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Title: Bitcoin issued per year formula Post by: TheWolf666 on October 23, 2018, 09:19:12 AM If Bitcoin delivered 50 coins every 10 minutes (600 seconds) the first year, then it should have delivered 50 x (1577000/10) = 7885000 Bitcoin the first year.
But I cannot see this number in any charts like in this one for example where it is said that the first years were added 2625000 bitcoins. https://en.bitcoin.it/wiki/Controlled_supply So what is the exact formulas to determine how many bitcoins are issued / year (before halfing) Title: Re: Bitcoin issued per year formula Post by: AdolfinWolf on October 23, 2018, 09:25:36 AM I don't understand your math to begin with.
There are 24*365 = roughly 8760 hours in a year. A block every 10 minutes, 8760*6 = 52560 blocks. 52560 * 50 = 2628000 Bitcoins? If Bitcoin delivered 50 coins every 10 minutes (600 seconds) the first year, then it should have delivered 50 x (1577000/10) = 7885000 Bitcoin the first yea Where do you get this formula from?If you account the increase/decrease in hash rate, (or the lack of blocks mined in the first year of bitcoin "existing",) this number may vary slighly when looking on a shorter period of time, otherwise, this should be pretty correct? Title: Re: Bitcoin issued per year formula Post by: TheWolf666 on October 23, 2018, 09:37:51 AM Ok I was wong on the number of minutes in a year (525600)
My mistake, now it makes sense! Thanks Title: Re: Bitcoin issued per year formula Post by: aplistir on October 23, 2018, 11:13:03 AM Actually only 32489 blocks were mined in 2009, which makes (only) 1,6 million coins.
Here is the last block mined in 2009 https://www.blockchain.com/btc/block/00000000827b23e7fcdd7fd189c7c61224542d98921e5f6a28e9e5b777b9db69 (https://www.blockchain.com/btc/block/00000000827b23e7fcdd7fd189c7c61224542d98921e5f6a28e9e5b777b9db69) The difficulty was at its lowest level and still there weren't enough miners to find a new block every 10 minutes. Those were the days :) Title: Re: Bitcoin issued per year formula Post by: aplistir on October 23, 2018, 11:18:25 AM Oops,
32489 blocks were mined in 2009, but about 33800 blocks in the first 365 days, because the first block was not mined in the new years eve. Here is a block from 9th January 2010, almost exactly 1 year later than the first block- https://www.blockchain.com/btc/block/000000000d30a3dab7c120ca79ce032516f9dd2f99ee161e8eaba802b9f9c83b (https://www.blockchain.com/btc/block/000000000d30a3dab7c120ca79ce032516f9dd2f99ee161e8eaba802b9f9c83b) It still makes (only) about 1,69 millionBTC Title: Re: Bitcoin issued per year formula Post by: Diamond Dallas Page on October 23, 2018, 05:39:27 PM If Bitcoin delivered 50 coins every 10 minutes (600 seconds) the first year, then it should have delivered 50 x (1577000/10) = 7885000 Bitcoin the first year. But I cannot see this number in any charts like in this one for example where it is said that the first years were added 2625000 bitcoins. https://en.bitcoin.it/wiki/Controlled_supply So what is the exact formulas to determine how many bitcoins are issued / year (before halfing) To calculate theoretically how many bitcoins are mined in one year (assuming 50 BTC per block): Code: min/year = 365.25 days/year * 24 hr/day * 60 min/hr = 525960 min/year Note: This is assuming 10 minutes per block, which is just an average. Also, the first block was mined on Jan 3, 2009 and did not continue every 10 minutes at the beginning, it took a couple weeks to begin to stabilize around 10 minutes: https://i.stack.imgur.com/Ogxtj.png Maybe someone can comment as to why the wiki has 2625000 BTC as the estimate per year, I'm not sure why. However, The estimation for a blocks in a year in Bitcoin is 210000/4, where 210000 is the subsidy halving height (just short of 4 years). At 50 BTC per block this is 2625000. Merit will be highly appreciated if the posts seems helpful. Title: Re: Bitcoin issued per year formula Post by: gmaxwell on October 24, 2018, 12:56:08 AM Relevant: https://bitcoin.stackexchange.com/questions/37077/how-much-inflation-does-bitcoin-have-year-by-year
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