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Author Topic: Re: Where does the money come from when mining?  (Read 499 times)
irb
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June 15, 2011, 11:42:11 PM
 #1

What is the actual likelihood that all of these 21 million BTC will be found? It seems to me, and I am not a mathematician, that at some point the time and cost of mining will be greater than the value of the bitcoins left to be found. I don't feel too bad asking such a newbie question, this being the newbie forum, so: what happens then? Is there an "Official Plan"?

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irb
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June 15, 2011, 11:44:56 PM
 #2

I don't feel too bad asking such a newbie question, this being the newbie forum, so: what happens then? Is there an "Official Plan"?

I might add that directions to where these questions might be answered are also gratefully accepted.

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theymos
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June 15, 2011, 11:48:45 PM
 #3

The difficulty (and therefore cost) of solving the problem is automatically reduced by the system if people stop mining.

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jalidi
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June 15, 2011, 11:59:27 PM
 #4

It's estimated about half of the 21 million will be crunched out by 2013 and about 3/4th of the total by 2017.

It'll take about ten years to create all 21 million and we're only a quarter of the way so far.

Unless the currency is devalued to nothinginess or banned, there's a good chance all 21 million will be made.

I am the proud miner of 20 BTC since June 9/2011!
Minting with 3x6970 (1.2 GHash/sec-x86 win7 guiminer)
Help my mighty pile of coinage grow: 1KseGadiZnuFoHoYkQJpFSwoVHWCs54e3
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