When the mining of bitcoin will end

[abamatinde]

According to my researh: There aren't concise records of when the first mining block was created, but it was during the year 2009 when Bitcoin was introduced. Mining for new bitcoins will end in the year 2140. All 21 million Bitcoin are approximated to have been mined by this time.

[lolgato]

It's just an estimate but yeah the mining for new bitcoins should end at around that time, miners will then mine for fees which should be worth quite a bit if they are still mining at the time. But I wouldn't worry much about it because most of us would most likely not be around at that time.

[Pantomath]

here in the above you can see when exactly first block is mined and its address,time stamp.

2140 is just a rough estimation, the time gap is just an estimation, but it is purely based on the blocks count.

from the above you can observe that for every 210000 the reward amount is halved.

and i believe slowly miners would  shutdown because of  reward halving.

 

thanks

[Kargai]

Those estimation are pointless imho.

They are based on actual type of systems for mining. Do you really believe than more than 100 years from now computers/miners/network will work the same way ? That we will have to connect to internet or still have the need for any devices ? I doubt it.

[vinka1976]

On 6/8/2017 at 5:31 PM, abamatinde said:

According to my researh: There aren't concise records of when the first mining block was created, but it was during the year 2009 when Bitcoin was introduced. Mining for new bitcoins will end in the year 2140. All 21 million Bitcoin are approximated to have been mined by this time.

i will want to live so far lol to see that

[LtTofu]

If I understand right, the mining is necessary for  transactions to happen.

And if the # of miners drops off then transactions will take forever. Especially, the small ones.

[GodLoft]

The estimate is 2140 based on the block reward halving frequency of four years. According to math and knowledge that there are 32 halving events, in 2136, the block reward will yield 0.00000168 BTC per day, which is 0.00000042 BTC per block. That's 42 satoshis.

It's arguable that there could be one additional halving, to a block reward of 0.00000021 BTC, but that would require a major protocol modification since the number of Bitcoin would then exceed 21 million. Additionally, to go past that, there'd have to be a protocol modification to extend divisibility past eight decimal places. It is far, far to early to worry about either of these, because we're more than a century away from this problem.

[Kargai]

6 hours ago, LtTofu said:

If I understand right, the mining is necessary for  transactions to happen.

And if the # of miners drops off then transactions will take forever. Especially, the small ones.

That's already what we can see on a daily basis. When the number of unconfirmed transactions is high (80k+ few days ago for example) it's usually correlated to a less mining power globally (was the case with the fork).