17,800,000 BTC already mined

[Baofeng]

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined:  17,851,062 BTC 

[DeathAngel]

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined:  17,851,062 BTC 

At the moment miners are rewarded with 12.5BTC per block mined. In 2020 it will reduce to 6.25BTC per block mined. There is a block reward halving every 4 years so if you do the maths the very last bitcoin will be mined in approx, the year 2140.

[gentlemand]

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.

[wack slacker]

Keeping a bitcoin, and hopefully everything goes well or just 0.5 Bitcoin, we can imagine our future life will be better. There is nothing to disappoint about Bitcoin. Look at the chart, look at the needs, look at what they are saying and that is the truth.

[Pffrt]

Have you accumulated at least 1 BTC in your wallet?

I had created a pool, people suggested not to share any this kind of information here. Because people may attack with personal message to hack his wallet or to get access.
I have seen more than hundreds on my wallet but bad luck is I was not a believer that time.

[buwaytress]

Yep! I kinda see it every day because of some market cap data/metric sure to be flashing somewhere on some site.

I know it doesn't matter to most of us, but I've seen people new to Bitcoin have their eyes pop at how close it is to getting all mined. Psychologically, just owning 1 BTC out of the 21 million possible, does seem an achievement. That was my own target -- reached, but unfortunately, often scraped at haha. Gotta live!

[Artemis3]

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined:  17,851,062 BTC 

The slowing is logarithmic (and dramatic). While most would have already been mined, the reminder is going to come slower and slower overtime until the year 2140. Just imagine how long its going to take for the reminder, every 4 years an order of magnitude slower. Probably most people would have seen 99% of all the produced bitcoins in their lifetime.

This also allows humanity to adapt to the fact that, there won't me more bitcoins. Price will also tend to stabilize, ie. fluctuate less, and gain value more slowly than it used to. It all goes together, the design is working quite brilliantly in fact.

If (large) miners (and asic manufacturers) are sleeping in their laurels and not paying attention, they should, as they won't be able to keep their business the same anymore. Mining will shrink, you cannot escape this reality. You have a chance to shrink now amicably (or diversify your business), because if you do nothing later you might end up in the red.

In the end most of the miners left will be small hobbyists, and those who invested in renewable energy. You might still not get it now but after the next couple halvings you will probably understand. Mining is going to be too expensive, and the bitcoin price will NOT keep pace with mining to keep it profitable, its going to be less and less, and you will see that 1¢ per kw/h will be too much, even with bitcoin reaching, say 100k, because asic efficiency is soaring too among hashrate and difficulty.

Incidentally this also solves the "bitcoin is environmentally bad" (non)issue, because this (brilliant) design makes it solve it by itself thanks to market forces.

[kryptqnick]

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined:  17,851,062 BTC 

I don't have even 1 BTC in my wallet yet, but I know a person who does. He has this one Bitcoin that he never does anything with, no matter what happens with the price. Must have been difficult not to sell when you realize you had $20k and then a year later it's only $4k. But he's very bullish about Bitcoin and absolutely sure it'll hit $100k in the following years. What I don't like about this long holding, though, is that it's not clear what to use it for and when (sell when $50k, $100k, $500k... where's the limit?). It's indeed surprising that almost all of the bitcoins will be mined pretty soon. A very solid amount of them is lost forever already, though, which makes Bitcoin even more scarce.

[Vishnu.Reang]

Have you accumulated at least 1 BTC in your wallet?

Fortunately for me, I registered to this forum in early 2017, when the Bitcoin prices were below $1K per coin. I purchased 0.5 BTC back then, and was able to accumulate another 0.7 BTC worth of crypto (BTC + alts) during the next 7-8 months from various bounties and airdrops. I wish I had accumulated more back then, as now the competition has become tougher.

[stompix]

There is a block reward halving every 4 years so if you do the maths the very last bitcoin will be mined in approx, the year 2140.

