Ninety percent of all Bitcoins have now been mined

Shawn Knight

Posts: 14,032   +150
Staff member
The big picture: It’s been nearly 12 years since the first Bitcoin was mined. When the mysterious Satoshi Nakamoto designed the decentralized digital currency, it was done in a way to ensure that no more than 21 million Bitcoins could ever be mined. This was likely done, at least in part, to control supply and smooth out future price fluctuations.

The latter protection hasn’t been terribly effective to date, but then again, it’s unclear what sort of expectations Nakamoto had for the digital currency when it was first conceived.

Nevertheless, as of this week, a full 18.9 million Bitcoins – or 90 percent of the total supply – have been mined. What happens next? Not much, at least not anytime soon.

The Bitcoin network was also designed such that the final coin won’t be mined until the year 2140. So while the first 90 percent were created in less than 12 years, the remaining 10 percent will take nearly 120 years to arrive.

We must also consider that an estimated 20 percent of all Bitcoins that have already been mined are likely lost forever. The reasons here are aplenty – lost passwords, misplaced hard drives, death, etc. Either way, once they’re gone, there’s no getting them back (you can mine, or "print," replacements), which theoretically makes the remaining coins in circulation even more valuable.

That's assuming, of course, that Bitcoins continue to be perceived as valuable. So much has happened in the space in just 12 years that it's next to impossible to forecast with any certainty what the market will look like 100 years from now.

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Mithan

Posts: 129   +136
So how do you make money on this now if your not a guy with a huge farm setup, or do you?

Is mining even worth it anymore? I am just curious if its worth putting my 3080 and 10850k to "work" in my off hours.
 

gnite

Posts: 6   +8
So how do you make money on this now if your not a guy with a huge farm setup, or do you?

Is mining even worth it anymore? I am just curious if its worth putting my 3080 and 10850k to "work" in my off hours.

Bitcoin hasn't been mined using GPU's for quite a while now, it's all ASICs if I'm not mistaken. If you wanna use your regular hardware, go for Ethereum or something like that.
 

QuantumPhysics

Posts: 6,241   +7,162
I think a decade from now, we will look back and consider Bitcoin the biggest waste of resources of this time period.

Yes Cryptocurrencies have use in transferring money to parts of the world with smartphones but less-than-reliable banking systems.

Unfortunately, the majority of HODLers are interested only in the price and expect to get rich just HODLing. That's obviously not going to happen unless you were first in and first out. But with over 14,000 crypto schemes (and growing) that's becoming increasingly impossible, especially since quarantine is over and you no longer have people sitting at home waiting for government welfare checks to "invest" in the market.

The funny thing to me is that the "gurus" of 2020 forecasting $100,000 Bitcoins by Summer 2021 had no idea it would be falling apart right now and failing to recapture their projected gains.
 

Squid Surprise

Posts: 5,286   +4,930
The funny thing to me is that the "gurus" of 2020 forecasting $100,000 Bitcoins by Summer 2021 had no idea it would be falling apart right now and failing to recapture their projected gains.

As opposed to the "gurus" who thought it would be dead and gone by now... Each Bitcoin is still about $50,000 USD.... That's a heck of a lot of money...

For all you know, it could be 100k by next summer...
 

DZillaXx

Posts: 484   +619
I think a decade from now, we will look back and consider Bitcoin the biggest waste of resources of this time period.

Yes Cryptocurrencies have use in transferring money to parts of the world with smartphones but less-than-reliable banking systems.

Unfortunately, the majority of HODLers are interested only in the price and expect to get rich just HODLing. That's obviously not going to happen unless you were first in and first out. But with over 14,000 crypto schemes (and growing) that's becoming increasingly impossible, especially since quarantine is over and you no longer have people sitting at home waiting for government welfare checks to "invest" in the market.

The funny thing to me is that the "gurus" of 2020 forecasting $100,000 Bitcoins by Summer 2021 had no idea it would be falling apart right now and failing to recapture their projected gains.

Bitcoin will still be around in 2030 and will be worth way more than it is now. That is fact.

Bitcoin is worth as much as someone else is willing to pay for it, just like the USD.

Just like the Bitcoin, if every USD held was put back into the market. The USD would be worthless. Our money is digital regardless if we like it or not. Just because you can hold onto a paperbill doesn't mean that doesn't become digital once it hits a bank. Paper money is nothing more than a means of transfer. All Money is digital in 1st world nations.
 

Dimitriid

Posts: 2,076   +3,979
If there are no more coins to be obtained then what's the incentive for miners to maintain the network at that point? Why would I use my power on ASIC if I can't get more coins?

Surely the difficulty is about to sky rocket making it basically non profitable to mine and without miners then there's nobody verifying the actual transactions and then if nobody can quickly confirm transactions then wouldn't it that make it pointless to own, making it crash?

I thought the entire idea behind it was that miners basically took care of all transactions and in return get some coins back. Now I'm sure transactional power requirements are less but if there's 0 incentive to maintain transactions then why would anyone?
 

bviktor

Posts: 778   +1,188
I think a decade from now, we will look back and consider Bitcoin the biggest waste of resources of this time period.

