How Many Bitcoins Are Yet To Be Mined?
The galloping growth of price of Bitcoin and Ethereum increases the hype around digital currencies. There is a growth of both money supply and investments in both BTC and ETH. More and more often we see questions on how much bitcoins and ether have been mined and can the supply meet everybodys demands. Bitnewstoday aims to answer these questions in the following article. Cryptocurrencies with limited and unlimited supply Digital currencies can be divided into two types: with fixed supply, when a limit of coins emission is pre-installed in their structure, and with uncontrolled supply, when coins, contrariwise, can be mined forever. Among the 25 most capitalized cryptocurrencies, 17 (or 68%) of them have a limited supply. These are: Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC) etc. Remaining 8 cryptocurrencies of the list have no emission limits for example, Ethereum (ETH), Monero (XMR), NEM (XEM) etc. You can check out the chart below to see the distribution of mined coins which have a limited supply. Table 1 Emission of 25 most capitalized cryptocurrencies Source: Bitnewstodays calculations based on Coinmarketcap data At the press time, more than 16.7 mln of bitcoin already circulate on the digital currency market, which makes 79% of established bitcoin supply limit. In other words, only 4.3 mln of bitcoins remain to be mined. Bitcoin supply speed is written in its code and is strictly limited. Every 4 years, the mining halves. Apart from this, as the stats below show, every new block is harder to mine every new month. Somewhere around 2140 the last 21 millionth bitcoin will emerge, and it is hard to predict what happens next. Some experts believe that at that time the price of Bitcoin will be more than a thousand times larger than the current one d Continue reading >>
Ethereum - Wikipedia
This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality.  It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed.  "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.   Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014.  The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale.  This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC).    Ethereum was initially described in a white paper by Vitalik Buterin ,  a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>
No Supply Limit? The Economics Ofethereum
Exploring my interests through research and exposition. Editor of Optimization. Enthusiast of the Future. No Supply Limit? The Economics ofEthereum The Ethereum whitepaper differs quite a bit from the few Ive read so far on other projects, and sticks out due to the minimal mentions of economics compared to the normally detailed descriptions for ICOs. After all, Ethereum was also launched via a token sale; however, it differs in intended purpose. Understanding the economics of supply and demand in a cryptocurrency brings not only the potential for financial reward, but also faith or loss of faith in the project. This article goes in-depth on participation incentives, below are examples of different token economics: Some tokens like Bitcoin are mined through intensive calculations and have a finite supplies. Some speculators are optimistic about holding onto such coins and view them as gold, seeing a finite supply and increasing demand as positive for upwards price movement. Others such as IOTA are pre-mined. Every IOTA in existence has already been released to the market, no more can be created. Still others have only released a percentage of their tokens, with the remaining supply being released over time. See Ripple. The danger here in some coins (this is not directed at Ripple) is a cashing-out by the development team by only releasing tokens for sale as the price increases, fueling speculation. Our subject of discussion, Ethereum, has no supply cap! Ethereum is built with the goal to become the platform for DApps ( source ). Such a platform hosts the ability to run smart contracts, lines of code that execute once certain conditions are met. The whitepaper details the three main applications on top of the ethereum platform: financial applications of contracts such as Continue reading >>
Buterin Ponders Limiting The Supply Of Ether
Buterin Ponders Limiting the Supply of Ether Vitalik Buterin , founder of Ethereum , which until this week was the second-highest crypto-asset by market cap (See Whats Up With Bitcoin and Bitcoin Cash for the scoop), granted a rare interview where he voiced concerns about the Ether world he helped create. According to Bloomberg , while at the annual Devcon event in Cancun Mexico during the first week of November, Buterin expressed that he was concerned many of Ethereums token models arent sustainable. Bloomberg suggests that Buterin may have created too much of a good thing. The Bitcoin crypto-asset is capped at no more than 21 million tokens that are slowly released into the market, so theres a finite amount and the market value wont be diluted. The number of Ethereum tokens are essentially capped at the current circulation of just over 96 million . In order to prevent Ethereum from venturing into voodoo economics territory, Buterin suggested: Introducing some kind of sinks into ethereum is definitely something were looking at. By sinks, I mean fees that lead to the token actually being destroyed. This would, similar to Bitcoin, create scarcity and thereby keep the value of Ethereum high. A second method that could be utilized is to cordon off or lock up Ether to remove it from circulation. This is a plan, he went on, that would occur when the community moves away from their current proof-of-work verification process to a system known as proof-of-stake . Miners would essentially be required to deposit Ether tokens in order to participate in the mining or verification process. The more tokens deposited, the more they earn. Buterin also addressed the pros and cons of ICOs. He stated, as have others, that projects should have a working prototype or product before they sh Continue reading >>
Ethereum's Creator Mulls Limiting Supply In Novel Ways
