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Title: We're 30,300 blocks from the reward drop! Post by: Garr255 on March 05, 2012, 06:00:00 AM I am starting to wonder whether GPU miners will keep going at it or not. Then the market will be flooded with 5xxx and 6xxx series GPUs driving the prices way down. In the future there will be those with free electricity, and those with FPGAs.
What are your opinions? Title: Re: We're 30,300 blocks from the reward drop! Post by: smoothie on March 05, 2012, 06:18:37 AM It will get cheaper to mine at higher hash rates as time goes on. this produces better security for the entire network. Rewards halving will likely have a "bubble" price associated with it prior to the halving because of anticipation of the change in block rewards from 50 to 25.
The more people use it and the more merchants accept it, the more valuable they will become. Currently there are only about 290k bitcoins up for sale on Mt. Gox for a total market value of something like 3 million USD. If we added another 1 million users as has been mentioned as a goal in the november bitcoin conference, then if each of those users bought 10 bitcoins that would be the entire supply of bitcoins at that point (December 9th or so of 2012). I still see prices going higher especially with the Fed and other central banks printing paper currency at an astounding rate of trillions upon trillions. If even 1% of that money goes into bitcoin prices would rice substantially. Just my $0.02. Title: Re: We're 30,300 blocks from the reward drop! Post by: Garr255 on March 05, 2012, 06:38:44 AM Thanks, you just made the value of the USD go up. ;)
Title: Re: We're 30,300 blocks from the reward drop! Post by: Technomage on March 05, 2012, 02:57:19 PM I think that it's more the FPGA -part that's the doom of GPU miners, not the block reward drop. It will take time for FPGA's to become more common, I'd expect 1-2 years before it gets next to impossible to profit if you are a GPU miner and pay for electricity. GPU miners with fixed electricity cost or those that mine with a PC they use anyway, might still find it profitable for a long time to come, possibly for a very long time.
The reason I emphasize this is that the reward drop will very likely cause a price increase in itself. It halves the inflation rate of bitcoins which will undoubtedly increase the market's appreciation of bitcoins. What will happen is that the price will start adjusting upwards a month or two before the event and it will not cause any increase in hash power because at the same time the miners are expecting the block reward to halve. The end result is that for these 1-2 months the profitability of mining will be very high because the price rises and difficulty doesn't and then when it halves it drops to relatively normal levels again. This is my prediction, we'll see what actually happens. Title: Re: We're 30,300 blocks from the reward drop! Post by: fred0 on March 05, 2012, 05:00:44 PM Current Block: 169672
Last Block with 50 BTC reward: 209998 https://blockexplorer.com/q/bcperblock/209998 First Block with 25 BTC reward: 209999 https://blockexplorer.com/q/bcperblock/209999 209999-169672=40327 blocks to reward halving. Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 05, 2012, 05:08:45 PM In the future there will be those with free electricity, and those with FPGAs. What are your opinions? Really that black or white? Only those w/ free electricity or FPGAs. Marginal miners will be squeezed out and difficulty will fall. All that matters is revenue per GH/s. Bitcoinx makes nice charts (I just wish they were based one 1 GH/s). http://bitcoinx.com/charts/chart_large_lin_90d.png Today a miner makes about $3.20 daily per GH/s. If the block reward drop was today and price didn't rise AND difficulty didn't fall the same miner wold be making $1.60 per GH/s. My rigs cost about ~$0.90 daily in electricity per GH/s. So I would still be operating. However lets look at the peak in this chart. It was $6.00 daily per GH/s. So lets say hypothetically price rose to ~$7 and difficulty fell 20% that would put us back at $6 daily per GH/s. Then reward got cut in half. That drops us to $3 daily per GH/s. Lower than today but hardly the doomsday scenario right? The network will always adjust (unless people operate at a loss). My guess is that after price & difficulty stabilizes following the drop we will be between $2 & $6 (recent peak and bottom) per GH/s. Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 05, 2012, 05:32:53 PM The network will always adjust (unless people operate at a loss). This is quite possible. It's a bit of a convoluted way to speculate "going long", avoid exchanges, have a hardware hedge, and support the network at the same time (improving your long bet)! Plus, this is a hobby for many people, think of the F@H crowd. I doubt a majority of the hash rate would do this, but it would be interesting to know how many would. :D If I could afford it, I certainly would. ;D Just my personal opinion but I don't think the network needs "help" so those who do this (and some do) are simply misguided. From an attack perspective attacking a 9TH/s network isn't significantly different than attacking a 5TH/s network. What I am saying is both are impossible for someone without millions of dollars. For a bank there isn't much deterrent at 9TH/s that doesn't exist at 5TH/s. If a bank wanted to kill Bitcoin it is unlikely they would say "well we can only budget $9.2 million so we need to wait for network to fall to 5TH/s to kill it". It is more like "we need to kill Bitcoin and it will cost $10M, $20M, $28M" unless you are talking order of magnitudes (i.e. $10M vs $1B) increased costs doesn't net you much protection from someone with the means. It is simply economics. No bank wants to spend millions (even $1M) to kill something 99% of the world has never heard of. IMHO the sooner the network reflects open market prices the better. Eventually the network will need to be self sustaining and those who operate at a loss out of side misplaced loyalty simply increase the timeframe before the network is self sustaining. Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 05, 2012, 05:54:03 PM Well, my example wasn't about loyalty, it was about speculation. We all know how rational speculators can be. If one thinks Bitcoins will be worth more dollars in the future, why wouldn't one mine at a loss now? Because you could simply buy more coins and profit even more if Bitcoin does go up. If your cost to mine 1 coin is say $6 and you can buy a coin for $5 then you can buy more coins then you can produce for a given amount of money. It is non economical to do otherwise. Less risk and more profit buying from the lowest price source. Quote I'm not sure what the attack paragraph has to do with it, unless that was all a response to my "support the network at the same time". The network doesn't need help, but it needs miners to secure it. I wouldn't presume to guess what combined hash rate is necessary to secure the network from attack or not. Yeah that is it. It is simply my point that if people need to lose money in order to "protect" Bitcoin then the system is flawed. I don't feel anyone doing so is helping anyone (themselves, Bitcoin, other users, etc). Either Bitcoin will be fine without any "help" (my belief) or it is flawed and will fail. If flawed those hiding that flaw out of misplaced loyalty aren't helping. Title: Re: We're 30,300 blocks from the reward drop! Post by: aaa801 on March 05, 2012, 08:46:48 PM Sitting here with free electric
if people started to sell there 5850's it would prety nice for me ;) Title: Re: We're 30,300 blocks from the reward drop! Post by: Brunic on March 06, 2012, 07:33:36 AM I am starting to wonder whether GPU miners will keep going at it or not. Then the market will be flooded with 5xxx and 6xxx series GPUs driving the prices way down. In the future there will be those with free electricity, and those with FPGAs. What are your opinions? I'll probably keep my GPU mining for quite a long time. You people in hot countries probably forget about it, but here, we heat for 6 months a year. FPGA is cute and wonderful, but I'm not counting on it to keep the house warm in winter. Even if the price drops a lot, we already pay for heating. Bitcoin mining is a way to make heating profitable ;D Title: Re: We're 30,300 blocks from the reward drop! Post by: Garr255 on March 06, 2012, 07:42:53 AM I definitely like your perspective :P
