Title: Newbie Question Post by: peachypoo on October 27, 2015, 07:49:45 PM Hi, so I'm just curious as to how often are blocks "mined" is it like after a certain amount of transaction, or time, or just whenever a miner finds the solution? And each block thats mined the miner, or pool, get 25 bitcoins + transaction fees? Lastly, what is this halving that people are talking about?
Title: Re: Newbie Question Post by: hodedowe on October 27, 2015, 08:37:06 PM You really should have titled your question better. "Newbie Question" has nothing to do with your question on mining frequency.
Anyway, blocks are mined every 10 minutes or so, give or take a couple of minutes. This is by design. It will always be every 10 minutes or so until the end of time. The person, or pool, that finds the block reaps the coins and the fees. Both of them. The frequency that blocks are mined (and your chances) are controlled like a lottery. You could mine a block every 1 minute for the next 10 minutes, then not mine another for the next year, though both of those scenarios are very improbable. Imagine yourself pulling scratch-off tickets at a rate of one every second and scratching to see if you won $1000. The more you scratch, the more chances you have to win. Hashes are tickets and your miner (ASIC miners at this point) are your hand pulling the tickets and scratching. Block halving happens every 210,000 blocks, or about every 4 years or so. It will continue to do so until all 21 million bitcoins are mined and then all you get for mining is the transaction fees, which will hopefully (barring a bunch of idiots running the circus) be at least as valuable as the current mining set due to bitcoin inflation. Title: Re: Newbie Question Post by: VirosaGITS on October 27, 2015, 09:09:14 PM Hi, so I'm just curious as to how often are blocks "mined" is it like after a certain amount of transaction, or time, or just whenever a miner finds the solution? And each block thats mined the miner, or pool, get 25 bitcoins + transaction fees? Lastly, what is this halving that people are talking about? I'll answer your question more directly. Difficulty is set compared to the network hashrate to target an average of 10 minutes. You can get a few blocks in a few seconds or none for an hour. That's what the difficulty is all about. There is no "progress" toward a block, either you found one or you did not and you draw the lottery x time per second and that is your hashrate. Title: Re: Newbie Question Post by: philipma1957 on October 27, 2015, 10:17:55 PM The ½ ing will come around Jun or July
Coins given will drop from 25 to 12.5 To win your miner has a set of "magic dice". they can spin 0 to 20,000,000,000,000,000,000,000,000 actually higher but I put a really big number to give you an idea. to spin a winner you need over 60,883,825,480 this is 60 billion + any number under is a loser any number over is a winner. Not sure what happens with a perfect match. this number can be found below. https://bitcoinwisdom.com/bitcoin/difficulty the number is adjusted every 2016 blocks up or down based on speed. past history below Difficulty History Date Difficulty Change Hash Rate Oct 15 2015 60,883,825,480 0.12% 435,823,399 GH/s Oct 01 2015 60,813,224,039 2.49% 435,318,014 GH/s Sep 17 2015 59,335,351,234 4.17% 424,738,988 GH/s Sep 04 2015 56,957,648,455 4.98% 407,718,729 GH/s Aug 22 2015 54,256,630,328 2.95% 388,384,088 GH/s Aug 08 2015 52,699,842,409 0.81% 377,240,166 GH/s Jul 25 2015 52,278,304,846 2.35% 374,222,683 GH/s Jul 11 2015 51,076,366,303 3.39% 365,618,871 GH/s Jun 28 2015 49,402,014,931 -0.58% 353,633,397 GH/s Jun 14 2015 49,692,386,355 4.42% 355,711,957 GH/s May 31 2015 47,589,591,154 -2.50% 340,659,563 GH/s May 17 2015 48,807,487,245 2.44% 349,377,603 GH/s May 03 2015 47,643,398,018 0.07% 341,044,727 GH/s Apr 19 2015 47,610,564,513 -3.71% 340,809,696 GH/s Apr 05 2015 49,446,390,688 5.84% 353,951,052 GH/s Mar 22 2015 46,717,549,645 -1.50% 334,417,246 GH/s Mar 08 2015 47,427,554,951 1.59% 339,499,662 GH/s Feb 22 2015 46,684,376,317 5.01% 334,179,783 GH/s Feb 09 2015 44,455,415,962 7.71% 318,224,263 GH/s Jan 27 2015 41,272,873,895 -6.14% 295,442,739 GH/s Jan 12 2015 43,971,662,056 8.20% 314,761,417 GH/s Dec 30 2014 40,640,955,017 3.00% 290,919,288 GH/s Dec 17 2014 39,457,671,307 -1.37% 282,449,013 GH/s Dec 02 2014 40,007,470,271 -0.73% 286,384,627 GH/s Nov 18 2014 40,300,030,328 1.76% 288,478,854 GH/s Nov 05 2014 39,603,666,252 10.05% 283,494,086 GH/s Oct 23 2014 35,985,640,265 2.81% 257,595,247 GH/s Oct 09 2014 35,002,482,026 0.98% 250,557,526 GH/s Sep 25 2014 34,661,425,924 16.20% 248,116,151 GH/s Sep 13 2014 29,829,733,124 8.75% 213,529,547 GH/s Aug 31 2014 27,428,630,902 15.03% 196,341,788 GH/s Aug 19 2014 23,844,670,039 20.86% 170,686,797 GH/s Aug 08 2014 19,729,645,941 5.30% 141,230,307 GH/s Jul 25 2014 18,736,441,558 8.08% 134,120,673 GH/s Jul 12 2014 17,336,316,979 3.08% 124,098,191 GH/s Jun 29 2014 16,818,461,371 24.93% 120,391,236 GH/s Jun 18 2014 13,462,580,115 14.51% 96,368,902 GH/s Jun 05 2014 11,756,551,917 12.44% 84,156,677 GH/s May 24 2014 10,455,720,138 18.10% 74,844,960 GH/s May 12 2014 8,853,416,309 10.66% 63,375,223 GH/s Apr 29 2014 8,000,872,136 14.64% 57,272,474 GH/s Apr 17 2014 6,978,842,650 14.04% 49,956,502 GH/s Apr 05 2014 6,119,726,089 22.23% 43,806,706 GH/s Mar 24 2014 5,006,860,589 17.80% 35,840,504 GH/s Mar 13 2014 4,250,217,920 11.39% 30,424,245 GH/s Feb 28 2014 3,815,723,799 21.92% 27,314,015 GH/s Feb 17 2014 3,129,573,175 19.39% 22,402,357 GH/s Feb 05 2014 2,621,404,453 19.49% 18,764,744 GH/s Jan 24 2014 2,193,847,870 22.59% 15,704,175 GH/s © 2013-2014 BitcoinWisdom.com |