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Title: . Post by: vinca BK. on April 29, 2021, 08:14:16 PM .
Title: Re: 18.5 million bitcoins been mined in the 12 years Post by: NotFuzzyWarm on April 29, 2021, 08:34:14 PM Um, Finder Rewards started at BTC50, then 25, then 12.5, currently 6.25, next halving it will be at 3.125BTC.
See a pattern here?... edit: corrected starting value of block reward Title: Re: 18.5 million bitcoins been mined in the 12 years Post by: NotFuzzyWarm on April 29, 2021, 08:38:05 PM Every 4 years the finder reward is cut in half.
ref https://en.bitcoin.it/wiki/Controlled_supply Title: Re: 18.5 million bitcoins been mined in the 12 years Post by: philipma1957 on April 29, 2021, 09:10:41 PM AND DIFFICULTY scales in such a way to allow (attempt to ) 144 blocks a day
so 144 blocks at 50 coins each until 2012 = 72000 coins each day then 144 blocks at 25 COINS EACH UNTIL 2016 = 36000 coins each day then 144 blocks at 12.50 coins each until 2020 = 18000 coins each day then 144 blocks at 6.25 coins each until 2024 = 9000 coins each day then 144 block at 3.125 coins each until 2028 = 4500 coins each day. then 144 blocks at 1.5625 coins each until 2032 = 2250 coins each day. I theorize that at 2049 they may empty dead 40 year old wallets for 2009 much like banks take old account money on untouched accounts. This would need a vote. but would allow for coins to last longer without making new coins. Title: Re: 18.5 million bitcoins been mined in the 12 years Post by: mikeywith on April 30, 2021, 04:15:05 AM and now we are in 2021 and the technologies in mining are more able than before, and we need 119 years (2140-2021) to mine only 2.5 million Bitcoin (21-18.5) ? This is what the difficulty is all about it, technology is irrelevant to the supply of bitcoin, the more advance it gets - the harder solving the blocks will become, so be it a fancy quantum computer made by a unicorn outside of our Milky way or a bunch of kids solving the blocks using a pencil and a paper, the new-supply will remain more or less the same. And since the "speed" of finding blocks is almost constant (10 mins to each block), the reward halvings cause the deflation of the new supply, the keyword to your question here is (deflation). Now that we got that out of the way, let's do a bit of math In the first 4 years (it's based on blocks but let's just say 4 years for simplicity) every 10 mins 50BTC was created, so every day 144 blocks each have 50 BTC was created, so that was 7,200 BTC a day, or 216,000 BTC a month. Today after going from 50>25>12.5>6.25BTC the block reward now is 6.25BTC, so as opposed to creating 7,200 BTC a day, we only make 6.25*144 = 900 BTC a day, in the next halving we will only be able to create half the amount, eventually it will take months to generate 1 bitcoin and then months to create a fraction of bitcoin. |