Title: Re: We're 30,300 blocks from the reward drop! Post by: Garr255 on March 07, 2012, 12:55:07 AM Well, I've decided to get into FPGA mining, how I'm doing that is here:
https://bitcointalk.org/index.php?topic=67547 Title: Re: We're 30,300 blocks from the reward drop! Post by: Valalvax on March 07, 2012, 04:59:19 AM Here in Georgia I'm profitable with my single card system down to 1.96 or so per coin
Obviously someone in California won't be able to get away with that shit, napkin math says they break even at 6.2, I think I fudged some numbers Assuming I flat out get half the amount of coins (doubt that'll happen), break even is 3.92 Title: Re: We're 30,300 blocks from the reward drop! Post by: the joint on March 07, 2012, 05:11:27 AM In the future there will be those with free electricity, and those with FPGAs. What are your opinions? Really that black or white? Only those w/ free electricity or FPGAs. Marginal miners will be squeezed out and difficulty will fall. All that matters is revenue per GH/s. Bitcoinx makes nice charts (I just wish they were based one 1 GH/s). http://bitcoinx.com/charts/chart_large_lin_90d.png Today a miner makes about $3.20 daily per GH/s. If the block reward drop was today and price didn't rise AND difficulty didn't fall the same miner wold be making $1.60 per GH/s. My rigs cost about ~$0.90 daily in electricity per GH/s. So I would still be operating. However lets look at the peak in this chart. It was $6.00 daily per GH/s. So lets say hypothetically price rose to ~$7 and difficulty fell 20% that would put us back at $6 daily per GH/s. Then reward got cut in half. That drops us to $3 daily per GH/s. Lower than today but hardly the doomsday scenario right? The network will always adjust (unless people operate at a loss). My guess is that after price & difficulty stabilizes following the drop we will be between $2 & $6 (recent peak and bottom) per GH/s. +1, but I would allows some caveats. For example, people may instead anticipate a rise in value after the reward-halving and continue to mine. Actually, if I had to choose, I might fall on that side of the fence. Potential reasoning for this includes a net rise in demand (i.e. can't mine as quickly but still want Bitcoins? Guess you have to buy them). Title: Re: We're 30,300 blocks from the reward drop! Post by: Littleshop on March 09, 2012, 03:21:05 AM I am starting to wonder whether GPU miners will keep going at it or not. Then the market will be flooded with 5xxx and 6xxx series GPUs driving the prices way down. In the future there will be those with free electricity, and those with FPGAs. What are your opinions? Pick the right card and there is reasonable resale value. I have sold most of my cards for near what I paid for them, after making money mining on them. The gaming market does put a floor on the resale value even if it is low. I paid $689 for my 6990, it still sells on ebay for an average of $550 even though I have make more then the cost of the card already. At the reward drop time, I will have made a considerable profit even if I turned off all of the hardware and threw it out. Now a person using a FPGA mining card has a long payback time and uncertain resale value. Maybe FPGA is the future after the reward drop.... but people buying now may never even pay off the gear. Title: Re: We're 30,300 blocks from the reward drop! Post by: Miner612 on March 09, 2012, 07:50:56 PM I am starting to wonder whether GPU miners will keep going at it or not. Then the market will be flooded with 5xxx and 6xxx series GPUs driving the prices way down. In the future there will be those with free electricity, and those with FPGAs. What are your opinions? I'll probably keep my GPU mining for quite a long time. You people in hot countries probably forget about it, but here, we heat for 6 months a year. FPGA is cute and wonderful, but I'm not counting on it to keep the house warm in winter. Even if the price drops a lot, we already pay for heating. Bitcoin mining is a way to make heating profitable ;D Yeah man. My rigs are placed around my house strategically to warm the house in the winter. They work great lol I NEVER use my heater. Title: Re: We're 30,300 blocks from the reward drop! Post by: BCMan on March 11, 2012, 07:33:46 AM What's the ETA for the doomsday? And what if price of bitcoin will remain the same or will drop to 2-3$?
