Makus (OP)
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Bitcoin!!
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August 10, 2023, 01:29:55 PM Last edit: August 10, 2023, 02:58:41 PM by Makus |
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The total amount of Bitcoin to ever exit equals 21million and and after this bitcoins have been mined there will be no generation of new coins into the system, and this will causes scarcity (limited supply) thereby increasing its price. According to the law of supply and demand in economics which state that as supply decrease, while demand remain unchanged the price increases. This theory can be used to predict that Bitcoin would be able to ascertain of height of price worth millions of dollar, having this knowledge I recommend that buyers should go into long term holding of Bitcoin as each halving comes with reduction of coin supply. Total circulated coins from 2009-2023there are 19,452,931.25 total circulation of Bitcoin in the world, remaining 1,547,068.8 to be mined for the next 116 years to come, and after these coins have been mined there would be no more block rewards for miners who successfully guesses the block number, the only payment they'll get at that time would be the transaction fee for every transaction in the block which they validates, and these transaction fee can only profit the miner if the fee surpasses the expenses of the mining farm, and this can be possible when the acceptance of Bitcoin by nations, companies, businesses, etc increase to a reasonable amount whereas also increasing its transaction rate, though miners are now beginning to use renewable energy source for mining so as to increase profit but this will not guarantee their satisfaction. BTC circulation till the end of the halvingThe current block reward for mining is 6.25 Bitcoin for an average of 10minutes which is regulated by the mining difficulty so that coins are not mined too fast or too slow, the mining difficulty increases if it takes less than a week to mine 2016 blocks while it decreases if it takes two weeks to mine 2016 blocks, This difficulty will eventually frustrate some miners to quite especially when mining reward gets to 1satoshi per block, even it Ai are used in future mining to increase efficiency and speed they can not exceed the mining difficulty. ConclusionNow is the time to go into mining and buying of Bitcoin as each halving reduces the block reward by 2 which causes scarcity that has the potential of increasing price. Source https://www.statista.com/statistics/247280/number-of-bitcoins-in-circulation/ https://www.google.com/search?q=total+circulated+bitcoin&oq=total+circulated+bitcoin&aqs=chrome..69i57j0i13i512j0i390i650l3.17669j0j4&sourceid=chrome-mobile&ie=UTF-8 https://www.coinbeast.com/post/bitcoin-halving-dates-clock-countdown-charthttps://stormgain.com/blog/how-long-does-it-take-mine-bitcoin?amp
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Plaguedeath
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August 10, 2023, 01:55:35 PM |
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Conclusion Now is the time to go into mining and buying of Bitcoin as each halving reduces the block reward by 2 which causes scarcity that has the potential of increasing price.
Since you have made this conclusion, it's mean you know mining is profitable. Now I want to see the picture of your mining farm, how much your expenditure and how much the profit you made until now. It's not make sense if you suggest us to mine Bitcoin when you're not know how profitable is mining Bitcoin right now. I will wait your next reply, just upload your image in third party hosting image e.g. talkimg share the link here.
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Agbe
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August 10, 2023, 02:07:52 PM |
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Op you have to put the sources of your information because your thread is talking about the historical analysis of bitcoin so we will need to read the sources to tally the information provided. Mostly your pictures. And I don't think the 21 million bitcoin will be all mined because every day people sell and people buy so bitcoin is always in circulation in the market. So I don't know why these threads are coming these days.
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blckhawk
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August 10, 2023, 02:27:07 PM |
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The fact that bitcoin is already capped at 21 million is already a scarcity, the scarcity doesn't start when all the bitcoin has been mined. I don't think it's the time, mining equipments are getting more expensive and with the halving ever nearing, it's going to get much harder for individuals to earn bitcoin through mining, you have to also consider that rigs get hot and you will need an air conditioning or cooling for your rigs and that's an addition to your cost for maintaining a small mining operation.
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Eternad
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August 10, 2023, 02:56:53 PM |
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And I don't think the 21 million bitcoin will be all mined because every day people sell and people buy so bitcoin is always in circulation in the market.
Please enlighten because I honestly understand this statement of yours. How is the buying and selling of Bitcoin affects the mining of Bitcoin? 21 million can be mined since that’s the total supply designed by Satoshi but not all of them will be in active circulating because of the Bitcoin from lost wallet.
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Makus (OP)
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Bitcoin!!
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August 10, 2023, 03:16:36 PM |
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Since you have made this conclusion, it's mean you know mining is profitable.