Yes Cryptocurrencies have use in transferring money to parts of the world with smartphones but less-than-reliable banking systems.

Unfortunately, the majority of HODLers are interested only in the price and expect to get rich just HODLing. That's obviously not going to happen unless you were first in and first out. But with over 14,000 crypto schemes (and growing) that's becoming increasingly impossible, especially since quarantine is over and you no longer have people sitting at home waiting for government welfare checks to "invest" in the market.

The funny thing to me is that the "gurus" of 2020 forecasting $100,000 Bitcoins by Summer 2021 had no idea it would be falling apart right now and failing to recapture their projected gains.
Every time you open your mouth regarding crypto (which you apparently feel obligated to, literally every single time it pops up), you prove again and again that you have no idea how trading or crypto works.

Just stick to your unhackable Windows XP, at least that's easier to ignore.
 

DZillaXx

Posts: 484   +619
That is your prediction of the future, that is not a fact because it hasn’t happened yet.
I looked into all possible futures and it happened in every single one.

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I was apart of the bitcoin scene a decade ago and people said the same thing. It isn't going anywhere. If it hasnt been for the push back from China Crypto would be trending upward. Give it time, In the next few years we will see another Crypto bull market.

Not having even a few thousand in crypto is a bad investment regardless. A few thousand is chump change these days. That is well in the realm of what the avg joe has to just waste regardless. Especially when the avg joe is averaging atleast $650-700 a week after taxes. The Avg Joe doesn't work retail or flip burgers so lets not kid ourselves and say that isn't the case. Not having some money in crypto is a bad long term investment call, even if it is only for 10 years....

I'm Index fund all the way for long term gains for use as a early retirement focus. But there is never a bad time to start investing.
 
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Karlos95

Posts: 243   +165
I think a decade from now, we will look back and consider Bitcoin the biggest waste of resources of this time period.

Yes Cryptocurrencies have use in transferring money to parts of the world with smartphones but less-than-reliable banking systems.

Unfortunately, the majority of HODLers are interested only in the price and expect to get rich just HODLing. That's obviously not going to happen unless you were first in and first out. But with over 14,000 crypto schemes (and growing) that's becoming increasingly impossible, especially since quarantine is over and you no longer have people sitting at home waiting for government welfare checks to "invest" in the market.

The funny thing to me is that the "gurus" of 2020 forecasting $100,000 Bitcoins by Summer 2021 had no idea it would be falling apart right now and failing to recapture their projected gains.

Except anyone with half a brain knows the bull run will end closer to 2023. Look at a chart. If you lost money on crypto you are just a bad investor. It really is that simple. But people like yourself who don't use logic can't grasp that.

For those wondering, the bullrun cycles tend to add 2 years each cycle. So next one you are looking at about 2031.
 

wiyosaya

Posts: 7,472   +6,252
As opposed to the "gurus" who thought it would be dead and gone by now... Each Bitcoin is still about $50,000 USD.... That's a heck of a lot of money...

For all you know, it could be 100k by next summer...
For all anyone knows, it might also be worth $0 by next summer, especially with Musky running his mouth in favor of dogecoin.
 

Bullwinkle M

Posts: 671   +536
For all anyone knows, it might also be worth $0 by next summer

It is already worth $0

It is worth exactly what I am willing to pay for it!

What is it worth when you forget your wallet password ?
What is it worth when your wallet is on a thumb drive that can no longer be read ?
What is it worth when your hard drive dies ?
What is it worth when your wallet's hard drive is lost in a landfill somewhere ?
What is it worth when your bitcoins were stolen by malware ?
What is it worth when you try calling the police or FBI to get your stolen bitcoins returned to you ?
What is it worth when the crypto exchange is run by criminals ?
What is it worth when........oh cmon now......play along will ya

At least I'll still have my unhackable Windows XP in 2030
 
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NightAntilli

Posts: 880   +1,160
I think a decade from now, we will look back and consider Bitcoin the biggest waste of resources of this time period.

Yes Cryptocurrencies have use in transferring money to parts of the world with smartphones but less-than-reliable banking systems.

Unfortunately, the majority of HODLers are interested only in the price and expect to get rich just HODLing. That's obviously not going to happen unless you were first in and first out. But with over 14,000 crypto schemes (and growing) that's becoming increasingly impossible, especially since quarantine is over and you no longer have people sitting at home waiting for government welfare checks to "invest" in the market.

The funny thing to me is that the "gurus" of 2020 forecasting $100,000 Bitcoins by Summer 2021 had no idea it would be falling apart right now and failing to recapture their projected gains.
The market has slowed down due to large scale adoption. In other words, the peak will come later. Likely we'll be reaching 200k by the end of next year.
In case this is a bear market that just started, which is a real possibility (but not likely), then we will be reaching $200k in 4-5 years instead.

Bitcoin is the most sound form of money that has ever existed.

Calling crypto currencies a scam is like calling the internet a scam back in the 90s. Sure, most companies and websites didn't make it. And most cryptocurrencies won't make it. But many will, and if you understand the space, it's not hard to pick a few good ones out.
 