Title: Re: We're 30,300 blocks from the reward drop! Post by: payb.tc on March 11, 2012, 08:37:26 AM 39,364
= ~273 days to go Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 11, 2012, 03:49:13 PM What's the ETA for the doomsday? And what if price of bitcoin will remain the same or will drop to 2-3$? Why would price drop because supply is going down?Title: Re: We're 30,300 blocks from the reward drop! Post by: BCMan on March 12, 2012, 12:20:43 AM What's the ETA for the doomsday? And what if price of bitcoin will remain the same or will drop to 2-3$? Why would price drop because supply is going down?Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 12, 2012, 12:23:09 AM Well I never said it would rise however price of Bitcoin is based on supply and the reduced block reward means less supply coming on the market.
Say tomorrow gold production globally fell 50% what do you think would happen to the price of gold? Title: Re: We're 30,300 blocks from the reward drop! Post by: BCMan on March 12, 2012, 12:35:14 AM Well I never said it would rise however price of Bitcoin is based on supply and the reduced block reward means less supply coming on the market. Still, theres plenty of coins to cover current market needs. And its not a fact that demand will rise in the future.Say tomorrow gold production globally fell 50% what do you think would happen to the price of gold? Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 12, 2012, 12:38:16 AM Well I never said it would rise however price of Bitcoin is based on supply and the reduced block reward means less supply coming on the market. Still, theres plenty of coins to cover current market needs. And its not a fact that demand will rise in the future.Say tomorrow gold production globally fell 50% what do you think would happen to the price of gold? Well demand is always unknown. Block reward could double and demand could triple and prices would still rise. Regardless lower supply is always bullish. Yes if demand falls faster than supply then prices can fall but they would have fallen even MORE had supply remained static. Thinking another way lets pretend Satoshi had made the block reward 25 instead of 50 for first 210,000 blocks. Do you imagine the price of BTC today would be the same, lower, or higher? Another way to look at it is if 1.3 million bitcoins were erased due to a software error would that cause prices to rise, fall or remain the same? Title: Re: We're 30,300 blocks from the reward drop! Post by: Cosbycoin on March 14, 2012, 02:32:02 AM Well I never said it would rise however price of Bitcoin is based on supply and the reduced block reward means less supply coming on the market. Still, theres plenty of coins to cover current market needs. And its not a fact that demand will rise in the future.Say tomorrow gold production globally fell 50% what do you think would happen to the price of gold? Yes you are right, if all 8+ million were on the exchange to be bought. Only like 350k btc is on mtgox. Your point? Title: Re: We're 30,300 blocks from the reward drop! Post by: foggyb on March 14, 2012, 04:11:40 PM Thinking another way lets pretend Satoshi had made the block reward 25 instead of 50 for first 210,000 blocks. Do you imagine the price of BTC today would be the same, lower, or higher? Interesting question. I'm tempted to say it could be the same, Title: Re: We're 30,300 blocks from the reward drop! Post by: Rassah on March 14, 2012, 05:17:59 PM I fully expect miners to drop out as soon as the halving block happens, since at that point revenue gets cut by half, and mining will no longer be profitable for many. So, until the next difficulty change, blocks, and thus transactions, will take a long time, mined by only the few still left doing it. So, I wonder if the huge drop in supply will be offset by a huge increase in inconvenience and uncertainty? Or will the uncertainty and expectation of a price increase drive up Bitcoin prices a week or so beforehand, to the point where mining will still remain just barely profitable, thus avoiding the issue?
