16,000,000 BTC will have been mined in a few days

[unamis76]

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

It is also crazy to see that while over 70% BTC is already mined, most people in this world never even heard about Bitcoin. It's impossible to comprehend this fact hanging out on this forum but this is a fact.  I keep being surprized meeting highly educated people who are saying something like "Bitcoin? Sounds familiar. Is it sort of a webmoney for criminal world?"

Also true... Let's hope awareness increases with each Bitcoin mined in the next few years

[Kanapka]

In 4 or 5 days, a total of 16,000,000 BTC will be in circulation (76.2% of the total). Let's not forget that fewer and fewer BTC will be mined each day with every halving, so these milestones will get rarer and rarer. Next one will be reached in 1.5 years.

What is going to be the next milestone? 17m btc mined?

A few things can happen

1. Hashing power might be going through a major breakthough in the near future, making the rest of the bitcoins to be mined in less than 10 years. 2140 is with the current hashing power, and we all know that computers become more and more powerfull

2. Power to run the miners will be "free" in the near future. Once solar panels have been installed all over the world, there is basically no cost from getting power to run your miner.

3. Transaction fees will be the motivation to mine in the future. With near-free power, it's basically just buying a machine that will earn money to you while you sleep. Pretty much like buying a windmill today.

4. When the FIAT currencies crash because of this negative interest rate, crypto currencies will be a safe-haven, driving prices up.

More hashpower won't, in theory, affect too much the rate that bitcoins are mined, as far I know

[Zadicar]

If bitcoin still exist in next 30 years, and all of bitcoin are mined. What will happen next? I angered what happen if no bitcoin anymore to mine?

I saw the last BTC will be mined only in 2140. All of us will be dead when this happen.

Probably people will mine alt-coins and the BTC price will be very very high, but we can't assure anything here, as it's a long time yet, everything can happen in this middle time. 

True, i would try  to  say the same thing too  but   you did already  mention about on the  year  on which the  last bitcoin would be  mined which  is  on 2140  and  you are right,  all of  us  here  on  this  forum and early adopters  are already  dead  for sure.  Maybe those  next generations would really  benefit  to  bitcoin if that time comes for sure  but  who  knows  if bitcoin that  time is still  living.

[YuginKadoya]

In 4 or 5 days, a total of 16,000,000 BTC will be in circulation (76.2% of the total). Let's not forget that fewer and fewer BTC will be mined each day with every halving, so these milestones will get rarer and rarer. Next one will be reached in 1.5 years.

Well Congrats to us if that is the case, and I think that not all bitcoin users have realized it or suddenly feels the movement of BTC, but I think this is a great achievement for bitcoin, and no wonder there are a lot that are not interested in it have became very interested with it because of the movement and value of bitcoin today! and right now the government would itch to get their hand on it the more!

[Fortify]

It is rather strange to think that more than 75% has been mined already in less than ten years,. It obviously has gotten much tougher to solve the calculations but I can't see it taking another hundred years to complete the rest - there will be more revolutionary jumps especially with things like quantum computing around the corner.

[Barbut]

Already that much, 16 millions already, means 5 millions bitcoins left to be mined. Next 17 million will come in a year and half, that is nice to know. Looks like this train is going fast, this is nice info to know, but does this news have some effect on market or price?
Congratulations on this achievement, I hope we will be here for every next million and make a little celebration. Good luck to us all!

[QuestionAuthority]

I'm waiting to see what happens in 2020 when 85+ percent of all bitcoins have been mined. Or better yet, 2024 when the Bitcoin mining reward is 3 and 93% of all bitcoins have been mined. Will anyone still be mining Bitcoin? Will the exchange rate be more than $3,674 per coin because that's what it is today.

In 2024 each block will produce a little over 3 btc. At today's exchange rate of $750 ($750x12.5=$9,000 per block, $9,000/4=$2,250) each coin will need to be worth $2,250. To equal the same buying power it will need to keep up with inflation. The inflation increase will be roughly $178 per year per coin for 8 years or $1,424 (could be a little more or a little less, inflation is hard to predict exactly).

