4 millions bitcoin left!

[BullRunBit 2773]

On 11/2/2019 at 8:31 AM, Lubruselu said:

If there have only 21 million bitcoin worldwide and only 17 million already mined and 4 million left to mine.

So tell me how long it was took to mine those 17 million of bitcoin, also how long it will take to mine remaining 4 millions of bitcoin?

First you must to understand what is Bitcoin halving and how mining rewards split.

Fist Bitcoin halving was 2012 and rewards drop from 50 BTC per block on 25 BTC.

Second Bitcoin halving was 2016 and rewards drop from 25 BTC per block on 12.5 BTC.

And next Bitcoin halving is 2020 and rewards will drop from 12.5 BTC per block on 6.25 BTC,

which means that miners will get less BTC per block which means that miners will mining less BTC.

I dont know where you get that 17,000,000 BTC but I see on coinmarketcap that "Circulating Supply 18,135,662 BTC".

[iloveyobit 6599]

17 million in mining that has been mined during the whole 10 years. You must know that the difficulty of mining increases with the passage of days. As the difficulty increases, the mining becomes more slow for that. We will take two to three years to mining the remaining bitcoin.

[BullRunBit 2773]

1 minute ago, iloveyobit said:

17 million in mining that has been mined during the whole 10 years. You must know that the difficulty of mining increases with the passage of days. As the difficulty increases, the mining becomes more slow for that. We will take two to three years to mining the remaining bitcoin.

What you share that I did not just few minutes before?

And please tell me how you know that it's take two to three years to mining remaining BTC?

I'm not stunned that you are Legendary member with over 2,000 posts. :/

[johant123 1559]

17 minutes ago, iloveyobit said:

17 million in mining that has been mined during the whole 10 years. You must know that the difficulty of mining increases with the passage of days. As the difficulty increases, the mining becomes more slow for that. We will take two to three years to mining the remaining bitcoin.

Much more than that, but there is a problem indeed; the block size is fixed. So there is a serious limit to the amount of transactions per block. Unless the block size is changed (which creates a new fork) that will slow down the network much sooner than the Bitcoin blocks limit itself.

 

Yes, I know about SegWit, but that doesn’t remove the limit as such.

 

Edit: block size limits also lead to higher transaction fees, which can be a plus or minus, depending on the viewpoint.

Edited January 1, 2020 by johant123

[iloveyobit 6599]

14 minutes ago, BullRunBit said:

What you share that I did not just few minutes before?

And please tell me how you know that it's take two to three years to mining remaining BTC?

I'm not stunned that you are Legendary member with over 2,000 posts. 😕

In fact, I was disorganized to make mistakes, with the passage of time it will increase the difficulty of mining and this will cause a slowdown in mining the quantities of bitcoin, meaning that the time taken to mining the remaining bitcoin will become longer with the passage of time and with each halving.

[aqua 773]

1 hour ago, saket6 said:

This is why you should accumulate more and more Bitcoins as the price will rise in future.Also, I think bull run is quite near as halving is due in May 2020 i.e. this year. So, buy buy buy.

Yes, by buying more and more bitcoin, you can prepare yourself in the next bull run that will happen this year or in the next year. If you can have much bitcoin, you can sell the bitcoin at any price you want, and you will make a profit too. But you should be aware of the ups and downs of the bitcoin price because the price will always change every day.

[McCree 713]

7 hours ago, iloveyobit said:

17 million in mining that has been mined during the whole 10 years. You must know that the difficulty of mining increases with the passage of days. As the difficulty increases, the mining becomes more slow for that. We will take two to three years to mining the remaining bitcoin.

Isn't there going to be a turning point where hardware and transistor advancements will simply not be able to keep up with the ever increasing hashrate requirement?

[Lubruselu 2803]

9 hours ago, BullRunBit said:

First you must to understand what is Bitcoin halving and how mining rewards split.

Fist Bitcoin halving was 2012 and rewards drop from 50 BTC per block on 25 BTC.

Second Bitcoin halving was 2016 and rewards drop from 25 BTC per block on 12.5 BTC.

And next Bitcoin halving is 2020 and rewards will drop from 12.5 BTC per block on 6.25 BTC,

which means that miners will get less BTC per block which means that miners will mining less BTC.

I dont know where you get that 17,000,000 BTC but I see on coinmarketcap that "Circulating Supply 18,135,662 BTC".

The 17000000 bitcoins is just estimated, and also if you search on Google you'll find that circulating supply is 17 millions and not 18 millions but actually its more then that 

[johant123 1559]

3 hours ago, McCree said:

Isn't there going to be a turning point where hardware and transistor advancements will simply not be able to keep up with the ever increasing hashrate requirement?

Meh ... AFAIK Moore's law is still unbroken.

 

Edit: for those who are not in computer science - Moore's law is the estimate that computing power doubles every two years. So while problems (or software) get more complicated all the time, hardware keeps improving at a steady rate as well.

Edited January 2, 2020 by johant123

[BullRunBit 2773]

1 hour ago, Lubruselu said:

The 17000000 bitcoins is just estimated, and also if you search on Google you'll find that circulating supply is 17 millions and not 18 millions but actually its more then that 

I dont understand you, do you say 17 milion or 18 milion? You did not share your source.

