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Author Topic: 21million btc  (Read 281 times)
udayantha11 (OP)
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2023 would most likely be as bearish as 2022


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October 26, 2017, 08:30:53 AM
 #1

Whats the exact amount of btc can produce?


we all need universal power and cyclist of Everything
-2023 would most likely be as bearish as 2022-
=BTC will make it, but might be a long winter=

Stronger the storm, brighter the rainbow
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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HELLO GOD!


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October 26, 2017, 08:35:56 AM
 #2

see it here : https://blockchain.info/charts/total-bitcoins

Yesterday, there are 16,646,863 BTC out of a total 21,000,000 BTC.

SAD
mocacinno
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October 26, 2017, 08:39:31 AM
 #3

see it here : https://blockchain.info/charts/total-bitcoins

Yesterday, there are 16,646,863 BTC out of a total 21,000,000 BTC.

Actually, it's not 100% true that in the end there will be 21 million BTC in circulation:
https://en.bitcoin.it/wiki/Controlled_supply

Look at the table in the link i posted:
by block 6930000, the block reward will be 0.00000000, at this point,    20999999.97690000 BTC will be brought into circulation.

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winbig777
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October 26, 2017, 08:42:38 AM
 #4

Technically the genesis block bitcoins are out of circulation, so thats 50BTC less

https://en.bitcoin.it/wiki/Genesis_block

Also in this block someone managed to somehow generate a reward that is 1 satoshi less than they were supposed to, costing themselves 1 satoshi and taking it forever out of circulation

https://blockchain.info/block-index/139574/0000000000004c78956f8643262f3622acf22486b120421f893c0553702ba7b5

So going by previous poster's figure, which I don't know if they are right, but they provided 20999999.97690000
-50 and -1satoshi

we get a final BTC technical supply of:

20499999.96899999 BTC
sammrheza
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October 26, 2017, 08:44:34 AM
 #5

and who what will be if there no moe block reward ? who will mine ?  Huh , I'm curious about this one  Grin
mocacinno
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October 26, 2017, 08:45:30 AM
 #6

and who what will be if there no moe block reward ? who will mine ?  Huh , I'm curious about this one  Grin

There are dozens of threads detailing what will happen then. Just use the search function:
https://cse.google.com/cse?cx=016660200577587308545%3Aesf40ml9aag&ie=UTF-8&q=after+all+bitcoin+mined&sa=Google+search#gsc.tab=0&gsc.q=after%20all%20bitcoin%20mined&gsc.page=1

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winbig777
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October 26, 2017, 08:49:25 AM
Last edit: October 26, 2017, 09:06:17 AM by winbig777
 #7

and who what will be if there no moe block reward ? who will mine ?  Huh , I'm curious about this one  Grin

This question is answered in this brilliant video, where someone describes the feature of the final bitcoins never being found, which perpetually forces miners to keep trying to mine it

https://www.youtube.com/watch?v=GH6p3WE3v8Q

edit: corrected timestamp
If you don't have time to watch the full video, which I highly recommend, the specific part in question is described at the 5:37 timestamp mark.
edynolan
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October 26, 2017, 08:50:08 AM
 #8

who generated BTC? Of course btc miners, so how much they can generate depends on how much capital is invested. there are too many BTC generated by bitcoiner and some are missing so we do not know now how much BTC is left
udayantha11 (OP)
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2023 would most likely be as bearish as 2022


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October 26, 2017, 08:57:34 AM
 #9

see it here : https://blockchain.info/charts/total-bitcoins

Yesterday, there are 16,646,863 BTC out of a total 21,000,000 BTC.

Actually, it's not 100% true that in the end there will be 21 million BTC in circulation:
https://en.bitcoin.it/wiki/Controlled_supply

Look at the table in the link i posted:
by block 6930000, the block reward will be 0.00000000, at this point,    20999999.97690000 BTC will be brought into circulation.


Thanks

we all need universal power and cyclist of Everything
-2023 would most likely be as bearish as 2022-
=BTC will make it, but might be a long winter=

Stronger the storm, brighter the rainbow
mocacinno
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October 26, 2017, 09:04:06 AM
 #10

who generated BTC? Of course btc miners, so how much they can generate depends on how much capital is invested. there are too many BTC generated by bitcoiner and some are missing so we do not know now how much BTC is left

It doesn't really matter...
The difficulty adjustment makes sure that on average only one block is solved every 10 minutes.
The block reward is hardcoded, and halves every 210,000 blocks. The reward started at 50 BTC/block, but after 2 halvings, it's now 12,5 BTC/block.

Sure, a miner's bruto income will rise the more ASIC's he buys (unless the diff goes up more than can be covered by the additional hardware), but this doesn't matter in this case.
At this moment, on average, 12,5*6*24 BTC will be brought into circulation every day, by buying or selling of hardware, a miner can only influence how much of these BTC goes to him.

It does not matter if the miner that solved a certain block is known or not, it does not matter if private keys are lost, the bitcoins are brought into circulation, that's all that counts.

Only when a miner decides not to fund his mining address with the full block reward, bitcoin gets taken out of circulation.
If i were a miner, and i would generate blocks with a coinbase transaction funding my mining address with 12,499999999 BTC, my block could be valid for the network, but everytime i solved a block, i'd make sure that in the end (after the last halving), there would be one satoshi less in circulation.

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winbig777
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October 26, 2017, 09:14:19 AM
 #11

and who what will be if there no moe block reward ? who will mine ?  Huh , I'm curious about this one  Grin

This question is answered in this brilliant video, where someone describes the feature of the final bitcoins never being found, which perpetually forces miners to keep trying to mine it

https://www.youtube.com/watch?v=GH6p3WE3v8Q

edit: corrected timestamp
If you don't have time to watch the full video, which I highly recommend, the specific part in question is described at the 5:37 timestamp mark.

Quote from video, if your computer is unable to run the video (context is they were talking about how the genesis block is not spendable, the 50BTC in the genesis block can't be moved) :

Quote
When we get to the last block, it will be mined, but a reward won't be granted because the sum of the reward will be greater than the total value of bitcoin, and since that happens, everybody keeps mining...

The miners don't have a concept of value, they just have a concept of how many blocks they're allowed to mine...well like..what reward they're allowed to get, at a certain point...

So they're gonna keep mining at the end of bitcoin in an infinite loop and that's a feature as well...that's a double feature for how bitcoin works, that it depends on a logical paradox, in that bitcoin is 21 Million but not actually 21 Million and miners continue to mine for fees because of this infinite loop at the end...

Think about it, if it hit 21 Million, what would stop miners from going, "alright, screw it, we're gonna keep mining"...this actually locks them in at a protocol level to the fixed 21 Million size
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