Technically..not. 

First, the won't ever be 21 million bitcoins.
Midnightmagic destroyed one satoshi in honor of satoshi.
Plus there would never have been 21mil full bitcoins and the last one would only be 0.0997 or 0.9997, don't remember exactly.

So, the real last bitcoin would be mined somewhere in ~2090, a full 50 years earlier.
But...I won't see that one either!

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%.

Yeah, this halving and the next one are the ones left that matter, for the rest, the inflation rate can be ignored, 1,2%  in 8 years..I doubt there are countries that have experienced anything even close to this in the last century, only one that could come close would be Switzerland that experienced deflation twice so on average could come near a few percents.

[Artemis3]

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already. Have you accumulated at least 1 BTC in your wallet?

Current bitcoin mined:  17,851,062 BTC 

I don't have even 1 BTC in my wallet yet, but I know a person who does. He has this one Bitcoin that he never does anything with, no matter what happens with the price. Must have been difficult not to sell when you realize you had $20k and then a year later it's only $4k. But he's very bullish about Bitcoin and absolutely sure it'll hit $100k in the following years. What I don't like about this long holding, though, is that it's not clear what to use it for and when (sell when $50k, $100k, $500k... where's the limit?). It's indeed surprising that almost all of the bitcoins will be mined pretty soon. A very solid amount of them is lost forever already, though, which makes Bitcoin even more scarce.

This is what happens in a deflationary economy. People will save, and only use what they really need to. Inevitable that you will use some, but not all. It does promote a culture of saving, in opposition to a culture of getting in debt. this is the fundamental difference from the opposing schools of economics, the current world dominating (debt based) Chicago vs the (savings based) Austrian. And it happens that one promotes inflation and the other deflation.

The reason you don't understand it is because you have not live it. Please read Mises and the other Austrian economists, then you will understand. And help spread the word, the world is going to move from inflation to deflation.

[squatter]

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already.

This is why I'm a small blocker. The inflation subsidy is quickly dwindling down. In just a few more halvings, it will hopefully be negligible compared to transaction fee revenue -- otherwise we might need to start worrying about major drops in hash rate, reorganization attacks, etc. Any increase to block size will lower fee revenues, so I'm definitely on the conservative side when considering them.

[Lanatsa]

Have you accumulated at least 1 BTC in your wallet?

Fortunately for me, I registered to this forum in early 2017, when the Bitcoin prices were below $1K per coin. I purchased 0.5 BTC back then, and was able to accumulate another 0.7 BTC worth of crypto (BTC + alts) during the next 7-8 months from various bounties and airdrops. I wish I had accumulated more back then, as now the competition has become tougher.

Accumulation isn't really that kind of competition yet people who are wealthy or miners itself do have the advantage and with that alone I don't see a point for you compete but at least among all of the said supply of BTC you do own a 1 whole BTC which do matters the most.

I'm excited to see on how things goes on upcoming years seeing several halvings.This do mainly affect miners for sure.

[1Referee]

Fortunately for me, I registered to this forum in early 2017, when the Bitcoin prices were below $1K per coin. I purchased 0.5 BTC back then, and was able to accumulate another 0.7 BTC worth of crypto (BTC + alts) during the next 7-8 months from various bounties and airdrops. I wish I had accumulated more back then, as now the competition has become tougher.

We all look back and think that we should have bought more back in the days, but in the next 5-10 years we will say the same about today's prices. We'll be like; 'do you remember the price around $10,000? I feel so stupid for not having bought more'. Adding to your position today will help you look back happily instead of feeling like you have missed out big time.

In the end, not many people will be able to say that they own 1BTC, which you can. Bitcoin surpassed 1 ounce of Gold in terms of dollar value, and the next target is to surpass the 1KG dollar value of Gold (currently $46,450).

[hatshepsut93]

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.