Title: Re: We're 30,300 blocks from the reward drop! Post by: siggy on March 14, 2012, 05:49:24 PM I fully expect miners to drop out as soon as the halving block happens, since at that point revenue gets cut by half, and mining will no longer be profitable for many. So, until the next difficulty change, blocks, and thus transactions, will take a long time, mined by only the few still left doing it. So, I wonder if the huge drop in supply will be offset by a huge increase in inconvenience and uncertainty? Or will the uncertainty and expectation of a price increase drive up Bitcoin prices a week or so beforehand, to the point where mining will still remain just barely profitable, thus avoiding the issue? I'm expecting network hashrate to start dropping 2-3 weeks before the halving. Marginal GPU miners will want to balance "mining to the bitter end", with, "beating the rush to sell GPU's on ebay" After the halving, you will see an instant drop to 60-70% of pre-halving hashrate as the rest of the marginal miners do the math and figure out they aren't paying the electric bills anymore. Give it a month or 2 for difficulty to come in line with the new hash-availabily reality, and the end result will be that mining income per Ghash will be worth about 80% of what it was before. (I'm guessing around $2 per day per Ghash) If any, the halving will only cause a very small increase in the price of BTC. This assumes we aren't in the middle of a bubble come halving-day. If thats the case, yer gonna have to start looking at tea leaves and chicken entrails to get a feel for where we're headed. Sigg Title: Re: We're 30,300 blocks from the reward drop! Post by: notme on March 14, 2012, 05:52:36 PM This assumes we aren't in the middle of a bubble come halving-day. If thats the case, yer gonna have to start looking at tea leaves and chicken entrails to get a feel for where we're headed. Sigg I'll stick to my wish bones. Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 14, 2012, 05:53:58 PM Siggy your 60% to 70%+ numbers means you think 70%+ or more of miners have an electrical cost >50% of their revenue?
God I hope your right. With GPU my operating cost is <$1.30 per BTC and should be <$1.00 per BTC pretty soon. I wouldn't be mining right now if it costs me >$2.50 per BTC. Title: Re: We're 30,300 blocks from the reward drop! Post by: siggy on March 14, 2012, 05:58:01 PM Siggy your 60% to 70%+ numbers means you think 70%+ or more of miners have an electrical cost >50% of their revenue? God I hope your right. With GPU my operating cost is <$1.30 per BTC and should be <$1.00 per BTC pretty soon. I wouldn't be mining right now if it costs me >$2.50 per BTC. to clarify, I think 60-70% have an electrical cost <50% of their current revenue. If network hashrate is 10 Thash before halving, I expect it to be 6-7 Thash after halving. Sigg Title: Re: We're 30,300 blocks from the reward drop! Post by: stevegee58 on March 14, 2012, 06:03:17 PM Something that occurred to me was regarding these specialized FPGA boards like the one from Butterfly Labs. You pay around $600 for a highly specialized device that generates around 800 MHash/sec. That's fine, except you can set up an equivalent performing GPU rig for about the same money (or less).
As others have pointed out, a GPU could be resold into the gaming market to at least recoup some of the investment. Who'd want to buy a used BFL box? Add to the mix the fact that in less than a year the rewards of mining will be cut in half. It's like what happened to the price of generators after Y2K. Title: Re: We're 30,300 blocks from the reward drop! Post by: DeathAndTaxes on March 14, 2012, 06:07:27 PM to clarify, I think 60-70% have an electrical cost <50% of their current revenue. If network hashrate is 10 Thash before halving, I expect it to be 6-7 Thash after halving. Sigg DOH. I read drop "to" as drop "of". Title: Re: We're 30,300 blocks from the reward drop! Post by: siggy on March 14, 2012, 06:31:28 PM $1/BTC that is very low with GPUs. My 2GH box produces 1.25 BTC/day, it costs 850W/1000*24=20.4 kWh*0.069=$1.41/day to run. But if I add the delivery/transmission/account admin/other costs that my utility co. adds to the bill, it is more like $0.10/kWh so the cost