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Author Topic: 18,000,000 bitcoins have been mined!  (Read 193 times)
Youghoor
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November 05, 2019, 07:14:32 PM
 #21

When I think of the energy it would take to mine the remaining 3 BTC  especially since it is estimated that the last bitcoin would be mined in 120 years, sometimes I think that this is just a mad conspiracy by the power companies to make a lot of money but then I remember what Bitcoin has offered to the world..

Personally I don't really think its gonna take 120 years to mine the remaining bitcoin. If in just 10 years about 18,031,062 BTC is already mined, you can do the mathematics yourself. The remaining bitcoins will be mined very soon. Its gonna take less than three years for the rest of the bitcoin left to be mined.

 
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November 05, 2019, 08:13:57 PM
 #22

There are lots of works like the data centers that BitMEX is aiming to build in different countries and these works are conducted to be beneficial for the mining industry. Miners are working at better conditions thanks to those developments and 18 million Bitcoins are already mined.

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November 05, 2019, 08:31:48 PM
 #23

only 120 years more left to mine the last 3.000.000 coins  Grin
this is the beauty of bitcoin , the inbuilt deflationary mechanism - you can be sure that every coin will be more and more valuable as time passes
even with 18.000.000 coins mined we cannot be sure how many are out there , actually
so many coins burnt and lost or just sit there , probably waiting for the right time ( price)
I hope that in 20 year's time bitcoin is going as strong as ever and its value and dominance increase even more!

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November 06, 2019, 07:41:44 AM
 #24

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink
https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided



maybe I agree with your opinion recently we heard that in Russia will increase the hashrate of their bitcoin mining and some other countries have opened mining companies, maybe we can say that Bitcoin currently does not have more inventory and with such events hopefully bitcoin prices in the future will go up.

 
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November 06, 2019, 08:13:29 AM
 #25

When I think of the energy it would take to mine the remaining 3 BTC  especially since it is estimated that the last bitcoin would be mined in 120 years, sometimes I think that this is just a mad conspiracy by the power companies to make a lot of money but then I remember what Bitcoin has offered to the world..

Personally I don't really think its gonna take 120 years to mine the remaining bitcoin. If in just 10 years about 18,031,062 BTC is already mined, you can do the mathematics yourself. The remaining bitcoins will be mined very soon. Its gonna take less than three years for the rest of the bitcoin left to be mined.

you are forgetting about "block reward halving" which means the block reward is not a fixed number it is reduced by 50% every ~4 years. so the "math" is more complicated than just looking at how much it took to mine 18 million coins. you have to factor in the halved rewards.
for example the first 4 years (or 210k blocks) 10.5 million coins were mined while the second 4 years 5.25 million coins were mined and now when we reach the third 4 year only 2.625 million coins will have been mined.

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November 06, 2019, 09:04:09 AM
 #26

Personally I don't really think its gonna take 120 years to mine the remaining bitcoin. If in just 10 years about 18,031,062 BTC is already mined, you can do the mathematics yourself.
It's funny that you recommend people to do the math themselves while you have clearly not done so yourself. Reduction of block subsidy is the sole reason it will take a looooong time before the last satoshis are mined.

It's safe to say that in the next 8-9 years the transaction fees miners collect will consistently be more than the reward per block, and that ratio will grow in favor of the fees more and more as time goes on. That's how it is designed to be.

 
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November 06, 2019, 10:22:54 AM
Merited by rdbase (1)
 #27

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink
https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided


yes as we know not all 18 million are available today, many cases of bitcoin are gone and there are also some bitcoins in satoshi's hands, bitcoin is reduced by half by May 2020 it will reduce the number of bitcoins printed and mined

so in my opinion it is normal for a bitcoin price increase of course after halving 2020, I think maybe bitcoin miners will suffer a big loss if the price of bitcoin does not increase and it is very worrying if many miners stop mining

so let's see those big holders stop playing dramas anytime soon

 
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November 06, 2019, 10:27:21 AM
 #28

only 120 years more left to mine the last 3.000.000 coins  Grin

Something like that, more or less, though completely irrelevant to us who live today. It is an incredible fascination with the large numbers that exists in the human mind, they keep saying that something will happen in 100+ years, but at the same time they neglect the fact that 99% of all Bitcoins will be mined in about 12 years.

