Husires (OP)
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April 01, 2022, 12:02:46 PM |
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Only ~2M more to go and now have up to 18,999,800 BTC. It would take us about 100 years to mine those 2 million. Imagine how big the market will be if we assume that about 3 million bitcoins are lost forever.
I will edit later when that coin is mined. 19,000,000.
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LFC_Bitcoin
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April 01, 2022, 12:12:13 PM |
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Very, very cool & yes we will all be long gone when the last portion of a bitcoin is mined. Such a genius creation, we are all very lucky to be here what should still be considered early.
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Welsh
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April 01, 2022, 12:50:55 PM |
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It's pretty impressive that while we've already mined the majority of Bitcoin, we are still as LFC_Bitcoin puts it; relatively early. Anyone from the outside that doesn't understand how Bitcoin functions, would assume we're already close to mining it all, and therefore feel like they've already missed out on getting some, which obviously isn't true.
In theory, Bitcoin should continue to become more exclusive, and the demand should increase. Adoption will likely only increase once Bitcoin becomes less volatile. That's when we'll likely see pretty much everywhere accepting Bitcoin, whether that's directly or through payment processors that convert it automatically to fiat.
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evilgreed
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April 01, 2022, 02:33:09 PM |
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Though I have only been here since 2016, I am still very proud that I am one of the people that has been in this industry in its infancy stages and that I have been able to gain Bitcoins and spend bitcoins at a cheap price. Although I regret not hoarding like many people did that are now very profitable if not millionaires and billionaires. Even more amazing is witnessing the mass adoption slowly hapoening aling with the emergence of DeFis, DAOs and MFTs. I have a lot to talk about to my grand children in the future 😅
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OcTradism
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April 01, 2022, 02:48:59 PM |
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All are known by Bitcoin White Paper and Bitcoin Wiki with which we can find details about Controlled supply. People just response emotionally when they see news and feel interested, FOMO with news. Information given in Whitepaper, Wiki are not attractive with them and they miss great opportunity. Because if they find information in available resources, they will be able to do better than most of the crowd that solely rely on news.
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Ale88
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April 01, 2022, 03:05:30 PM |
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Only ~2M more to go and now have up to 18,999,800 BTC. It would take us about 100 years to mine those 2 million. Imagine how big the market will be if we assume that about 3 million bitcoins are lost forever.
I'm astonished by the fact that people still don't realized what they are going to miss in the next years. Many people think they've already missed the bus, bitcoin is already too expensive, etc etc, we are still so early, there is so much space for growth!
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Lucius
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April 01, 2022, 03:25:37 PM |
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It would take us about 100 years to mine those 2 million.
Imagine that it will take us less than 10 years to mine 99% of all Bitcoin, and 1% (210 000) will remain for the next 100 years. Imagine how big the market will be if we assume that about 3 million bitcoins are lost forever.
What if that number is 4 or 5 million? The methods used to obtain such data are, to say the least, very unreliable. If someone says 4 million BTC was lost because they haven’t moved x years, then that’s not some solid evidence we need to rely on. There is no doubt that part of the BTC has been lost, but it seems to me more and more that the number is between 1 and 2 million, given that every now and then someone moves coins from 2009 or 2010 that were believed to be lost.
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Welsh
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April 01, 2022, 04:34:14 PM Last edit: April 01, 2022, 04:46:07 PM by Welsh |
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Despite us arguing that we're still early on, right. I've been pleasantly surprised by the amount of attention Bitcoin has gotten via mainstream media, and the fact that within the sports industry you can't look anywhere without seeing something Bitcoin related. That's not something I expected to happen so soon. So, by my expectations we're ahead of what I thought we would be, at least in terms of recognition. What if that number is 4 or 5 million? The methods used to obtain such data are, to say the least, very unreliable. If someone says 4 million BTC was lost because they haven’t moved x years, then that’s not some solid evidence we need to rely on. There is no doubt that part of the BTC has been lost, but it seems to me more and more that the number is between 1 and 2 million, given that every now and then someone moves coins from 2009 or 2010 that were believed to be lost.
Yeah, there's really only a handful of coins which can be provably lost, for example burner addresses. Otherwise, we're largely taken the word of someone else, that could well be lying or not being accurate. For example, losing your password doesn't necessarily mean they'll always be lost.