I say, on this site https://coinmarketcap.com/currencies/bitcoin/ you can see that "Circulating Supply" is 18,136,525 BTC, and everybody know for https://coinmarketcap.com/.

[scorpiali 5626]

There is not a long time to mine all the Bitcoin available to mine all talk about 2140 or something like that but i really don't think so we have five to six years to mine all the bitcoin and then we can see the price grow up so fast because of rare of the coin

[bliznec 22268]

1 hour ago, scorpiali said:

There is not a long time to mine all the Bitcoin available to mine all talk about 2140 or something like that but i really don't think so we have five to six years to mine all the bitcoin and then we can see the price grow up so fast because of rare of the coin

There is no one that does not sell bitcoin on exchanges. Always sell bitcoin. This time is very short to get all bitcoin. 

[McCree 713]

8 hours ago, johant123 said:

Meh ... AFAIK Moore's law is still unbroken.

 

Edit: for those who are not in computer science - Moore's law is the estimate that computing power doubles every two years. So while problems (or software) get more complicated all the time, hardware keeps improving at a steady rate as well.

At CES 2019 the NVIDIA CEO Jensen Huang stated that Moore's law is dead. You can read about it here https://www.cnet.com/news/moores-law-is-dead-nvidias-ceo-jensen-huang-says-at-ces-2019/ but to be fair I would only say that Moore's law is slowing down.

[johant123 1559]

2 minutes ago, McCree said:

At CES 2019 the NVIDIA CEO Jensen Huang stated that Moore's law is dead. You can read about it here https://www.cnet.com/news/moores-law-is-dead-nvidias-ceo-jensen-huang-says-at-ces-2019/ but to be fair I would only say that Moore's law is slowing down.

At the risk of going off topic ... most predictions I have seen are that the law will be dead sometime in the next 10 years ... at some point it has to slow down, of course indeed (disregarding quantum computing).

[Jungle4 87]

Over 10 years, 17 million bitcoins were mined. The last bitcoin will be mined in 2140.

[scorpiali 5626]

6 hours ago, bliznec said:

There is no one that does not sell bitcoin on exchanges. Always sell bitcoin. This time is very short to get all bitcoin. 

You are right all sell bitcoin and the time it's to short to get them all 

Today the price go under 7000 dollars

[bliznec 22268]

5 hours ago, scorpiali said:

You are right all sell bitcoin and the time it's to short to get them all 

Today the price go under 7000 dollars

I think it’s temporary that the price is leaving. Today, again, the price of bitcoin is $ 7,200.   

[Lubruselu 2803]

1 hour ago, TimCoinBit said:

It took only a decade to mine the 17 million bitcoins but do not let it surprise you that it will take a century to mine the remaining 4 million bitcoin. 

Those 4 millions bitcoins are expected to be mined all in 2140 for their special reason because it expected that's bitcoin price is going to pumping very massively soon 

[tienda 8776]

On 12/5/2019 at 9:25 AM, Goodcoin said:

Four million bitcoin left but it will take more than a century to mine these. This will gradually make a way that transaction fees will be the reward for mining later. Mining will also always become less profitable as time goes on.

Yes I agree with you seems impossible to do that just in some years.

[scorpiali 5626]

6 hours ago, bliznec said:

I think it’s temporary that the price is leaving. Today, again, the price of bitcoin is $ 7,200.   

I hope the price stay stable in the beginning of this new year and don't fall under 6000 dollars to have some bull in the next two months untile the halving

[aqua 773]

8 hours ago, saket6 said:

Exactly,One needs to be proactive in order to earn as you should be aware when the price goes down and up so that you could make a profit every time.

Yes, if you can see how good bitcoin price movements in this day, you will see that there is a good opportunity to buy bitcoin at $6900, and you can sell it at a price now, and you will make a nice profit. If you can do that over and over, your profit will be bigger.

[NordisLofer 77]

It seems to me that these 4 million bitcoins will be mined in 3 years. Therefore, it is worth buying bitcoin now and waiting for the price increase, after its full production.

[duncun007 3577]

2 hours ago, Ahmed112 said:

Very bad for miners because bitcoins lefts only 4 million and miners getting loose from there and also investors also thinking what we do now.

it would be very bad for miners if the price is going low but if after next halving we saw the price tank down again at 6000$ or 8000$ then miners will not be happy.

[aqua 773]

48 minutes ago, saket6 said:

True.Those who have longed the BTC yesterday from 6900 would have made a handsome profit as BTC has gone back to 7300 dollars now.I wish even I could own 1 BTC and make some money for my family.

Yes, that will give another big profit to us. We can make a high income from bitcoin, as long as we can keep trying to make more and more money, but we need to be careful because from now on, I guess bitcoin price will go up and down many times. If we cannot analyze with good or we are doubt with the market, it's better to break for a while and watch the market movements until we can find a good time to enter the market.

[piggiemay 8]

I think it doesnt matter if it only 4 million left btc to be mine since like money you can just re circulate those btc that already mined.