12.000000M BTC!

[wannasurf]

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

[Feneusens]

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

No body cares about 12 million BTC. Only cares when supply halve..

[voyage11]

Yup.. I think 12 Millions is a good milestone.. It will be here any minutes..

[odolvlobo]

Looks like we are 11.998M bitcoins right now. At +3600/day, that should mean within the next 12 hours we will hit exactly 12.000000M bitcoins in "circulation" I think.

Block #269,999 to be exact.

[lorix]

It's a shame that the Bitcoin algorithm wasn't designed to pay out an additional bounties when we hit certain landmarks. To be honest I'm not sure how practical it would have been to implement but it would have been kinda nice.

Then again, these days it would probably just end up going to some big time miner instead of rewarding a "little guy" for being lucky enough to mine the milestone block.

Oh well, here's to the remaining 9M BTC to come!

[bitcoin44me]

11 or 12 million btc won't change much

[gracesfall]

What happens after the mining BTC reaches its cap?

[mprep]

What happens after the mining BTC reaches its cap?

The new blocks won't include any bitcoin, just fees from transactions.

[rednazbtc]

Let's start a forum party!

[gracesfall]

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

[freakying99]

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

You bought one gHz for one year only. Miners will receive block rewards at least next 100 years

[exstasie]

now that we've hit BTC12M.  How long will it be before we hit BTC13?

[gracesfall]

I've been running a mining app on my PC. Minor duckets, I know, but it *is* something. Does that mean that I'll be receiving block rewards off of what I have mined even after all of the BTC have been mined?

[mprep]

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

Well, by that time, the bitcoin value will be really high so there will be no difference. The profits by miner's will be received from transaction fees. Also, the 21M cap is so far away, you don't have to worry. This chart is a prediction if a block is created perfectly every 10 mins.



As you see, even by 2033, we shouldn't reach the 21M cap. Also, Cex.io will probably have closed down by then.

[btcprice]

now that we've hit BTC12M.  How long will it be before we hit BTC13?

Looking at this graph it appears as though 1 million bitcoins is mined every 5 to 7 months:

https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

[MarketTime]

So what happens to all of the mining pools? I have gHz over at CEX. What will happen?

They would most probably shut down due to the high electricity cost... I believe 99% of the people have cheaper electricity...

[wannasurf]

Yeah, it doesn't mean much other than a fun milestone. Party!

At 3600 BTC/day that's 277.7 days until 13.000000M BTC (Aug 20, 2014), but that's only if the mining rate stays constant. As I understand it, every 2016 blocks (nominally two weeks) it adjusts based on previous two-weeks actual time of completion, so if there is say a 10% increase in mining power every week sustained then each next 1016 blocks would be 10% faster than 2 weeks. So that would be 250 days.

[xchanga.com]

bitcoins is really pushing its way up.

[mprep]

bitcoins is really pushing its way up.

It really is. $437 at writing on Bitstamp. Guess demand is rising. I wonder at which price will it stop.

[renaxi]

We will hit the 21 mil cap way before 2033. The difficulty is set to make a block every 10 min, but as it is not adjusted every block, we will mine some blocks faster than 10 min and will hit cap before 2033.