Joey Rakas

Posts: 24   +14
Man, I wasn't aware this community had so many professional foretellers of events. I'd like to hire some of you for some insight into my future please. All jokes aside; The real "Fact" here is that nobody can 100% accurately tell you what anything will be like in 2030, especially not the state of crypto mining and it's extremely volatile nature. Some people really confuse prediction and speculation, with fact(s). Unless you truly have been given a divine gift, in which case it's not my place or anybody else to judge. Though I'm 100% with QuantumPhysics opinion on the fact crypto mining is a complete and utter waste of critical resources. And with the current major push to "Go Green" state of politics and the grip it has on so many different industries worldwide, I would "speculate" a major crack down sooner than later. I think many people cannot see past their own wallets. Regardless, it will be fun(probably not the right word) to watch how things transpire in the short years to come.
 

NightAntilli

Posts: 880   +1,160
Crypto is a Pyramid scheme run by criminals

Crypto's only value comes from illegal money laundering schemes
Crypto is not a pyramid scheme. Pyramid schemes require a central authority at the top.

Crypto is not run by criminals. That's like saying that the internet is run by criminals. That people use the internet, the dollar, or crypto for criminal activity does not mean that the whole of the internet, dollar, or crypto is run by criminals. Actually, that might be true for the dollar, but that's another story.

Crypto's value comes in a lot of shapes and sizes, because it's tackling real problems that the traditional financial system cannot fix. The scams do not devalue these.
 

Bullwinkle M

Posts: 671   +536
Crypto is not a pyramid scheme.

Crypto is not run by criminals.

Satoshi mined up to 1 million Bitcoin before anyone else could
The remainder get harder and harder to mine as time goes on

Satoshi heads that Pyramid

There are a fixed amount of Bitcoins possible
Many are lost due to scams / forgotten passwords / defective drives, etc.

Most of the lost coins will never be recovered, artificially inflating the value of the remainder through wild speculation

ALL of the money laundering Bitcoin Exchanges ARE run by Criminals

If you "choose" to not believe that, then you are not very smart / a lying criminal / or both

Putting real money into Bitcoin is a losing proposition
Taking that real money out is where the scam resides
 
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Karlos95

Posts: 243   +165
Satoshi mined up to 1 million Bitcoin before anyone else could
The remainder get harder and harder to mine as time goes on

Satoshi heads that Pyramid

There are a fixed amount of Bitcoins possible
Many are lost due to scams / forgotten passwords / defective drives, etc.

Most of the lost coins will never be recovered, artificially inflating the value of the remainder through wild speculation

ALL of the money laundering Bitcoin Exchanges ARE run by Criminals

If you "choose" to not believe that, then you are not very smart / a lying criminal / or both

Putting real money into Bitcoin is a losing proposition
Taking that real money out is where the scam resides
Sounds like the property market really.
 

Karlos95

Posts: 243   +165
For all anyone knows, it might also be worth $0 by next summer, especially with Musky running his mouth in favor of dogecoin.
History is not in your favour there considering the end of the cycles, the price has never gone below the previous peak.
 

NightAntilli

Posts: 880   +1,160
Satoshi mined up to 1 million Bitcoin before anyone else could
The remainder get harder and harder to mine as time goes on

Satoshi heads that Pyramid

There are a fixed amount of Bitcoins possible
Many are lost due to scams / forgotten passwords / defective drives, etc.

Most of the lost coins will never be recovered, artificially inflating the value of the remainder through wild speculation

ALL of the money laundering Bitcoin Exchanges ARE run by Criminals

If you "choose" to not believe that, then you are not very smart / a lying criminal / or both

Putting real money into Bitcoin is a losing proposition
Taking that real money out is where the scam resides
Who else was mining? The protocol requires mining, otherwise it doesn't work.

Satoshi doesn't 'head' the pyramid, because it doesn't need Satoshi to work, and having a lot of Bitcoin gives non additional power over the network, unlike traditional finances.

Fixed amount of Bitcoins is a good thing. It avoids infinite money printing, which translates to avoiding entities from stealing from the masses by devaluing the currency to devalue their debt.
Real scarcity doesn't somehow translate into an artificial price increase.

The rest of your post, pure nonsense that doesn't even require addressing.
 

Darth Shiv

Posts: 2,270   +826
Bitcoin hasn't been mined using GPU's for quite a while now, it's all ASICs if I'm not mistaken. If you wanna use your regular hardware, go for Ethereum or something like that.
Yep ROI is less than a year without overclocking. I've got PV to power it. Run my card at stock and make my 3080 purchase price back. It's a gaming rig. Not making a crypto farm.
 

Karlos95

Posts: 243   +165
Yep ROI is less than a year without overclocking. I've got PV to power it. Run my card at stock and make my 3080 purchase price back. It's a gaming rig. Not making a crypto farm.
Wow, that is pretty damn decent, did not think it was that good...

I've been investing in crypto but didn't have the balls to put money into hardware for it.