Now I want to see the picture of your mining farm, how much your expenditure and how much the profit you made until now. It's not make sense if you suggest us to mine Bitcoin when you're not know how profitable is mining Bitcoin right now.
I will wait your next reply, just upload your image in third party hosting image e.g. talkimg share the link here.
I don't actually have the capital to start up a mining farm considering the cost of mining machines, electricity bills and other equipments, I wish I had. But that doesn't mean I should not encourage other who are financially capable of setting up a mining farm to do so. Op you have to put the sources of your information because your thread is talking about the historical analysis of bitcoin so we will need to read the sources to tally the information provided. Mostly your pictures.
I have done that, thanks for the reminder
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Good_Doctor
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August 10, 2023, 03:19:23 PM |
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I'm struggling between understanding whether you're encouraging mining or buying of Bitcoin and again if you're giving us an effect of halving in this your post OP it's clumsy so many things said.
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tbct_mt2
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August 10, 2023, 03:25:58 PM |
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Your tables are not new so you don't need to reserve copyrights with Watermarks which are unnecessary. Bitcoin controlled supplyBitcoin Equivalent Network TimeBitcoin mining will continue if miners get profit from mining which will depend on block rewards, transaction fees and price of Bitcoin. So if Bitcoin continues its growth of adoption, price will follow it and future of mining will be good. I think it will be good.
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ranochigo
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August 10, 2023, 03:44:41 PM |
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There is a misconception that Bitcoin's price will increase with each halving because it is getting more scarce. While that is true to a certain extent, you have to consider that Bitcoin doesn't get more scarce as the amount of Bitcoin in circulation is still increasing albeit in a slower rate. In addition, the price is also determined by the demand for which the halving cannot predict. Both of these factors are the main components of what influences Bitcoin's price.
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Faisal2202
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August 10, 2023, 03:57:15 PM |
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You have compiled a great set of information there full of stats that a newbie must be aware of. Because to convince someone to invest into BTC, these stats are enough i think. But every investor has there own mindset about investing. For example, most of the people wants full assurance and they want to invest on the shoulders of others. Because they will blame those shoulders when the price will not move according to the stats of yours.
I am not saying it will not gain value and i am also not saying it will not decrease value. All, i have to say for a newbie or pro, is before investing make up your mind set like what are you expecting from that holding and you must have to admit or agree that the coin you have invested in, you might have to wait for longer period of time to withdraw them because nothing can be predicted accurately in crypto. I gave these advices to one of my friends who wanted to invest 200$ in BTC. Amount is not that much but he is ok with such money only. So, i suggest him the same and asked him to bear the loss too while not blaming me, because i am not convincing you to invest instead giving you the knowledge i have and your decision must be based on your mindset and the required needs of yours.
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348Judah
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August 10, 2023, 05:02:30 PM |
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The total amount of Bitcoin to ever exit equals 21million and and after this bitcoins have been mined there will be no generation of new coins into the system, and this will causes scarcity (limited supply) thereby increasing its price. According to the law of supply and demand in economics which state that as supply decrease, while demand remain unchanged the price increases. This theory can be used to predict that Bitcoin would be able to ascertain of height of price worth millions of dollar, having this knowledge I recommend that buyers should go into long term holding of Bitcoin as each halving comes with reduction of coin supply.
Presently now, bitcoin is the only most profitable digital asset of an investment, those that could bear the challenge now while holding up will enjoy it's profitable investment over years, bitcoin is unlike fiat that has unlimited supply, the value increases over time and have a finite supply, bitcoin value cannot deminish despite it appears being volatile, in a couple of decades to come, we would have been seing bitcoin close to the value of million dollars since it has a limited supply, the demand will always increases and thereby increasing it value as well, if there's an opportunity for buying today, it's the best act to go for and invest, hold and have a secured profitable investment with bitcoin.
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Flexystar
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August 10, 2023, 05:18:13 PM |
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I am choosing to HODL my bitcoin. I have already research about the Bitcoin mining and how it's easy but it's complicated business when you start from the scratch. I know very well that we have plug and play equipment's for mining purpose but let us not forget they are also very costly, they utilize high energy bills and also the ROI is always more than 1 year or something based on what type of miner we have and electricity cost we pay. Yes, everything is there, but ability to get started and go through the entire ROI period is unreal right now. Plus, the net halving is already going reduce the block reward and we have no idea whether the prices will hike or not. At least miners has chance to recover the ROI faster when BTC goes up but it's unsure. This is why I am always choosing to buy bitcoin and keep them on my wallets for long terms. I will now just trust the process and go for profiting along the way.
