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Author Topic: produced 17 million BTC, when will they get 21 million?  (Read 310 times)
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May 03, 2018, 10:23:38 AM
 #1

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?


the percentage of coins produced is 81%. Issue 17 million coins occurred on unit number 519,996.
Earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?


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May 03, 2018, 10:37:02 AM
Merited by Foxpup (1)
 #2

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.


Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.

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May 03, 2018, 11:47:00 AM
 #3

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.


Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.
Issue 17 million coins occurred on unit number 519,996.

that corresponds to this settlement table from the source specified by You, and 2 more years are allocated for the next million BTC. But time is so fast and the BTC algorithm and the block calculation speed are changing due to the application of technologies. will it be enough what happens the adjustment takes place through 2016 blocks (about two weeks) and there is an acceleration of production due to the constant growth of the hashrate network.

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May 03, 2018, 11:50:55 AM
 #4

I think in 2 more years. Or 3, depending on future mining technology.
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May 03, 2018, 11:54:03 AM
 #5

i think it is already 21million in supply they already reach the max capacity of coin but we cant see those 21m because some of them are holder they only waiting for the good time to sell it.

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May 03, 2018, 12:06:24 PM
 #6

Issue 17 million coins occurred on unit number 519,996.

that corresponds to this settlement table from the source specified by You, and 2 more years are allocated for the next million BTC. But time is so fast and the BTC algorithm and the block calculation speed are changing due to the application of technologies.

The technology doesn't matter. Just imagine that Bitcoin was, at start, a CPU coin. And block times were pretty similar, I think.
Bitcoin is done in a way that doesn't matter how the mining technology advances; from time to time the network difficulty adjust itself to match this and obtain pretty similar block times.

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May 03, 2018, 01:34:39 PM
Merited by Foxpup (1)
 #7

. . . 2 more years. Or 3 . . .

Nonsense.  Absolute nonsense.  Please just go away. If you can't be bothered to learn the absolute basics, then you shouldn't be answering questions.

it is already 21million in supply

What?

Huh

No.  Just no.

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May 03, 2018, 01:38:58 PM
 #8

Here's a nice little explanation to answer your question:   https://www.reddit.com/r/Bitcoin/comments/5qnw5h/when_will_we_reach_the_21_millions_bitcoin_cap/

It will never hit exactly 21 million unless something bad happens, but the block subsidy is set to deplete at block 6,930,000 which is estimated to occur sometime around the year 2140.

However, the vast majority of coins (99%) will have been mined by around 2032, when the block subsidy drops to less than 1 BTC per block. Roughly 20.67 million coins will exist, leaving less than 1/2 a million to be mined over the next 100 years.

See:

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

https://plot.ly/~BashCo/5.embed?share_key=ljQVkaTiHXjX2W41UiqzCn

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May 04, 2018, 05:04:43 AM
 #9

Here's a nice little explanation to answer your question:   https://www.reddit.com/r/Bitcoin/comments/5qnw5h/when_will_we_reach_the_21_millions_bitcoin_cap/

It will never hit exactly 21 million unless something bad happens, but the block subsidy is set to deplete at block 6,930,000 which is estimated to occur sometime around the year 2140.

However, the vast majority of coins (99%) will have been mined by around 2032, when the block subsidy drops to less than 1 BTC per block. Roughly 20.67 million coins will exist, leaving less than 1/2 a million to be mined over the next 100 years.

See:

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

https://plot.ly/~BashCo/5.embed?share_key=ljQVkaTiHXjX2W41UiqzCn
Yes, from the point of view of theoretical calculations, all right, but miners have already "snatched" from the algorithm for almost six months due to lag of correction.
Hashrate network grows day and night and using a two-week period of adaptation, whether it is possible to accelerate production due to this two-week period or a sharp increase in power.

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May 04, 2018, 07:59:32 PM
 #10

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.


Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.
Issue 17 million coins occurred on unit number 519,996.

that corresponds to this settlement table from the source specified by You, and 2 more years are allocated for the next million BTC. But time is so fast and the BTC algorithm and the block calculation speed are changing due to the application of technologies. will it be enough what happens the adjustment takes place through 2016 blocks (about two weeks) and there is an acceleration of production due to the constant growth of the hashrate network.
maybe do not worry about it in 2022 BTC will become 19 million, the unit will bring 6.25 BTC.and your BTC is already forgotten and replaced with new similar coin or a new fork launched from scratch.

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May 04, 2018, 10:08:32 PM
 #11

The fact that the miners outstrips the schedule for bitcoins for six months, according to which the last bitcoin will be mined by 2140, does not matter. So far, 17 million bitcoins have been extracted, but access to more than six million of them has already been lost for various reasons. Now, every day around the world, 1800 bitcoins are produced. Their number will be halved every four years, hence the significant delay in their extraction at the final stage.

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May 05, 2018, 06:36:57 AM
 #12

. . . 2 more years. Or 3 . . .