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Asiska02
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April 01, 2022, 05:31:02 PM |
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Wow...never knew bitcoins mined already are still in their early years. What a nice development so far by bitcoin and more to come in the coming years. In the next 100 years to come, I just imagine how the market will be by then and how many people and countries would have venture and accepted bitcoin as a means of transaction and saving. So proud to be here now and venture into it already.
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DeathAngel
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April 01, 2022, 06:18:41 PM |
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Pomp@APompilano The 19,000,000th bitcoin was just mined. Only 2 million more bitcoin to go. https://twitter.com/apompliano/status/1509930836417826817?s=2119,000,000th has been mined, amazing. The rest will take much longer to mine though. We will not be alive when the final bitcoin is mined.
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Cookdata
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April 01, 2022, 06:46:29 PM |
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![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2F288P9Fx%2F754472-F9-E4-CA-48-FB-8-D68-31-F3-B44-FC34-A.jpg&t=665&c=5JgkeUm-3KJ7Uw) I just checked Coingecko and it seems their API is very reliable that they quickly update things and now we have to stay awake to see how market will react to the remaining 2 millions, I may not see this happen but one of my child will surely experience the events. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) The mining market will become so competive, most of them will struggle to claim the block reward especially now that next halving is fast approaching come 2024.
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BITCOIN4X
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April 01, 2022, 07:03:17 PM |
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Can we assume that around 3 million bitcoins will be lost forever for various reasons? I may still believe that the number will be less or less than 3 million considering some people will be able to get their wallet back sooner or later. But when I envision a market with a number of coins circulating then I believe it will be something very extraordinary in the future.
Increased adoption is expected, volatility can also be minimized because of that so prices can actually increase over time. We are the lucky ones to be here although I must apologize for being a bit late.
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Flexystar
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April 01, 2022, 07:28:29 PM |
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Wow. Amazing to hear that one. It’s cool so many of you are actuslly keeping track of it or somehow involved with the great updates like this. Thanks for sharing this one, I will have it published on my social accounts just for some shine about bitcoin and it’s 19mln-th bitcoin. Imaging that one mining rig from hundred thousand rigs around the world who will mine it would be the luckiest one. Because next millionth would after 50 years and then after another 50th year.
That is so cool to imagine. This will definitely put the market onto a next level. Can’t wait to see it get mined! Ciao!
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Z-tight
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April 01, 2022, 07:48:19 PM |
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and the demand should increase.
If Bitcoin demand should continue to increase with its fixed supply, that is to say there will be a time Bitcoin would be scarce, could that be the time of mass adoption? And if it happens to be that time as i am imagining, that implies it is still in a very long time away from us, and would we that are around now even experience it? El Salvador is for now the only country that has made Bitcoin legal, please tell me if i am wrong though, is that slow or fast progress?
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SirLancelot
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April 01, 2022, 09:54:45 PM |
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It's pretty impressive that while we've already mined the majority of Bitcoin, we are still as LFC_Bitcoin puts it; relatively early. Anyone from the outside that doesn't understand how Bitcoin functions, would assume we're already close to mining it all, and therefore feel like they've already missed out on getting some, which obviously isn't true.
In theory, Bitcoin should continue to become more exclusive, and the demand should increase. Adoption will likely only increase once Bitcoin becomes less volatile. That's when we'll likely see pretty much everywhere accepting Bitcoin, whether that's directly or through payment processors that convert it automatically to fiat.
I still do not get how we will continue down this path like this. Maybe it is my bad, maybe I do not understand it perfectly enough. But, by the looks of it we are not going to be mining the 21 millionth coin in the planned time, it is getting very closer. Maybe I do not know the math very well, but it looks like we are mining very fast right now and I am saying this as someone who has been here for MANY years, would love to see a chart of the trajectory we are in right now. Hopefully nothing goes wrong. As long as it is technically impossible to mine 21 million and one coin, as long as it stops where it should be, that is fine by me.
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tabas
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April 01, 2022, 10:16:51 PM |
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Great to be part of it and the scarcity of it really shows how valuable bitcoin is. I hope that many folks would understand the point of it and why everyone is telling them to buy bitcoin. If Bitcoin demand should continue to increase with its fixed supply, that is to say there will be a time Bitcoin would be scarce, could that be the time of mass adoption?
It's actually bound to those positive things that you've mentioned. As for the mass adoption, it's been happening already and it's just a matter of time until it covers the whole world. But the good part is that it's already in the mainstream.