Hmm, now I undestand why Satoshi that that in 20 years Bitcoin will either have big transaction volume or none - by that time most of the supply will be mined, so 20 years wasn't an arbitrary number. We can see now that halvenings strongly influence the long term price, and unless something unpredictable happens, in 10 years it will be very high, just like Satoshi said (I use the price instead of original transaction volume, because we've already reached its limit).

[bryant.coleman]

Right now, we are in reward era III, where the block reward is 12.50 BTC. Next year it will decline to 6.25 BTC per block. In 2024, the block reward will be 3.125 BTC per block. By reward era VII (starting from 2032), the block reward will be less than 1 BTC. So that means that if the transaction fee remains roughly the same, then most of the miner reward will be consisting of fee rather than block reward. BY 2040s, the block reward will be so insignificant that whatever reward a miner gets may be mostly made up of transaction fees.

I am not sure whether this situation is sustainable or not. IMO, we should be moving to a PoS mining algorithm from the current PoW algo. The latter wastes a lot of electricity and resources and at some point of time in the future the governments may impose restrictions on PoW mining. Already it is using almost 1% of the total global electricity supply.

[pooya87]

Anyone noticed that we have breached 17,800,000 BTC already? Which means that 85% of all BTC have been mined. And in the next 10+ years we can all assumed that 'almost' all bitcoin is mined already.

This is why I'm a small blocker. The inflation subsidy is quickly dwindling down. In just a few more halvings, it will hopefully be negligible compared to transaction fee revenue -- otherwise we might need to start worrying about major drops in hash rate, reorganization attacks, etc. Any increase to block size will lower fee revenues, so I'm definitely on the conservative side when considering them.

this is not necessarily true. because the relationship between revenue and fees is not that easily.
small blocks which means higher fees will also mean less users and stop of adoption and the result of that is falling price and finally less resulting revenue for miners.
on the other hand bigger blocks can mean more transactions in block which have a higher sum of fee instead of having individual high fees and it also means more adoption and the result of that is higher price and finally a much higher revenue for miners.
it is like having 2000 tx/block paying 1000 s/b fee while price is $1k
or having 5000 tx/block paying 1 s/b fee while price is $100k

ps. we shouldn't confuse bigger blocks with what bcash did, that was an exaggeration to create a useless crap for pump and dumping. i believe in a bigger capacity while having a second layer so that everything runs smoothly.

[boyptc]

Have you accumulated at least 1 BTC in your wallet?

Fortunately for me, I registered to this forum in early 2017, when the Bitcoin prices were below $1K per coin. I purchased 0.5 BTC back then, and was able to accumulate another 0.7 BTC worth of crypto (BTC + alts) during the next 7-8 months from various bounties and airdrops. I wish I had accumulated more back then, as now the competition has become tougher.

You feeling regret that you hadn't accumulated earlier? same regret with me as well but the price during that time was considerably high.

Comparing to the situation now, we're still good and considerably early. Don't lose hope and keep on accumulating, there's still enough time for everyone to accumulate.

[hatshepsut93]

this is not necessarily true. because the relationship between revenue and fees is not that easily.
small blocks which means higher fees will also mean less users and stop of adoption and the result of that is falling price and finally less resulting revenue for miners.
on the other hand bigger blocks can mean more transactions in block which have a higher sum of fee instead of having individual high fees and it also means more adoption and the result of that is higher price and finally a much higher revenue for miners.

It's like saying "no one goes there anymore, it's too crowded". Fees are high when there's a lot of demand for transactions, it means that Bitcoin is adopted, just maybe not for small consumer transactions. To support them on chain, we'd need gigabyte blocks, it's simple math. Maybe in the future average fee will be $10-20, but it will be viewed as an entry ticket to Lightning Network, or a small fee to pay for a big purchase like a car or a house.

[akela11]

After mining all the Bitcoins, miners start processing transactions, receiving a reward for it. The Bitcoin network will live and I will say more, it will be very successful because, unlike fiat money, Bitcoin will suppress inflation due to its limited count