BITCOIN SUPPLY LIMIT

[Darker45]

Because everything has a schedule. But the schedule is not time-based but formula-based. So here is the formula as to why there is only 21 million in total supply and why the generation of new coins will last until around 2140:


https://twitter.com/DocumentingBTC/status/1564742835223633921/photo/1

In addition to this, each block is mined within 10 minutes more or less, so while the formula above is based on blocks, subsequent halvings and when the final Satoshi is mined are still predictable. Hence, the estimates that the next halving would occur somewhere in April or May next year and the last Sat to be mined in around 2140.

[1715262249]

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[pgbit]

As we all know BITCOIN mining will stop once the 21 million mark is reached. According to the information we have 19 millions coins were mined and now circulating. The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

This is because of the block reward. Every 210,000 blocks mined, the block reward is halved. This means that the amount of bitcoins generated per block decreases over time. As the block reward decreases, the amount of bitcoins that miners can earn for their efforts is reduced, and thus the incentive for miners to continue mining is reduced. As a result, the rate at which new bitcoins are mined will slow down significantly over time until the remaining 2 million bitcoins are mined. This is why it is estimated that it will take until 2140 to mine all 21 million bitcoins.

[BVeyron]

As we all know BITCOIN mining will stop once the 21 million mark is reached. According to the information we have 19 millions coins were mined and now circulating. The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

I think it's impossible, but the core thing is that it won't change anything, since nearly all the BTC are already mined. IMHO tremendous increase in mining speed is a threat for altcoins, since some of them have very small percent mined at the moment.

[Velemir Sava]

As we all know BITCOIN mining will stop once the 21 million mark is reached. According to the information we have 19 millions coins were mined and now circulating. The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

When viewed from the level of Mining Difficulty As more miners join the network and compete to solve complex math problems, the difficulty increases compared to the previous stage when fewer bitcoins were in circulation. Although it seems feasible to mine the remaining 2 million bitcoins before the year 2140 based on the first 19 million mining timeframe.

[Casdinyard]

As we all know BITCOIN mining will stop once the 21 million mark is reached. According to the information we have 19 millions coins were mined and now circulating. The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

Mining won't stop when all bitcoins are discovered and mined. These "miners" facilitate transactions as well and the fees we pay the network actually goes to their pockets, so with that being said the mining industry won't necessarily go out of business when all bitcoins are mined. They'd just be redirecting their focus on something else.

As for why it's going to take time before all bitcoins are mined, one thing that you have to keep in mind is that the difficulty for earning bitcoins through mining isn't linear. It's exponential. What took a few minutes/hours for people back in 2011, is now taking weeks and months for powerful asic miners of this day, I don't wanna delve into the maths of it and the complicated tech jargon but basically picture this:

You have the whole planet (internet) to mine gold on (bitcoin), as more and more gold are mined from the land, the less the supply is, and the harder it becomes to mine and earn the remaining gold in the Earth cause the area you have to work with didn't get smaller as you're mining more gold, it became bigger and thus more land (blocks) must be mined in order to find gold. That is basically how it works for the bitcoin mining industry.

[Z_MBFM]

As we all know BITCOIN mining will stop once the 21 million mark is reached. According to the information we have 19 millions coins were mined and now circulating. The remaining balance is about 2 millions to be mined. Why it is not possible to mine the remaining BITCOINS before 2140 when the 19 millions mined in just over 10 years?

The image below gives a clear reason why it will be very difficult to mine the remaining 2 million Bitcoin before 2140, because after each halving, the reward for mining is divided into half, of which the first reward for mining Bitcoin was 50 BTC in 2009, and 4yrs later after 2012 halving, the reward got divided into half I.e 25 BTC, and likewise 2016 and 2020 halving reward, including next year's halving which its reward is expected to be 3.125 BTC.



Why after next year's halving, the next are as follows;
2028 = 1.5625  BTC
2032 = 0.78125  BTC
2036 = 0.390625  BTC
2040 = 0.1953125  BTC
2044 = 0.09765625  BTC
2048 = 0.048828125  BTC
2052 = 0.0244140625  BTC
2056 = 0.01220703125  BTC
2060 = 0.006103515625  BTC

Bitcoin mining now requires a lot of patience because at the current rate of Bitcoin mining, it is difficult to raise the mining cost. There are many bitcoin miners in the world, not one or two miners, and only a certain amount is mined for each block, so it is not profitable to mine now.  Yet many mine to fulfill their hobby. The supply and demand of Bitcoin is very negligible right now so it is a great opportunity for us to save Bitcoin for the future.  0.0244140625 BTC will be mining rate when we start living around 2050. Then the price of Bitcoin will skyrocket. And those of us who are now failing to save bitcoins will just be hollering then

[tbct_mt2]

Bitcoin mining now requires a lot of patience because at the current rate of Bitcoin mining, it is difficult to raise the mining cost.

As bitcoin miners, they want the opposite, reduce their mining cost and raise their mining profit. I am sorry but you are saying oppositely to the truth and what Bitcoin miners want to have.

There are many bitcoin miners in the world, not one or two miners, and only a certain amount is mined for each block, so it is not profitable to mine now.  Yet many mine to fulfill their hobby.

If they are newbies, they can mine Bitcoin to get experience but if they are professional miners, they do Bitcoin mining for profit, not for fun, curiosity or to satisfy their hobby.

The supply and demand of Bitcoin is very negligible right now so it is a great opportunity for us to save Bitcoin for the future.  0.0244140625 BTC will be mining rate when we start living around 2050. Then the price of Bitcoin will skyrocket. And those of us who are now failing to save bitcoins will just be hollering then

Bitcoin miners have to pay their costs like power bills, buying ASICs, maintenance, staff operations and more activities needed for mining. They can not hold all bitcoin they received from mining process.

You again used a wrong term. Mining rate, it is not a right term and the correct term is Bitcoin block reward. You must know Bitcoin miners receive bitcoin from block reward and transaction fee.

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