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BitcoinPanther
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August 10, 2023, 05:45:35 PM |
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And I don't think the 21 million bitcoin will be all mined because every day people sell and people buy so bitcoin is always in circulation in the market.
Please enlighten because I honestly understand this statement of yours. How is the buying and selling of Bitcoin affects the mining of Bitcoin? 21 million can be mined since that’s the total supply designed by Satoshi but not all of them will be in active circulating because of the Bitcoin from lost wallet. Same here, I also got confused when @agbe stated that he don't think the 21m Bitcoin will be all mined when in fact according to the computation and data presented, there is already a specific years when the last bitcoin will be mined (except the transaction fee). Anyway I would like to support that Bitcoin trade has nothing to do with Bitcoin mining because these two are different activities. There is a misconception that Bitcoin's price will increase with each halving because it is getting more scarce. While that is true to a certain extent, you have to consider that Bitcoin doesn't get more scarce as the amount of Bitcoin in circulation is still increasing albeit in a slower rate. In addition, the price is also determined by the demand for which the halving cannot predict. Both of these factors are the main components of what influences Bitcoin's price.
Not at all a misconception IMO, in a controlled environment where adoption continuously increasing, and there is a sudden decrease of influx of coins(halving of supply), it will be conceived that the price will get higher because of the lessen supply pressure while the demand keeps on piling up a typical supply and demand law.
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Agbe
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August 10, 2023, 06:14:06 PM |
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Anyway I would like to support that Bitcoin trade has nothing to do with Bitcoin mining because these two are different activities.
Remember when the 21m bitcoins are mined then there would be no transaction again and that means bitcoin investment and trading plus p2p transaction and every about bitcoin has stopped, or is there any other way people will be using it again? Or is it that I am the one don't understand the statement that "all the 21m BTC will mined? Without mining bitcoin trading can not be done. Trading must involve p2p and p2p transaction must involve mining because it is the Miners that will mine the coins in the blockchain and accept the transaction. So I can't remove trading from mining. Though there are two types of trading and I don't know the particular one you are talking about. 1. Buying and selling trading which is the one I am referring to and 2. Chart trading which the monitoring of chart to see the movement of bitcoin in the market through pie or bar chart after depositing a specific amount. So which of them are referring to?
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BitcoinPanther
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Anyway I would like to support that Bitcoin trade has nothing to do with Bitcoin mining because these two are different activities.
Remember when the 21m bitcoins are mined then there would be no transaction again and that means bitcoin investment and trading plus p2p transaction and every about bitcoin has stopped, or is there any other way people will be using it again? Or is it that I am the one don't understand the statement that "all the 21m BTC will mined? Without mining bitcoin trading can not be done. Trading must involve p2p and p2p transaction must involve mining because it is the Miners that will mine the coins in the blockchain and accept the transaction. So I can't remove trading from mining. Though there are two types of trading and I don't know the particular one you are talking about. 1. Buying and selling trading which is the one I am referring to and 2. Chart trading which the monitoring of chart to see the movement of bitcoin in the market through pie or bar chart after depositing a specific amount. So which of them are referring to? I think you are confused. It was answered in the Bitcoin FAQ If no more coins are going to be generated, will more blocks be created? Absolutely! Even before the creation of coins ends, the use of transaction fees will likely make creating new blocks more valuable from the fees than the new coins being created. When coin generation ends, these fees will sustain the ability to use bitcoins and the Bitcoin network. There is no practical limit on the number of blocks that will be mined in the future. So it means that after the last Bitcoin is mined, the mining continues but this time the reward is dependent on the transaction fee. Miners will continue to mine and since there is a century before the last Bitcoin is mined, it was speculated that the transaction fees will give miners a good benefit but of course this kind of speculation may happen or may not.
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Makus (OP)
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Bitcoin!!
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August 10, 2023, 07:20:45 PM |
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I was beginning to think of locking this thread since the information passed was not understood by the replies earlier, but it now seems to me that some person have good understanding of the points I tried to pull down.
Thanks guys for your opinion, I have indeed learnt a lot from the links and comments posted.