Your calculation is not correct, it will take only 12 years to mine 2 800 000 BTC (roughly), and next 100 years for 1% (210 000 BTC), which is today amount of blocks mined between two halvings (4 years).

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November 06, 2019, 10:27:38 AM
 #29

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink
https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided


This will just act as another block solved. Although this is having historical importance but this event isn't even big enough to pump up the price of bitcoin. The upcoming block reward halving is the event that everyone is looking forward to and are also hoping that it will lead to a pump in the bitcoin price, but if the event s of last block reward will happen then there won't be any pump. Let's hope for the best and see what comes in the coming future.

 
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November 06, 2019, 04:57:31 PM
 #30

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink
https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided
yes as we know not all 18 million are available today, many cases of bitcoin are gone and there are also some bitcoins in satoshi's hands, bitcoin is reduced by half by May 2020 it will reduce the number of bitcoins printed and mined

so in my opinion it is normal for a bitcoin price increase of course after halving 2020, I think maybe bitcoin miners will suffer a big loss if the price of bitcoin does not increase and it is very worrying if many miners stop mining

so let's see those big holders stop playing dramas anytime soon
This is also a nice article you posted in another thread discussing about what effect the halving will have on the bitcoin price.
As this is what it has turned into in the last few posts. Cheesy

Possible people looking forward for the Bitcoin reward halving next year.  It is proven in the history that BTC goes up once Bitcoin block rewards halved.  You can see it on this chart.


Image taken  from : https://twitter.com/GrayscaleInvest/status/1108008602806218753/photo/1

This is what people are looking for right now.  The reason why Bitcoin price is surging

I think the same thing with this, the thing that allows the price of bitcoin to go up is to look back in history, I also write about it here, I once did an analysis and research that a year after halving the price of bitcoin will increase, it happened the second time and think maybe it will happen for the third time, halving will happen in May 2020 so everyone will wait at the same time to find the moon in 2021
Thanks! Smiley

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November 06, 2019, 05:03:10 PM
 #31

In the mined 18 million bitcoin mined, half a million might already have been lost. Now there's not much bitcoin left and it would get rarer and rarer each day. And with the next halving in under a year, we could expect bitcoin to have a price boost within a year. So, it might just be the best time to buy bitcoins.

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November 07, 2019, 03:27:01 PM
 #32

The 18 millionth bitcoin has been mined so only 3 million left to go! Wink
https://thenextweb.com/hardfork/2019/10/19/satoshi-nakaboto-18-million-of-the-21-million-bitcoins-have-now-been-mined
Anthony pompliano posted on twitter when it happened.
https://twitter.com/APompliano/status/1185346573779243008
This is a milestone so do you agree this will pump up the price as we are getting closer to the end of our king of all cryptocurrency blocks being solved? Undecided
yes as we know not all 18 million are available today, many cases of bitcoin are gone and there are also some bitcoins in satoshi's hands, bitcoin is reduced by half by May 2020 it will reduce the number of bitcoins printed and mined

so in my opinion it is normal for a bitcoin price increase of course after halving 2020, I think maybe bitcoin miners will suffer a big loss if the price of bitcoin does not increase and it is very worrying if many miners stop mining

so let's see those big holders stop playing dramas anytime soon
This is also a nice article you posted in another thread discussing about what effect the halving will have on the bitcoin price.
As this is what it has turned into in the last few posts. Cheesy
lol, you caught a few posts, there is too much discussion about future prices, I think it needs to be known to many people in this forum too, just a reminder

I know now that bitcoin has been mined 18 million so maybe many people see it will continue to look attractive, provide instructions for buying and investing in bitcoin, we might have the same goal to remind each other and share ideas with new users in this forum  Grin

 
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