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Author Topic: Question regarding number of Bitcoins and when they will be finished mining  (Read 1594 times)
FanBitCoins
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September 02, 2013, 11:58:58 AM
 #1

Hi,

Very new to Bitcoin, but have learnt lots about it in the last month  Smiley

There is one question I have, because I have seen a couple of different answers, and I would like to know which one is the correct one.

It is said that the last of the 21 Million Bitcoins will be mined in 2140.  I've also seen it said it will be in 2040.
Looking at the current amount mined, 11,750,00-ish, and with processing power becoming much greater in a short amount of time, I'm thinking 2040 is the correct answer???

Can anyone give me a more definite answer.  Thanks  Smiley
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September 02, 2013, 12:00:32 PM
 #2

2140. Minting halves every 210000 blocks.

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September 02, 2013, 12:01:28 PM
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The last 0.00000001 will never be mined actually, because the reward will decrease to 0 just before Smiley
But it will be close to 21xx yes. It's not possible to predict exactly when, because the average 10 min / block is not true, but we will be all dead when this will happen.


I think that people who calculated 2040 did not take into account that the rewards are decreasing over time.

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September 02, 2013, 12:05:32 PM
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The last 0.00000001 will never be mined actually, because the reward will decrease to 0 just before Smiley
But it will be close to 21xx yes. It's not possible to predict exactly when, because the average 10 min / block is not true, but we will be all dead when this will happen.


I think that people who calculated 2040 did not take into account that the rewards are decreasing over time.

I thought that too, with blocks halving. 

But surely as processing power becomes greater, the blocks will be mined quicker? 
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September 02, 2013, 12:07:51 PM
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I thought that too, with blocks halving. 

But surely as processing power becomes greater, the blocks will be mined quicker? 


Yes, but difficulty adjustement occurs every 2 weeks, so it won't last forever.
And it can be done in both sides: difficult can increase (like now) or decrease later on, if less miners find it profitable and stopped mining.

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September 02, 2013, 12:21:04 PM
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Many thanks for the answers Guy's.  Very helpful  Smiley
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