Ethereum's Creator Mulls Limiting Supply In Novel Ways While the ICO craze has got out of control in 2017, the two leading cryptocurrencies Bitcoin and Ethereum have gone from strength to strength. Weve seen frequent gut-wrenching (for bulls) drawdowns, wallet freezings (Ethereum several days ago see here ), exchange closures (China) and high-profile criticism from speakers engaging forked-tongues (Jamie Dimon's famous fraud comments, etc). Nonetheless, like fledglings learning to leave the nest, a broad swathe of opinion senses that there is progress. Like the early days of the internet, investors will suffer losses on those ICOs which were poorly planned and/or poorly executed which might be most of them. As this process unfolds, however, the better cryptocurrencies will be tweaked, refined and sometimes forked to make them better suited to a range of decentralised applications which are, themselves in state of flux. Talking of tweaks, the co-founder of Ethereum, Vitalik Buterin, is mulling one for Ethereum which might happen before the end of 2017. Watching the firehose of ICOs, Buterin has been asking himself whether, with Ethereum (ether), hes creating too much of a good thing. According to Bloomberg . The 23-year-old helped sell one of the first digital currencies in 2014 when he introduced ether to the public. Three years later hes witnessed scads of other digital currencies raise more than $3 billion in 2017 via so-called initial coin offerings. The sheer number of coins now being created has made him ponder the previously imponderable: limiting the supply of ether. Im concerned a lot of these token models arent going to be sustainable, Buterin said in a rare interview last week at the Ethereum Developers Conference in Cancun, Mexico. So whats the problem? Ther Continue reading >>
Understanding Ethereum Supply Cap : Cryptocurrency
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Should Ether Keep Without A Limited Supply Or Not?
Does Vitalik Buterin, Ethereums Blockchain creator, regret about not limiting Ethers supply? Accordig to Bloomberg, he may have created too much of a good thing. Vitalik Buterin has created Ether, in 2014 when he was just twenty years old. Three years later and with the ICO market expanding, he asks himself if he should have limited Ethers supply. Just in 2017, ICOs raised more than $3 billion dollars, but not all of them could succeed . I am concerned a lot of these token models are not going to be sustainable, said Buterin in an interview in the Ethereum Developers Conference in Mexico. Bitcoin has a supply limit of 21 million coins, but Ether does not have the same limit. Vitalik Buterin is not thinking about limiting Ethers supply in the same way as Bitcoin. The idea that this young developer has, is to impose fees on applications built atop Ethereum. If the token is being burned, then you have an economic model that says that the value of the token is the net present value of basically all future burnings, he commented. But otherwise, it is just a currency that goes up and down. It feels kind of like voodoo economics and the price of the token isnt really backed by anything. That is a very spooky thing, he said. The intention, and what Ethereum team is looking for, is to introduce some kind of fees that would allow the token to be destroyed. Though, this is not the only single way to limit its supply. For example, another way could be locking some ether in circulation. This is known as proof-of-stake (PoS). PoS means that miners can only mine a percentage of blocks equal to the percentage of Ether they own. In this case, if one miner owns 1 percent of the Ether in the market, it will be able to mine only 1 percent of the blocks. And Buterin does believe that Proof Continue reading >>
What's The Supply: An Ethereum Monetary Policy?
Bitcoin maximalists and ETC pumpers will go on and on about how the supply of ETH is not capped and how terrible that is. What is the monetary policy of Ethereum? How many coins will there be in 6 months? 20 years? Has the Ethereum foundation wavered on the future Ether issuance? Bitcoin is special. There will only ever be 21 million bitcoins in circulation. This point is central to the core monetary consensus around Bitcoin as a whole. The total issuance and inflation rate over time were parameters known from day one. These were both important properties for Bitcoin investors. Deflationary assets with very public inflation rates are rare; Bitcoin fills an extremely unique store of value property not necessarily found in other markets. Not all assets need a strictly defined monetary policy in the same way as Bitcoin. Even gold differs with the ability to mine at different rates. With Ethereum, these monetary supply parameters were not set in stone in the same way as Bitcoin. Consensus formed around a model with an essentially undetermined cap. Ethereum's vision and the ultimate issuance mechanism were unknowns at the start of the project. The Proof-of-Stake consensus Ethereum hoped to transition to was uncharted waters. Early investors understood this uncertainty and the undetermined supply cap. Well undetermined is not entirely true; the current Ethereum Ice Age implemented as calcDifficultyDiehard in the Homestead release essentially limits the coin supply to just slightly over 100 million. By 2018 the blocktimes will be hundreds of seconds and increase rapidly. However, the implication of the Ice Age or 'Difficulty Bomb' is such that the community must form consensus on how to evolve the monetary policy at a certain point in time, otherwise the blocktimes will grow Continue reading >>
Ethereum Creator Wonders Whether His Currency Should Be Scarcer
Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Ethereum Creator Wonders Whether His Currency Should Be Scarcer In a rare interview, Vitalik Buterin frets over ether supply Notes voodoo economics of digital tokens with no limits Vitalik Buterin, the inventor of the ethereum blockchain, may have created too much of a good thing. The 23-year-oldhelped sell one of the first digital currencies in 2014 when he introduced ether to the public. Three years later hes witnessed scads of other digital currencies raise more than $3 billion in 2017 via so-called initial coin offerings. The sheer number of coins now being created has made him ponder the previously imponderable: limiting the supply of ether. Photographer: David Paul Morris/Bloomberg Im concerned a lot of these token models arent going to be sustainable,Buterin said in a rare interview last week at the Ethereum Developers Conference in Cancun, Mexico. So whats the problem? Theres a hard limit -- 21 million coins -- on the supply of bitcoin, the first successful cryptocurrency, that helps underpin its value. Buterin isnt mulling a cap like that, but hes intrigued by the idea of imposing fees on applications built atop ethereum. Those fees would destroy -- or burn, in Buterins parlance -- ether tokens over time. If the token is being burned, then you have an eco Continue reading >>
Is There A Limit To The Supply Of Ethereum?