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KennyR
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April 01, 2022, 10:35:09 PM Last edit: April 01, 2022, 10:57:52 PM by KennyR |
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With time the reward will decrease and that's where bitcoin mining difficulty keeps increasing. By now we've been experiencing the 19 million bitcoins being mined. This has taken place within 14 years . For this remaining 3 million bitcoin to be mined it needs more than 100 years. It is very challenging to predict when the 20th million coin gets mined. Now people start thinking of possible ways to increase the limit from 21 million to a higher number. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2Fx3GFPbK.jpeg&t=665&c=6nSFjQIOvZbd1Q)
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Lucius
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April 02, 2022, 10:06:00 AM Merited by 1miau (2), SFR10 (1) |
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We will not be alive when the final bitcoin is mined.
It is very likely that none of us will be alive until 2140, unless technology advances so much that it is possible to extend the human lifespan to at least 100 or more years. In addition, some people have decided to freeze cryonically in the hope that one day, with the help of advanced technology, someone will be able to cure and revive them. One of them is the well-known Hal Finney, whose body was frozen after his death, and maybe he will have the opportunity to witness the last mined Bitcoin. Just after his legal death was declared Thursday at 9 a.m., Finney's body was transported from a Scottsdale, Arizona hospital to a nearby facility of the cryonics firm known as the Alcor Life Extension Foundation. As of Thursday night, Finney's blood and other fluids were being removed from his body and slowly replaced with a collection of chemicals that Alcor calls M-22, which the company says are designed to be as minimally toxic as possible to his tissues while preventing the formation of ice crystals that would result from freezing and destroy his cell membranes.
Over the next few days, the temperature of his body will be slowly lowered to -320 degrees Fahrenheit. Eventually, it will be stored in an aluminum pod inside a 10-foot tall tank filled with 450 liters of liquid nitrogen designed to keep him in that state of near-complete suspended animation. "That's where he’ll remain until such time as we have technologies to repair the problems he had such as ALS and the aging process," says Max More, Alcor's director and Finney's friend of many years. "And then we can bring Hal back happy and whole again." By now we've been experiencing the 19 million bitcoins being mined. For this remaining 3 million bitcoin to be mined it needs more than 100 years.
Something is wrong with your basic mathematics, 19 + 3 = 22. It seems that you have already increased the max suppy by as much as 1 million BTC ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Now people start thinking of possible ways to increase the limit from 21 million to a higher number.
Technically there is no problem with increasing max suppy, it's just a change in the code - but it's something that doesn't need to be changed and I hope it never happens. In addition, if you want an alternative with a higher max supply, you have at least a few dozen BTC forks that have that number set at more than 21 million.
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slackovic
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April 02, 2022, 10:17:32 AM |
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I still do not get how we will continue down this path like this. Maybe it is my bad, maybe I do not understand it perfectly enough. But, by the looks of it we are not going to be mining the 21 millionth coin in the planned time, it is getting very closer. Maybe I do not know the math very well, but it looks like we are mining very fast right now and I am saying this as someone who has been here for MANY years, would love to see a chart of the trajectory we are in right now. Hopefully nothing goes wrong. As long as it is technically impossible to mine 21 million and one coin, as long as it stops where it should be, that is fine by me.
I'm not sure if I understood your post right, but you are asking how can it be that there will be only 21 million BTC and we are still mining it at a rate of 6.25 BTC per 10 minutes. Take a look at this chart and you'll see that it is getting pretty flat when it's compared to the previous time. With halvings that are embedded into Bitcoin's code, there is no way to mine more than 21 million BTC in total. With few million being already lost, I guess there will never be more than 18-19 million BTC in circulation.
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xSkylarx
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April 02, 2022, 10:46:39 AM |
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and it will take 118 years to mine the remaining bitcoin, by which time we will all be dead. However, if anyone ever comes up with a way to extend the life of a person, then we will be able to see this event ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I'm hoping that my grandchildren will be able to witness this in the near future. The next halving of bitcoin will take place in the year 2024. But I do have a question: is this 19,000,000th bitcoin in circulation right. What about bitcoin that isn't moving at all, such as Satoshi's 1 million holdings? this still in the circulation of bitcoin? or how many bitcoins that are sleeping right now which means that it is not in the circulation since it is not moving .
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