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Author Topic: 17,800,000 BTC already mined  (Read 2703 times)
Achargeturry78
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August 19, 2019, 02:20:27 AM
 #61

17.8M? and i don't have even .5 btc on my wallet poor me. I invested it on real estate for a greater purpose when all is settle i would love to invest on BTC again when it will hit 5k-8k again Smiley

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August 19, 2019, 09:41:30 AM
 #62

Quote
But even if you give them opportunity for that, what most of them do is to mess up - 2015 price of 1 BTC was even below $200, two years later $20 000 and how many of us get rich after that?

There are actually quite a few people that bought in 2015 and sold in 2017 at all time high of $20000. Some of these people got "rich" but the majority of them are people like myself who made a good amount of profit but not millionaire. It took real guts to invest in 2015 when market was in bear mode so it is rather amusing to see all these comments saying they would have bought in 2015 because I know for a fact that 99% of them would have backed away from such a risky investment especially at a time when crypto's future was in doubt.



 
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August 19, 2019, 02:16:52 PM
 #63

1 of 21,000,000 isn't a big number at all, i think the right amount to hold is 10 btc... this could be a good bet to stop working in 10 years and enjoy the high lifestyle with sports cars and a mansion. For this, we need the price of half million each coin, but i know its hard to believe.
.

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August 19, 2019, 02:24:30 PM
 #64

God bless all miners but I'd rather trade considering current price and year. Smiley
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August 19, 2019, 03:49:36 PM
 #65

1 of 21,000,000 isn't a big number at all, i think the right amount to hold is 10 btc... this could be a good bet to stop working in 10 years and enjoy the high lifestyle with sports cars and a mansion. For this, we need the price of half million each coin, but i know its hard to believe.
.
Since there's possible for bitcoin to reach more than half a million in the next 10-15 years. Having 1 coin out of all the 21million coins to be mined is good for people who are from Africa, Asia etc.

God bless all miners but I'd rather trade considering current price and year. Smiley
Mining is still profitable buddy if you have the required mining equipment with solar which will reduce the cost of mining but trading is also good due to the current price of the market but I prefer accumulating of more coins than trading cause this current dump may be the last chance to buy low.

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August 19, 2019, 03:50:45 PM
 #66

thats cool , i mean the price of bitcoin will be more than 50k .
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August 19, 2019, 03:58:27 PM
 #67

i think good news,btc to the moon Tongue Tongue Tongue
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August 19, 2019, 04:55:56 PM
 #68

We still have a long years to go before all bitcoin will be fully mined. This is just year 2019, we do still have about 121 years to go. Most of us wouldn't be around then when the finally block will be mined. This means miners are going to stay enjoying the benefit of mining bitcoin.

So that is why you really need to at least get into the 1 BTC club because you won't see the last bitcoin being mine in our lifetime. It is still my goal though, I mean I wanted to earn BTC not to buy so it might take some time though, but I'm willing to take baby steps to at least get into that range.
it still takes a long time to reach the time you predicted, and we can still enjoy mining bitcoin. but mining bitcoin isn't as easy as a few years ago anyway. it takes a lot of effort and a lot of money to produce a few satoshi only in a day, different from a few years ago which is very easy. of course in the future, in the next few years mining will be even more difficult, and certainly the price will be more expensive because of that.

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August 19, 2019, 05:17:17 PM
Last edit: August 19, 2019, 10:53:50 PM by Artemis3
 #69

if you do the maths the very last bitcoin will be mined in approx, the year 2140.

At the 2032 ish halving the overall supply will be 99.21% mined. That's almost all enough for me. In less than ten years it'll be 98.5%.

It's easy to let mining slip to the back of one's mind. There's been a veritable torrent of coins arriving for many years and that's going to dwindle rapidly. It'll be very interesting to observe the effects as the production levels are something we've gotten totally used to.

Let's hope that fee market is good and strong by then.

It doesn't, and it probably won't be. Mining is destined to fade. The writing is on the wall (actually in the code) and those large miners who don't shrink now, will go bankrupt. You are going to get less bitcoin, and fees will remain low, even lower now with LN.

There will be miners, just not as many. Hashrate will plummet, and difficulty with it, at the same time the asics are very efficient but they won't be profitable on most places, and as time passes they won't be profitable anywhere, and even asic production will fall.

This goes tied to the bitcoin production, because its logarithmic as you correctly noticed, in less than 10 years most the mining profits will be gone.