Is there a limit to the supply of Ethereum? Quote from Vitalik Buterin, Ethereum Foundation: So here is a thought. Currently, because of the PoW ice age, the block time is scheduled to start increasing in mid-2017, and past around 2019 the increase is going to grow exponentially. The mining reward does NOT increase proportionately. Hence, there is already an exponential slowdown in the growth of the ETH supply built into the protocol; my script shows: Block 3000000, approx ETH supply 87962556, time '2017-01-16 00:38:33.067775' blocktime 14.86 Block 3500000, approx ETH supply 90612556, time '2017-04-11 18:09:34.273529' blocktime 15.27 Block 4000000, approx ETH supply 93262556, time '2017-08-15 18:20:24.642729' blocktime 30.01 Block 4500000, approx ETH supply 95912556, time '2018-11-03 05:55:48.912370' blocktime 136.71 Block 5000000, approx ETH supply 98562556, time '2025-10-02 11:47:30.658317' blocktime 835.81 Block 5500000, approx ETH supply 101212556, time '2128-03-20 09:14:16.483692' blocktime 17183.83 Block 6000000, approx ETH supply 103862556, time '5189-09-26 20:57:59.367004' blocktime 520901.19 Hence, in the foreseeable future, the supply will not go far above 100 million. Ice age is a term used to describe the difficulty increase in the network(also called difficulty bomb). With time the mining difficulty increases exponentially and will bring the network to a halt. The idea behind this is to motivate the developers to move to Proof of Stake and give them a time limit to implement the new protocol before the network stops. Slower network = longer block times = less ETH rewards Continue reading >>
What Is Ether?
Ether is a necessary element a fuel for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources). If you just want to test the technology, you probably don't need real ether. Download the latest Wallet app and switch to the Test Network Check your ether presale balance safely here: The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly: 60 million ether created to contributors of the presale 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation 5 ethers are created every block (roughly 15 seconds) to the miner of the block 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward) Note that after the Byzantium update is implemented, the mining and uncle reward is reduced to 3 ethers and 0.625-2.625 ethers, respectively. No. According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key Continue reading >>
Ethereum Not Having A Supply Cap Is Not Such A Big Deal
Bitcoin Development Should Not Hinge On Contributors' Identities Ethereum Not Having A Supply Cap Is Not Such A Big Deal Although the Ethereum ecosystem is attracting a lot of positive attention, some questions still linger. For example, there is no supply cap on the ETH tokens, which leads to constant inflation. Switching to proof-of-take would reduce that inflation, but there wouldnt be a concrete supply cap per se. This is one question a lot of investors should think about. Unlike Bitcoin , with its 21 million coin cap, Ethereum has no particular currency supply limit. That may seem after unusual, but in the world of cryptocurrency, that is not uncommon. At the same time, this brings up the question how the value of individual ETH tokens should be calculated. After all, with no fixed supply, these tokens may as well be worth next to zero. According to a Reddit post , the number of issued ETH is linked to the value of a single token. In a way, this means the more tokens are created, the less valuable they become. Such a principle exists in traditional finance as well when central banks print more money. In this case, however, that value is decided by the free market. Some people may wonder what would happen if a rogue developer would try and double the supply overnight. While it is unlikely this will happen, it is a genuine question. Without the majority of network miners approving this change, it will not go through. Moreover, new Ethereum clients would need to be developed to accommodate this change. Even though there is no fixed supply cap for Ethereum right now, there are certain limits. The number of coins added per year varies a bit and is currently roughly 20% of the supply cap. That number can go down, assuming there will be a block reward halving in the futu Continue reading >>
Ethereum Price Can Reach $2,000 If This Happens
