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Author Topic: Total bitcoin left to mine 5,286,550  (Read 1089 times)
joe50
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June 29, 2016, 11:52:42 PM
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According to http://www.bitcoinblockhalf.com/

Total Bitcoins in circulation: 15,713,450
Total Bitcoins to ever be produced: 21,000,000
Total Bitcoins left to mine: 5,286,550

I don't get this... does this mean that after 5,286,550 no more bitcoin will be mined? And the end of bitcoin has finally reach? What will happen next?

Any small amount of zec will be appreciated:   t1LqyCMMFLy1KtgwJMWdfqcPxqSwFkuijNW
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June 30, 2016, 12:02:58 AM
 #2

According to http://www.bitcoinblockhalf.com/

Total Bitcoins in circulation: 15,713,450
Total Bitcoins to ever be produced: 21,000,000
Total Bitcoins left to mine: 5,286,550

I don't get this... does this mean that after 5,286,550 no more bitcoin will be mined? And the end of bitcoin has finally reach? What will happen next?

Just dont worry about that, the market will deal with it. IF the supply will go down the price will go higher which means if the price is higher users will need only to spent satoshis , microbitcoins in their transactions. If satoshis are spent and not bitcoin itself then the supply is just enough. In short even if the supply of btc is down the system will adjust by increasing the price of btc.


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June 30, 2016, 12:04:21 AM
 #3

The rate at which bitcoins are mined will be reduced by half every 4 years. It will take another 100+ years before the remaining coins are mined. If bitcoin could survive this, the value of each coins and the transaction volume will be high. The miner can then survive on the fees of transaction. No more block reward will be required.

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June 30, 2016, 12:04:24 AM
 #4

According to http://www.bitcoinblockhalf.com/

Total Bitcoins in circulation: 15,713,450
Total Bitcoins to ever be produced: 21,000,000
Total Bitcoins left to mine: 5,286,550

I don't get this... does this mean that after 5,286,550 no more bitcoin will be mined? And the end of bitcoin has finally reach? What will happen next?
Based on your status, I guess you never heard about this before. When mining is over, miners will still be using their machines to confirm transactions, and they will be rewarded in transaction fees. This will keep the network running.

Yes, there's no more BitCoin to be mined after that. So there will be 21,000,000 - 2,000,000 (about 2 million are lost, and can't be recovered, somewhere I heard that)
patronis
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June 30, 2016, 12:05:39 AM
 #5

According to http://www.bitcoinblockhalf.com/

Total Bitcoins in circulation: 15,713,450
Total Bitcoins to ever be produced: 21,000,000
Total Bitcoins left to mine: 5,286,550

I don't get this... does this mean that after 5,286,550 no more bitcoin will be mined? And the end of bitcoin has finally reach? What will happen next?
Based on your status, I guess you never heard about this before. When mining is over, miners will still be using their machines to confirm transactions, and they will be rewarded in transaction fees. This will keep the network running.

Yes, there's no more BitCoin to be mined after that. So there will be 21,000,000 - 2,000,000 (about 2 million are lost, and can't be recovered, somewhere I heard that)

Wouldn't the fees be pretty absurd at the point when there's no block reward?
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June 30, 2016, 03:13:32 AM
 #6

According to http://www.bitcoinblockhalf.com/

Total Bitcoins in circulation: 15,713,450
Total Bitcoins to ever be produced: 21,000,000
Total Bitcoins left to mine: 5,286,550

Correct.

I don't get this... does this mean that after 5,286,550 no more bitcoin will be mined?

Somewhere around the year 2140 the last fraction of a bitcoin will have been created and given to a miner in a block reward?  It means that no new bitcoins will be created after that.

And the end of bitcoin has finally reach?

No. That will not be the end of Bitcoin.  Bitcoin will either die long before we get to that point, or it will survive after that.

What will happen next?

More transactions and block number 6930000.

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June 30, 2016, 09:14:55 AM
 #7

Well you could also make changes to the protocol to supply more coins, but that is highly unlikely because it's the core principle behind this technology, and would only be considered as a last resort. I am not even of the opinion that it would ever receive consensus from anyone, because it devalue the existing Bitcoin, if it was done.

Highly unlikely, but it is possible. Long before that happens, they would divide it even further. Say 1 bitcoin has 0.00000000001 units for instance. ^hmmmm^

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