goes to $2.04/day. So my marginal mining rate (or MMR) is $1.63/BTC Got to add icarus boards to my setup :-( Umm.. unless you are mining at a dedicated mining facility, you shouldn't add in the delivery/trans/admin/other costs if they are fixed*. If you are mining at home, you'd be paying those anyway. Marginal cost would only be 0.069/kWh. * If they are not fixed, but variable charges based on kWh usage, then ignore the above. You do, however, need to go down to your electric co and slap around someone for making your bill more confusing :) Sigg Title: Re: We're 30,300 blocks from the reward drop! Post by: foggyb on March 14, 2012, 08:53:01 PM I'm expecting network hashrate to start dropping 2-3 weeks before the halving. Marginal GPU miners will want to balance "mining to the bitter end", with, "beating the rush to sell GPU's on ebay" After the halving, you will see an instant drop to 60-70% of pre-halving hashrate as the rest of the marginal miners do the math and figure out they aren't paying the electric bills anymore. Sigg The other interesting question is: where will total hashrate be in 7 months? This (http://blockchain.info/charts/hash-rate) chart shows about a 30% increase in mining in three months beginning in December 2011. If price remains stable, (it may rise in anticipation of the block reward halving) the global hashrate could double between now and December if bitcoin keeps making headlines. I think the market will have these events priced in before they arrive. Title: Re: We're 30,300 blocks from the reward drop! Post by: malevolent on March 14, 2012, 09:40:19 PM price of Bitcoin is based on speculation FTFY Title: Re: We're 30,300 blocks from the reward drop! Post by: Rassah on March 14, 2012, 10:13:18 PM I'm expecting network hashrate to start dropping 2-3 weeks before the halving. Marginal GPU miners will want to balance "mining to the bitter end", with, "beating the rush to sell GPU's on ebay" We could also see the hashrate ramping up during the last few weeks, as anyone who has any type of mining hardware tries to squeeze out every last bitcoin they can before the reward drops. This could really go in any direction :P Title: Re: We're 30,300 blocks from the reward drop! Post by: tonto on March 20, 2012, 04:41:16 PM I am starting to wonder whether GPU miners will keep going at it or not. I will mine as long as I am breaking even or better. The exchange rate where I'm not breaking even is silly low. It gets even lower in the winter. ;) I will keep mining regardless. I mined SETI@home and folding@home for "free" before I discovered bitcoins. Even if I made a penny profit per month, I'd keep mining. ;) Title: Re: We're 30,300 blocks from the reward drop! Post by: Syke on March 20, 2012, 11:58:29 PM Yes you are right, if all 8+ million were on the exchange to be bought. Only like 350k btc is on mtgox. Your point? My coins aren't on technically on MtGox, but believe me they will end up there real fast if the price is right. So while you only see 350k on MtGox at this moment, a whole lot more are just waiting for the right price. Title: Re: We're 30,300 blocks from the reward drop! Post by: Bitcoin Oz on July 18, 2012, 12:46:47 AM I think the price will reflect the reward cut as we have seen with the recent rise to +$8
Im waiting for after the block cut to get a new gaming pc :) Title: Re: We're 30,300 blocks from the reward drop! Post by: notme on July 18, 2012, 01:17:14 AM I think the price will reflect the reward cut as we have seen with the recent rise to +$8 Im waiting for after the block cut to get a new gaming pc :) I wouldn't be surprised to see quite a bit of selling pressure immediately after the block cut due to this very line of reasoning. Also... 20806 blocks to go! Title: Re: We're 30,300 blocks from the reward drop! Post by: payb.tc on July 18, 2012, 01:45:45 AM Also... 20806 blocks to go! ah, i remember when my clock (http://bitcoinclock.com) still looked like 7:30 :D getting late now. Title: Re: We're 30,300 blocks from the reward drop! Post by: smoothie on July 18, 2012, 03:17:45 AM Also... 20806 blocks to go! ah, i remember when my clock (http://bitcoinclock.com) still looked like 7:30 :D getting late now. It's almost midnight Cinderella! Title: