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Author Topic: How Long Will BitCoin Mining Be Around For?  (Read 8650 times)
Macil2018
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June 03, 2011, 02:33:22 PM
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My question is how long will Bitcoin mining be around for? How long hypothetically until all the Bitcoins are found? Is there a way to know or check how many have been found already and how many are left? And is it true that once they're all found its not possible to make more? Just some newb questions. I appreciate the help.
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Genrobo
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June 03, 2011, 02:37:50 PM
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There will be 21 million bitcoins.
Estimates have the ending of mining being some time after I die, so I think we're good.

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June 03, 2011, 02:38:11 PM
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My question is how long will Bitcoin mining be around for? How long hypothetically until all the Bitcoins are found? Is there a way to know or check how many have been found already and how many are left? And is it true that once they're all found its not possible to make more? Just some newb questions. I appreciate the help.

AFAIK mining is vital for the whole system, so it should go on pretty much as long as Bitcoin exists. Transactions are confirmed by mining and finding block.
When 21 millions Bitcoins are created, block won't give subsidies anymore, but will still be created.
Miners should support themselves out of fees by then. But who can tell what will happen so many decades ahead?
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June 03, 2011, 02:39:40 PM
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Mining will be around as long as bitcoin is around (no one knows how long that will be).

Coins are slated to all be found in 2030-something I believe, but for practical purposes all coins will have been found by 2020 (85%). After bitcoin generation slows transaction fees will take over to keep the system running.
Macil2018
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June 03, 2011, 04:46:22 PM
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I appreciate the input, but I'm still wondering, is there a way to know how many coins have been found so far?
AngelusWebDesign
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June 03, 2011, 04:47:11 PM
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http://bitcoincharts.com/markets/
Macil2018
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June 03, 2011, 04:57:06 PM
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Where it says "Total BTC   6.420 mil." at the top of Bitcoin Market is that what I'm looking at?
BitMinerN8
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June 03, 2011, 04:58:17 PM
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Where it says "Total BTC   6.420 mil." at the top of Bitcoin Market is that what I'm looking at?

Yes.
Stephen Gornick
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June 03, 2011, 06:59:47 PM
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I appreciate the input, but I'm still wondering, is there a way to know how many coins have been found so far?

All bitcoins issued have been (and ever will be) issued come as the result of mining.  

Currently that reward is 50 BTC per block.  So the total can be calculated as 50 times the current block number shown by your bitcoin client, or from Block Explorer, for instance:
  http://blockexplorer.com/q/getblockcount

e.g. the current value is 128,405.
128,405 times 50 = 6,420,250 bitcoins.

[Edit: The block "count" starts at 0 so to get the correct number would need add another 50 for that block as well].

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