Ethereum Price Can Reach $2,000 If This Happens When Ether reaches a price of $2,000, we are looking at a market capitalization of around $188 bln. When Ether reaches a price of $2,000 , we are looking at a market capitalization of around $188 bln. Although this is significantly higher than today, an eight-time increase, it is still relatively small if we compare it to the market capitalization of a company like Facebook, $492 bln. Cointelegraph attempts to analyze what events need to occur in order for Ether to break this mark . Currently, the Ethereum network is limited to around 20 transactions per second. This is twice as much as Bitcoin can handle. However, if we are looking at a future where Ethereum is used as a daily form of payment , this isnt enough. The Raiden Network is aiming to solve this problem. Its developers are building an off-chain solution for Ethereum payments which scales linearly with the number of participants. The network could in the future handle over 1,000,000 transactions per second. Additionally, it will allow decreasing transaction cost by seven orders of magnitude, making true micro-transactions on Ethereum a reality. Ether becomes easier to acquire and spend So far there are around 60 active cryptocurrency exchanges. This number is growing every single month as digital assets become more and more attractive. However, the average American is not comfortable with buy and sell limits and trading charts. Therefore, new alternatives need to arise that allow the crowd to acquire Ether. Companies like Dether are working on platforms that allow interested parties to purchase Ether directly with cash. This is definitely a big step in the right direction. At the time Im writing this article, the market capitalization of all cryptocurrencies comb Continue reading >>
Mining - What Is The Total Supply Of Ether? - Ethereum Stack Exchange
In Bitcoin, the total supply is capped at 21 million BTC. Is the total supply of Ether capped? How much will be mined before the Proof of Stake (POS) transition, and how will POS affect the issuance model? I'm not sure anyone really knows the answer, as it hasn't been decided, AFAIK. Tjaden Hess Jan 25 '16 at 20:42 Thanks. Was afraid of that. Hope that gets decided soon - would vastly prefer a fixed money supply at time of Proof of Stake with mining paid for by transaction fees only. Matthew Light Jan 25 '16 at 21:02 To clarify, homestead and PoS start are not necessarily the same milestone. Makes things a little close, but in my mind that means these are not the same question. Jeff Coleman Jan 26 '16 at 5:39 60 million + 12 million + 18million = ~90million60 million - is the Pre-sale.12 million - is the dev fund, 0.2coins per 1 coin sold in the crowdsale.~18 million - 1 million coins mined per month for 18 months prior to going from POW to POS. Update #1: 91,018,773.78 (April 25, 2017). After a while, 15,626,576 ether won't represent much of the total ether available, making the system dis-inflationary (i.e., inflation perpetually trending towards 0 but never reaching it). is there inflation after all coins are mined? Patoshi Feb 2 '16 at 20:55 @duckx i dont think, because the value will be high and it will keep increasing hopefully niksmac Feb 3 '16 at 2:34 @NikhilM we've seen this story before: if it doesn't take much Ether to actually create a contract then absent other drivers for demand the value will plummet. The rallies are driven purely by the low float, which is great for perception, but one must look at the risk factors for both the economics and their associated investment. Cryptocurrencies make this difficult due to the need to own them as an asset thereby Continue reading >>
230 Million: Ethereum Classic Community Backs Limit On Total Tokens - Coindesk
230 Million: Ethereum Classic Community Backs Limit on Total Tokens The community of companies and startups supporting the ethereum classic blockchain is planning to put a cap on the total amount of tokens that willever be created by the protocol. In a new blog post released today, signatories from the network's development, infrastructure and investment ecosystem threw their support behind a plan to upgrade the network in the coming months. Notable signatories include startup IOHK, which is led by former ethereum CEO Charles Hoskinson, Digital Currency Group, and major mining pools including F2Pool. The plan for the "monetary policy" envisions a limit being implemented, with an eye to start releasing software clients this summer. "The new monetary policy sets a limit for the total [classic ether (ETC)]issuance. The block reward will be reduced by 20% at block number 5,000,000, and another 20% every 5,000,000 blocks thereafter. Uncle block rewards will also be reduced. Due to variations in the reward rate of ETC, we anticipate the total supply to be approximately 210 million ETC, not to exceed 230 million ETC." Activation of the upgrade could come as early as the fall, and should the upgrade be adopted by network supporters, the block reward decline will begin in December. If enacted, the development would mark a significant milestone for the project, which arose from a split in the ethereum communitylast year. Disclosure: CoinDesk is a subsidiary of Digital Currency Group. Continue reading >>