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Author Topic: The 19 millionth bitcoin will be mined in the next 24 hours.  (Read 293 times)
SFR10
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April 03, 2022, 02:25:38 PM
 #21

Because next millionth would after 50 years and then after another 50th year.
The first part [and almost 3/4th of the latter part] will happen sooner than that [refer to @Lucius's post].

Now people start thinking of possible ways to increase the limit from 21 million to a higher number.
But why would they think of such things [it doesn't really make sense, unless I'm missing something]?

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 .
Technically, it's still part of the circulation... There's a difference between "not having any kind of activities" and "no longer having the ability to use them [only the latter is considered not part of the circulation]".

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pawanjain
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April 03, 2022, 02:50:21 PM
 #22

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.

It indeed feels proud to be here. The very thought of existing in the initial stages of a revolutionary cryptocurrency and using it is really exciting.
Although we might not live to witness the last bitcoin being mined but we can witness how bitcoin transforms in the next 10 - 20 years or may be more.
It has just been around a decade since bitcoin was available for trading in a crypto exchange and we have seen how it has grown over the decade.
We can only imagine what's gonna happen in the next 2-3 decades. So accumulating as much as possible is the best way ahead.

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April 03, 2022, 03:00:31 PM
 #23

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.
Trust that our future successors, that when it takes 100 years to complete we really can't be in that moment. The hope is that everyone, especially us, will want to witness the last part of the bitcoin mining momentum that has given so much color to life. From an economic perspective that has clearly changed someone's life, we are very grateful to exist and have ever held Bitcoin.

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April 03, 2022, 03:15:22 PM
 #24

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.
Maybe not 3 million bitcoin but at least 2 millions yes, I would say those are lost for sure. Those of course include Satoshi's million bitcoin. It's sad that there are some many lost bitcoins, at the same time it just reduces (again) the supply and increases its value and scarcity.

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April 03, 2022, 03:54:21 PM
 #25

Well almost 24 hours ago as I am writing this, the 19th millionth bitcoin has been mined. The 18th millionth bitcoin was mined in October of 2019 so I think the 20 millionth bitcoin will be mined probably in 2024-2026 or maybe 2030 but time will tell. Maybe all the somewhere in the 2030s, the 21 millionth bitcoin would be mined and that is my opinion of predicting of when will all the bitcoins be mined.
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April 03, 2022, 04:45:24 PM
Last edit: April 03, 2022, 04:56:33 PM by DOH!
 #26

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.
I think the amount of bitcoins lost forever can exceed this number(Including satoshi's bitcoins) because bitcoin has been around since 3/1/ 2009 and when people's awareness of wallet security is still rudimentary, plus life events, death for example.  Then I think the number of bitcoins lost will probably be more.  This also means that the value of bitcoin will guarantee there will always be a new ATH peak at any time
Quote
Because next millionth would after 50 years and then after another 50th year.
Probably, it will be a pity that I can't see the last bitcoins mined.  So I will enjoy every moment that matters to bitcoin. Roll Eyes

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April 03, 2022, 07:08:51 PM
 #27

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.
A lot of things happened to reach 19 million points. From its inception until now Bitcoin has provided many benefits. Unfortunately, I'm not old enough to spend that long. Could it be faster than expected? maybe because there will be a lot of changes, and adoption and more and more people will be interested in digging deeper so it doesn't take up to 100 years. Several platforms have provided information and we have reached 19,001,706.00 BTC (at the time I'm typing). It is very proud, proud that Bitcoin's contribution to the development of the world is incalculable.

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April 03, 2022, 09:43:45 PM
 #28

Well almost 24 hours ago as I am writing this, the 19th millionth bitcoin has been mined. The 18th millionth bitcoin was mined in October of 2019 so I think the 20 millionth bitcoin will be mined probably in 2024-2026 or maybe 2030 but time will tell.
Well, we can calculate it.
Currently, there are issued around 900 BTC per day: 6 Blocks per hour (10 min per Block) = 6 * 6.25 = 37.5 BTC per hour = 37.5BTC/h * 24h = 900BTC per day
To mine 1 Million BTC at that rate (1.000.000BTC / 900BTC/day), we would need 1,111 days (3.04 years).

We have 2 years left until Block rewards are halved again, to 3,125 BTC per Block, so it would be 2 years in our current halving cycle + 2 years in the next halving cycle (which we need to double because rewards are halved).
So it will take 4 years until we have mined 20M BTC, which will happen in 2026.

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April 05, 2022, 01:16:07 AM
 #29

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.

It's impressive to see how Bitcoin reached this far. With only 2 million coins left to mine, prices should've increased already. I think Bitcoin is severely undervalued, mainly because of government's misinformation, false propaganda, and negative criticism from mainstream media. If it wasn't by that, Bitcoin would've been worth at least $100k by now.

At least, Bitcoin works as intended. The limited supply should be able to maintain prices at its highest for quite some time. Lost Bitcoins will certainly add "fuel to the fire" since it will make the cryptocurrency much scarcer than it was before. Probably, there are less than 19m coins in circulation. As long as the community doesn't approve the change of BTC's supply, there should be nothing to worry about. Just my thoughts Grin

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April 05, 2022, 02:46:40 AM
 #30

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.



I wonder what the next generations of Bitcoin holders would call us, or how would they see us in their time and perspective. The early adopters and their mentors. I think if my kids gets older and I am still alive I would teach them about BTC. 100 years is whole different generations and I think we are so lucky that this opportunity had come to us.
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