Bitcoin Forum
November 06, 2024, 08:47:39 PM *
News: Latest Bitcoin Core release: 28.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: How Long Will BitCoin Mining Be Around For?  (Read 9971 times)
Macil2018 (OP)
Newbie
*
Offline Offline

Activity: 15
Merit: 0


View Profile
June 03, 2011, 02:33:22 PM
 #1

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.
Genrobo
Newbie
*
Offline Offline

Activity: 28
Merit: 0


View Profile
June 03, 2011, 02:37:50 PM
 #2

There will be 21 million bitcoins.
Estimates have the ending of mining being some time after I die, so I think we're good.
Coma
Full Member
***
Offline Offline

Activity: 140
Merit: 100


View Profile
June 03, 2011, 02:38:11 PM
 #3

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?
bcpokey
Hero Member
*****
Offline Offline

Activity: 602
Merit: 500



View Profile
June 03, 2011, 02:39:40 PM
 #4

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 (OP)
Newbie
*
Offline Offline

Activity: 15
Merit: 0


View Profile
June 03, 2011, 04:46:22 PM
 #5

I appreciate the input, but I'm still wondering, is there a way to know how many coins have been found so far?
AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


View Profile
June 03, 2011, 04:47:11 PM
 #6

http://bitcoincharts.com/markets/
Macil2018 (OP)
Newbie
*
Offline Offline

Activity: 15
Merit: 0


View Profile
June 03, 2011, 04:57:06 PM
 #7

Where it says "Total BTC   6.420 mil." at the top of Bitcoin Market is that what I'm looking at?
BitMinerN8
Hero Member
*****
Offline Offline

Activity: 626
Merit: 500


Mining since May 2011.


View Profile
June 03, 2011, 04:58:17 PM
 #8

Where it says "Total BTC   6.420 mil." at the top of Bitcoin Market is that what I'm looking at?

Yes.
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2506
Merit: 1010


View Profile
June 03, 2011, 06:59:47 PM
 #9

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].

Unichange.me

            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █


Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!