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Agbe
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August 10, 2023, 07:30:36 PM |
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So it means that after the last Bitcoin is mined, the mining continues but this time the reward is dependent on the transaction fee. Miners will continue to mine and since there is a century before the last Bitcoin is mined, it was speculated that the transaction fees will give miners a good benefit but of course this kind of speculation may happen or may not.
Thank for the link, and the explain everything needed to know but I was concerned on the bolded part of your comment. And I don't think I was confused. Well let end it here.
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Wimex
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August 10, 2023, 09:42:30 PM |
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The fact that bitcoin is already capped at 21 million is already a scarcity, the scarcity doesn't start when all the bitcoin has been mined. I don't think it's the time, mining equipments are getting more expensive and with the halving ever nearing, it's going to get much harder for individuals to earn bitcoin through mining, you have to also consider that rigs get hot and you will need an air conditioning or cooling for your rigs and that's an addition to your cost for maintaining a small mining operation.
I mean... what is it possible that mining lowers its performance instead of increasing it? That means that as time goes by, mining will no longer be as profitable as it is now? Although if I think about it and examine the situation a bit, surely what will increase will be the exchange of this currency, since if the extraction of bitcoin little by little will no longer be as abundant as it was before, people will prefer to choose not to mine and dedicate yourself to another business with bitcoin either investing in it or focusing on trading..and even so I am sure that despite the fact that the scarcity of the existence of bitcoin is noticing, this will not stop being an asset desired by many …What does worry me is that people no longer want to mine bitcoin, I wonder what would happen then? What impact would it have?
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stompix
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Blackjack.fun
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August 11, 2023, 12:25:16 AM Last edit: August 11, 2023, 06:48:49 PM by stompix |
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According to the law of supply and demand in economics which state that as supply decrease, while demand remain unchanged the price increases. This theory can be used to predict that Bitcoin would be able to ascertain of height of price worth millions of dollar, having this knowledge
Your knowledge is actually not knowledge at all. The available supply of coins grows every day, Bitcoin is now less scarce than it was 10 years ago, you're deeply mistaken the rate at which coins are issued each period for supply, two completely different things. For the supply to decrease you would need to actually destroy each day more coins that are getting mined. There is a misconception that Bitcoin's price will increase with each halving because it is getting more scarce. While that is true to a certain extent, you have to consider that Bitcoin doesn't get more scarce as the amount of Bitcoin in circulation is still increasing albeit in a slower rate. In addition, the price is also determined by the demand for which the halving cannot predict. Both of these factors are the main components of what influences Bitcoin's price.
Not at all a misconception IMO, in a controlled environment where adoption continuously increasing, and there is a sudden decrease of influx of coins(halving of supply), it will be conceived that the price will get higher because of the lessen supply pressure while the demand keeps on piling up a typical supply and demand law. It is a misconception just as ranochigo said. Furthermore what you're saying is an assumption, which even if proves true on the demand part doesn't take into account that the daily supply will also put pressure on the price. Assuming you have right now a balance and the 900 mined bitcoins are covered by an influx of 27 million each day, the price going up to $100k even despite a halving would still require more money, a 45million daily but will also require another batch for the people that will decide to cash in the profits they've made for buying at $30k, your take is just oversimplistic and that doesn't always work in the real world.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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blckhawk
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August 11, 2023, 03:11:21 AM |
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~
I mean... what is it possible that mining lowers its performance instead of increasing it? That means that as time goes by, mining will no longer be as profitable as it is now? Although if I think about it and examine the situation a bit, surely what will increase will be the exchange of this currency, since if the extraction of bitcoin little by little will no longer be as abundant as it was before, people will prefer to choose not to mine and dedicate yourself to another business with bitcoin either investing in it or focusing on trading..and even so I am sure that despite the fact that the scarcity of the existence of bitcoin is noticing, this will not stop being an asset desired by many …What does worry me is that people no longer want to mine bitcoin, I wonder what would happen then? What impact would it have? The computation for the blocks will only ever increase, profitability of mining will still be there even if blocks gets harder to solve each time. Given that the price of bitcoin increases overtime even if we generate more bitcoin, the payments for the miners will still be profitable. I don't think that we will come to the point where there will be no miners for bitcoin, as I've said before, bitcoin goes up in value which makes it more lucrative for people to get bitcoin and what better way to get those bitcoins besides buying but mining them. Also, ease your worries about that thing because I am sure that you can't do anything about it anyways. The less you know the better as the title of the Tame Impala song goes.
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