 days.
As you know this is impossible.
So it is safe to say 2140 +/- 5 years.
As they could have time to time that they will be able to increase the mining power with grater speed then the usual.

If we could the average speed up till now (more then 210 000 blocks per 4 years) then we have 128 more years to come.

[vic_veles]

I think it's impossible to get all the bitcoins, this will never happen.

[jekjekman]

They reckon 2040 the final block will be mined. I dont see how that is possible.
Super new technologies and more internet users every year as well as more people knowing about mining.
I reckon bitcoin mining will be done by 2025 or so.
Unless i am completely missing alot of facts here...
I personally do not understand block time and all that stuff, but i just guesstimate that as early as 2025 its done.
Thanks for reading and educating me.

As per satoshi's post way back in 2009,

"Total circulation will be 21,000,000 coins. It'll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years.

first 4 years 10,500,000 coins
next 4 years 5,250,000 next 4 years
next 4 years 2,625,000 next 4 years
next 4 years 1,312,500 next 4 years
etc... "

it is hard to determine if when will the last block be mined, as the value is cut to half every 4 years but as time goes by the value of each block is also cut into half so it is the efficiency of mining that will be considered.

[bitgov]

I think it's impossible to get all the bitcoins, this will never happen.

Only that all bitcoins can be mine up due to technological development and search until about 2040, which is thanks to the development possible.

[btc2y]

They reckon 2040 the final block will be mined. I dont see how that is possible.
Super new technologies and more internet users every year as well as more people knowing about mining.
I reckon bitcoin mining will be done by 2025 or so.
Unless i am completely missing alot of facts here...
I personally do not understand block time and all that stuff, but i just guesstimate that as early as 2025 its done.
Thanks for reading and educating me.

As per satoshi's post way back in 2009,

"Total circulation will be 21,000,000 coins. It'll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years.

first 4 years 10,500,000 coins
next 4 years 5,250,000 next 4 years
next 4 years 2,625,000 next 4 years
next 4 years 1,312,500 next 4 years
etc... "

it is hard to determine if when will the last block be mined, as the value is cut to half every 4 years but as time goes by the value of each block is also cut into half so it is the efficiency of mining that will be considered.

The halfing that is made every 4 years is of the reward.
So it is the same think, not two separate events.
The coins that are mined are dependent of the reward, as the reward halves the amount mined will he reduced. the blocks are fixed, so that is why the total mined for 4 years halves as well.
1050000/50 = 5250000/25 = 2625000/12.5 = 1312500/6.25 = 210000 blocks for 4 years.

So the last satoshi will be mined 2140 or couple of year before, but not 100 years earlier...

I think it's impossible to get all the bitcoins, this will never happen.

Only that all bitcoins can be mine up due to technological development and search until about 2040, which is thanks to the development possible.

As stated up the year that the last satoshi will be mined should be 2140 not 2040.

This is due to the fact that each 2016 blocks the dificulty is calibrated, so the next 2016 blocks will be mined for 14 days.
So even if you double the mining power you will mine 2016 for a week, but unless next week you do not bring double fresh power again the time will be fixed
Even if you manage to provide double minign power each week it will be 2071 not 2040