Nonsense.  Absolute nonsense.  Please just go away. If you can't be bothered to learn the absolute basics, then you shouldn't be answering questions.





it is already 21million in supply

What?

Huh

No.  Just no.



Your response made me LOL Danny ;-)
Not understanding where some of this mis-info is always coming from? It does often get frustrating or laughable when the info is so off.

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May 05, 2018, 07:13:26 AM
 #13

The last bitcoin will be mined in 2140. And your schedule only shows your assumptions, but market experts say differently. Look carefully at the opinions of community leaders on this topic.

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May 05, 2018, 08:14:46 AM
 #14

The last bitcoin will be mined in 2140. And your schedule only shows your assumptions, but market experts say differently. Look carefully at the opinions of community leaders on this topic.
once people believed that if they continue to travel to cities on horses, all of the city will drown in the manure due to the large number of horses, and then bang, and the car came and all changed. so why are you convinced that during 120 years, nothing will happen?

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May 12, 2018, 04:03:30 AM
 #15

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.


Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.
Issue 17 million coins occurred on unit number 519,996.

that corresponds to this settlement table from the source specified by You, and 2 more years are allocated for the next million BTC. But time is so fast and the BTC algorithm and the block calculation speed are changing due to the application of technologies. will it be enough what happens the adjustment takes place through 2016 blocks (about two weeks) and there is an acceleration of production due to the constant growth of the hashrate network.
maybe do not worry about it in 2022 BTC will become 19 million, the unit will bring 6.25 BTC.and your BTC is already forgotten and replaced with new similar coin or a new fork launched from scratch.
it is the change in the cost of the transaction that increases the price of bitcoin and its value of production, to which the equipment of production is already being improved and the increase in complexity is compensated by this. more concerned with the issue of monopolization of production, how to make sure that we are back to decentralizing the production of bitcoin, this is the question that will be addressed after 2033.

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May 13, 2018, 04:58:50 AM
 #16

produced 17 million BTC, is it really we go through this schedule to 2033 will get 21 million BTC?

earlier forecasts gave a production of 21 million BTC in 2140. What forecasts are real and when will we get 21 million BTC?
miners have already "snatched" from the algorithm for almost six months, and this trend can continue?

The "schedule" is based on the number of block, not per year, although it should also be pretty accurate per year too, because afaik the mining difficulty keeps adjusting to match this.
I don't know where you have that graph (and btw, your graph shows a difference of 107 years by my math, not 6 months), but the official timeline tells a range between 2129 and 2149.
The whole thing is written here, if you have the patience to read.


Edit: I've re-checked your image vs the official numbers and I think I know where your dilemma comes from. Because of the halving the block reward will become smaller and smaller and for the last years it will be really small (really really really small). Just check the reward eras.
Issue 17 million coins occurred on unit number 519,996.

that corresponds to this settlement table from the source specified by You, and 2 more years are allocated for the next million BTC. But time is so fast and the BTC algorithm and the block calculation speed are changing due to the application of technologies. will it be enough what happens the adjustment takes place through 2016 blocks (about two weeks) and there is an acceleration of production due to the constant growth of the hashrate network.
maybe do not worry about it in 2022 BTC will become 19 million, the unit will bring 6.25 BTC.and your BTC is already forgotten and replaced with new similar coin or a new fork launched from scratch.
it is the change in the cost of the transaction that increases the price of bitcoin and its value of production, to which the equipment of production is already being improved and the increase in complexity is compensated by this. more concerned with the issue of monopolization of production, how to make sure that we are back to decentralizing the production of bitcoin, this is the question that will be addressed after 2033.
Quantum computers are still in their infancy, but are expected to develop rapidly and be able to break the cryptographic signatures used by virtual currency Bitcoin within a decade.
https://www.itnews.com.au/news/bitcoin-will-be-crackable-by-quantum-computers-in-a-decade-476561
during the decade it is 2027-2028, what we are talking about then what kind of production to 2140 or 2033 99%, it will end much earlier.

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May 13, 2018, 05:26:45 AM
 #17

It's true that now it's all about 17 million bitcoin that has been successful for the mine and to mine all the bitcoin as much as 21 million we can take up to 2140 years later.
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May 13, 2018, 05:45:15 AM
 #18

What forecasts are real? We will know about that in 2033 if not lets proceed to 2040 no doubt about that anymore. when will they get 21 million? After 2040 i think 2033 its very short time to mine all remaining bitcoin.

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May 13, 2018, 06:20:21 AM
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To get all those mined bitcoins miners still need a very long time, because we have fewer bitcoins we can mine each block, and according to experts predict bitcoin will run out in 2140.
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May 13, 2018, 06:37:25 AM
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I'm not an expert on counting, but it's probably going to run out of Bitcoin while continuing in the mine continuously.

let alone the word NASA has developed a Quantum computer that can quickly mine Bitcoin.

keep positive and trading profit !  Wink
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