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August 19, 2019, 06:37:13 PM
 #70

1 of 21,000,000 isn't a big number at all, i think the right amount to hold is 10 btc... this could be a good bet to stop working in 10 years and enjoy the high lifestyle with sports cars and a mansion. For this, we need the price of half million each coin, but i know its hard to believe.
.

that's a good idea. however, 10 bitcoin is quite difficult to obtain for now. I agree with Hulla, who said that 1 coin of 21 million coins is very meaningful to some people, however, I will try to get as much bitcoin as possible at the moment. halving will slow down the achievement of bitcoin to 21 million, so I think there is still time for that.

as an update, to date 17,885,412 BTC have been successfully mined. Let's work.

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August 19, 2019, 07:00:22 PM
 #71

Mining will not fade if BTC is adopted en masse, in my opinion because at that point the world governments will have a vested interest in keeping it working. I imagine maybe a bunch of gov't agencies tasked with running ASICs and the mining fees accrue to the gov't as taxes.
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August 19, 2019, 10:59:04 PM
 #72

Mining will not fade if BTC is adopted en masse, in my opinion because at that point the world governments will have a vested interest in keeping it working. I imagine maybe a bunch of gov't agencies tasked with running ASICs and the mining fees accrue to the gov't as taxes.

There is no need because with many or few, bitcoin production remains the same. It self-adjusts every 2016 blocks (about two weeks). Those with vested interest in bitcoin, such as business, can run their full nodes and some mining if they want. The last miners will be among that group, hobbysts (and those with free energy).

You have nothing to worry about the inevitable decline in mining, it is a natural market response. This process might take a few more years depending on bitcoin price, but the price will not compensate at the same rate as hashrate production, making it more and more unprofitable to mine.

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August 20, 2019, 08:35:09 AM
 #73

We still have a long years to go before all bitcoin will be fully mined. This is just year 2019, we do still have about 121 years to go. Most of us wouldn't be around then when the finally block will be mined. This means miners are going to stay enjoying the benefit of mining bitcoin.

So that is why you really need to at least get into the 1 BTC club because you won't see the last bitcoin being mine in our lifetime. It is still my goal though, I mean I wanted to earn BTC not to buy so it might take some time though, but I'm willing to take baby steps to at least get into that range.
I honestly do not understand his breakdown because I see no reason why it would take 121 years for the last bitcoin to be mined, it makes absolute no sense to me, if within the space of 10 years as op presumed, 17.8 million bitcoin has been mined, and the more people demand for bitcoin, the more bitcoin reduces, does he know how many bitcoin is being mined and owned in a day, so I don’t think it will take us more than another 5 to 10 years for bitcoin to be fully mined, and before then is when we should strive as much as possible to at least have 1 btc, for me now, I already belong to such group as I have more than 2 bitcoin already  and I am still hoping that I could be financially more buoyant to accumulate more of it and have at least 10 btc.

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gentlemand
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August 20, 2019, 10:34:30 AM
 #74

I honestly do not understand his breakdown because I see no reason why it would take 121 years for the last bitcoin to be mined, it makes absolute no sense to me, if within the space of 10 years as op presumed, 17.8 million bitcoin has been mined, and the more people demand for bitcoin, the more bitcoin reduces, does he know how many bitcoin is being mined and owned in a day, so I don’t think it will take us more than another 5 to 10 years for bitcoin to be fully mined

I suggest you actually read up on what you've bought into because the lack of understanding demonstrated is unimpressive.

The production rate is baked into the protocol. It cannot be changed unless there's overwhelming consensus. Unless everyone agrees otherwise the block reward will end in 2140. That's how it's been since it was launched in 2009 and that's how it's very likely to stay.

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

zviadits
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August 20, 2019, 10:37:40 AM
 #75

I think that we have at least another 1 year to buy Bitcoin at the lowest possible market price. I am sure that a bear market will help us buy Bitcoins for $3-4k. But 2021 can be very successful for Bitcoin, and then it will be extremely difficult to accumulate at least 1 Bitcoin.
Kemarit
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August 23, 2019, 07:27:12 PM
 #76

I think that we have at least another 1 year to buy Bitcoin at the lowest possible market price. I am sure that a bear market will help us buy Bitcoins for $3-4k. But 2021 can be very successful for Bitcoin, and then it will be extremely difficult to accumulate at least 1 Bitcoin.

What do you mean by bear market? We are already in a bull run and there's no way that the price will go on $3000-$4000 range, but we can still accumulate Bitcoin at this current price range though, not that cheap but if you look to HODL on it till 2021 because it is expected that a massive bull run similar to 2017 will happen, then by all means try to accumulate and purchase at every opportunity you can get.

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