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Bitcoins have lost $174,458,406.27 since July 9th 2011.

September 27, 2011

A report has been published showing a massive loss to the bitcoin economy.

Total Value of Entire Bitcoin Economy $36,126,021.96

A total figure of USD $1,060,609.29 per month must enter the bitcoin economy to keep the current value of USD $4.910228203451 per BTC

$245.51 worth of BTC are printed every 10 minutes by mining or $1,060,609.29 per month or $12,727,311.50 per year.

Bitcoins traded at nearly $35 at their peak with ~6,000,000 coins in circulation on June 9, 2011 the total Bitcoin economy was valued at $210,000,000.

Bitcoins are now trading at $4.910228203451 with 7357300.000000001 coins in circulation the total Bitcoin economy is now valued at $36,126,021.96

This represents a net loss of $174,458,406.27 from peak to this exact moment (updated in real time) of the entire bitcoin economy.

If Bitcoins were stable at their peak of $35 on June 9, 2011 , the bitcoin economy would be worth $257,505,500.00 rather than $36,126,021.96

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Written by TheFounder · Filed Under Advertising Agency News 


Comments

  • http://twitter.com/stevenwagner stevenwagner

    “per month must enter the bitcoin economy. ” You are still singing the same tune. Why are you such a bear for bitcoins? You looking to buy cheap? You have shown no data that newly mined coins are always sold.

    The equivent of what you are saying is that in the run up to $35, for it to have happened it would require that $210,000,000 entered the bitcoin economy. And that isnt true either. But if you stay with your calculations…since $210,000,000 was the amount it went up, when only about $12,000,000 actually entered the economy, then by that ratio we only need about $60,000 to enter the bitcoin economy per month for prices to maintain. That is a more fact based number then what you suggest.