That means in 2024 for there to be no loss in mining revenue each coin will need to be $3,674.

Of course this doesn't take transaction fee increases into account which could easily make this up if Bitcoin transactions start costing as much as a bank transfer costs. It also doesn't account for necessary mining gear replacement costs for miners. Replacement gear cost could necessitate a per coin price of $6,000-$10,000 to remain flat at today's exchange rate. 

[eternalgloom]

That's pretty crazy to think about actually, feels like we're getting to the late stages of the game, although that's not really true.
I do hope we will see higher prices in 2017 and that more people get introduced to Bitcoin.

Another economic crisis might do the trick though...

[jamyr]

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

It is also crazy to see that while over 70% BTC is already mined, most people in this world never even heard about Bitcoin. It's impossible to comprehend this fact hanging out on this forum but this is a fact.  I keep being surprized meeting highly educated people who are saying something like "Bitcoin? Sounds familiar. Is it sort of a webmoney for criminal world?"

Also true... Let's hope awareness increases with each Bitcoin mined in the next few years

Sad but true. Sometimes they are have heard about it but did not pay much attention because of the price. Not paying much time to look on trends, follow each blow and strike bitcoin does. But more and more countries and commodities and services accepts bitcoin. With this, awareness would increase, so demand will rise and price will go higher.

[dothebeats]

And let's not forget that 2± million are also lost in circulation as of today (a huge chunk of which belongs to Satoshi) which makes it 14± million in circulation. As for the current hardware we have now for mining, it will be more or less two years for the next M to be mined and it gets harder and harder from thereafter.

[Mastsetad]

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

I don't think we are still in the beginning of this journey, we have reached to a long extent by now, there are already a lot of people in the world using bitcoin and bitcoin is being accepted by every person with the time, and it is not easy to just cover all the world in just 7 or 8 years.

[clickerz]

Already that much, 16 millions already, means 5 millions bitcoins left to be mined. Next 17 million will come in a year and half, that is nice to know. Looks like this train is going fast, this is nice info to know, but does this news have some effect on market or price?
Congratulations on this achievement, I hope we will be here for every next million and make a little celebration. Good luck to us all!

I think yes, it has a big  effect on bitcoin price. As bitcoin mined becomes lesser, charges might go up. Also there is a possible increase of bitcoin price. its good for us who are earning bitcoin nd storing it. And lucky to those who are storing bitcoin.

[dothebeats]

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

I don't think we are still in the beginning of this journey, we have reached to a long extent by now, there are already a lot of people in the world using bitcoin and bitcoin is being accepted by every person with the time, and it is not easy to just cover all the world in just 7 or 8 years.

Quite a long journey ahead after 7 years since its inception. And mind you, we're still in Beta phase for Qt after 7 long years! So that alone states that we're still on the toddler stage of this project. And yes, it really is a hard journey to spread the word all over the world and make everyone and their mother use the tech for sending money apart from using conventional money transfers and wire transfers.

[sportis]

If bitcoin still exist in next 30 years, and all of bitcoin are mined. What will happen next? I angered what happen if no bitcoin anymore to mine?

There is no chance that all bitcoins will be mined in the next 30 years because it is scheduled to happen May 7th, 2140 (or probably earlier). But even if all bitcoins are mined the miners will get profit from transaction fees.

       I agree that miners after some years will get profit only from transaction fees unless they find a way to have electricity and mining hardware with almost zero cost. But, I believe that there is another one issue. People as human beings forget or lost their private keys so somewhere in blockchain there are some blocks where the coins practically are out of circulation.  

[Abdussamad]

.. and all these mining companies used to making millions off mining, what is going to compel them to keep mining when there rewards are like 1/100000 of what they were before..?

Man these arguments were made before the recent halving and no doubt before previous halvings. They will be rolled out again before the next halving too. The answer to your question is that mining companies know full well when the halving is going to happen and they make their plans accordingly. There was no huge drop in hash rate after the recent halving like some had predicted.

The only dramatic event that took place was that the price doubled. So even though they are making less btc they are making more dollars.

And no bitcoin hasn't jumped that much over the past 7 years, meaning when everything is said and done, whats to keep the hash rate so high to protect the network?

It's gone from cents to the btc to hundreds of dollars to the btc. How can you say it hasn't appreciated in value?

[avatar_kiyoshi]

In 4 or 5 days, a total of 16,000,000 BTC will be in circulation (76.2% of the total). Let's not forget that fewer and fewer BTC will be mined each day with every halving, so these milestones will get rarer and rarer. Next one will be reached in 1.5 years.

I'm not really surprised, since I know the supply is just 21 millions only. And bitcoin is still at grow up phase, people just already know, some high tech company at the 1st phase to adopt bitcoin, not uses for global currency. It's actually surprised with at this phase the price have a stable movement in high level(comparing higher price ever reached).
How if the end of bitcoin distribution is just a beginning?

[kiklo]

If bitcoin still exist in next 30 years, and all of bitcoin are mined. What will happen next? I angered what happen if no bitcoin anymore to mine?

I saw the last BTC will be mined only in 2140. All of us will be dead when this happen.

Probably people will mine alt-coins and the BTC price will be very very high, but we can't assure anything here, as it's a long time yet, everything can happen in this middle time. 

Speak for yourself.

I plan to be one of those heads in a Jar. 




 

[mrcash02]

If bitcoin still exist in next 30 years, and all of bitcoin are mined. What will happen next? I angered what happen if no bitcoin anymore to mine?

I saw the last BTC will be mined only in 2140. All of us will be dead when this happen.

Probably people will mine alt-coins and the BTC price will be very very high, but we can't assure anything here, as it's a long time yet, everything can happen in this middle time. 

Speak for yourself.

I plan to be one of those heads in a Jar. 




 

haha, 

It's true, there is a long time until 2140, maybe until this date scientists will create the "Heads in Jar" to make people live forever or at least while the jar doesn't break...

Crazy to see that there are already ~70% BTC mined and we're still in the beginning of this journey... I guess we now have another excuse to have a party, maybe haha

I don't think we are still in the beginning of this journey, we have reached to a long extent by now, there are already a lot of people in the world using bitcoin and bitcoin is being accepted by every person with the time, and it is not easy to just cover all the world in just 7 or 8 years.

7-8 years aren't nothing compared to what will come. I think it's the beginning too, I would say few people in the world are using BTCs at this moment, most people still rejects it or doesn't know how this works. There is a long way until BTC conquers the hegemony of currencies in the world. At this moment it's only a "internet coin".

[krishna1]

it seems good to me we can not slow down the miners and i dont do that its good to see people are making more thansactions then previous times and miners are also growimg in number and powers even after all thoseproblems like price comments and all those insults. its really greate to see all this actully happening

[jonald_fyookball]

In 4 or 5 days, a total of 16,000,000 BTC will be in circulation (76.2% of the total). Let's not forget that fewer and fewer BTC will be mined each day with every halving, so these milestones will get rarer and rarer. Next one will be reached in 1.5 years.

What is going to be the next milestone? 17m btc mined?

A few things can happen

1. Hashing power might be going through a major breakthough in the near future, making the rest of the bitcoins to be mined in less than 10 years. 2140 is with the current hashing power, and we all know that computers become more and more powerfull

2. Power to run the miners will be "free" in the near future. Once solar panels have been installed all over the world, there is basically no cost from getting power to run your miner.

3. Transaction fees will be the motivation to mine in the future. With near-free power, it's basically just buying a machine that will earn money to you while you sleep. Pretty much like buying a windmill today.

4. When the FIAT currencies crash because of this negative interest rate, crypto currencies will be a safe-haven, driving prices up.

More hashpower won't, in theory, affect too much the rate that bitcoins are mined, as far I know

Correct.  Difficulty adjusts to keep issuance rate steady.