Re: We're 30,300 blocks from the reward drop! Post by: runeks on July 18, 2012, 03:52:45 AM Current Block: 169672 First block with 25 BTC reward is not 209999, it's 210000.Last Block with 50 BTC reward: 209998 https://blockexplorer.com/q/bcperblock/209998 First Block with 25 BTC reward: 209999 https://blockexplorer.com/q/bcperblock/209999 209999-169672=40327 blocks to reward halving. Code reads: Code: int64 static GetBlockValue(int nHeight, int64 nFees) Only 20405 blocks to go now! First 25 BTC block will probably be mined at: 2012-12-06 21:40:54 (GMT+2) Title: Re: We're 30,300 blocks from the reward drop! Post by: payb.tc on July 18, 2012, 03:56:51 AM Current Block: 169672 First block with 25 BTC reward is not 209999, it's 210000.Last Block with 50 BTC reward: 209998 https://blockexplorer.com/q/bcperblock/209998 First Block with 25 BTC reward: 209999 https://blockexplorer.com/q/bcperblock/209999 209999-169672=40327 blocks to reward halving. Code reads: Code: int64 static GetBlockValue(int nHeight, int64 nFees) Only 20405 blocks to go now! First 25 BTC block will probably be mined at: 2012-12-06 21:40:54 (GMT+2) even though it's only a code-comment and not actual code, that is the kind of statement that can lead newbies to confusion about how things actually work: // Subsidy is cut in half every 4 years should say: // Subsidy is cut in half approximately every 4 years or // Subsidy is cut in half every 210000 blocks which will occur approximately every 4 years Title: Re: We're 30,300 blocks from the reward drop! Post by: notme on July 18, 2012, 04:02:54 AM Current Block: 169672 First block with 25 BTC reward is not 209999, it's 210000.Last Block with 50 BTC reward: 209998 https://blockexplorer.com/q/bcperblock/209998 First Block with 25 BTC reward: 209999 https://blockexplorer.com/q/bcperblock/209999 209999-169672=40327 blocks to reward halving. Code reads: Code: int64 static GetBlockValue(int nHeight, int64 nFees) Only 20405 blocks to go now! First 25 BTC block will probably be mined at: 2012-12-06 21:40:54 (GMT+2) Last I checked, with integer division 209999/210000 = 0, so 210000 will be the first block with 25 BTC reward. Height = block number since the first block was number 0. Title: Re: We're 30,300 blocks from the reward drop! Post by: runeks on July 18, 2012, 06:56:18 AM ^ Yes... That's exactly what I said. blockexplorer.com has got it wrong.
even though it's only a code-comment and not actual code, that is the kind of statement that can lead newbies to confusion about how things actually work: Agreed. Though I'm not quite sure how much newbies read source code (or the comments in it). :)// Subsidy is cut in half every 4 years should say: // Subsidy is cut in half approximately every 4 years or // Subsidy is cut in half every 210000 blocks which will occur approximately every 4 years Title: Re: We're 30,300 blocks from the reward drop! Post by: payb.tc on July 18, 2012, 07:06:56 AM ^ Yes... That's exactly what I said. blockexplorer.com has got it wrong. even though it's only a code-comment and not actual code, that is the kind of statement that can lead newbies to confusion about how things actually work: Agreed. Though I'm not quite sure how much newbies read source code (or the comments in it). :)// Subsidy is cut in half every 4 years should say: // Subsidy is cut in half approximately every 4 years or // Subsidy is cut in half every 210000 blocks which will occur approximately every 4 years well, i'm sure they read them a lot more when they're posted to this forum. Title: Re: We're 30,300 blocks from the reward drop! Post by: runeks on July 18, 2012, 07:42:38 AM Let's hope we helped clarify the issue.
Also: https://github.com/bitcoin/bitcoin/pull/1608 Title: Re: We're 30,300 blocks from the reward drop! Post by: notme on July 18, 2012, 03:33:21 PM Let's hope we helped clarify the issue. Also: https://github.com/bitcoin/bitcoin/pull/1608 Done and done. Title: Re: We're 30,300 blocks from the reward drop! Post by: payb.tc on July 18, 2012, 09:32:06 PM Let's hope we helped clarify the issue. Also: https://github.com/bitcoin/bitcoin/pull/1608 Done and done. great, thanks guys. my first (sort of) contribution to the bitcoin source Title: Re: We're 30,300 blocks from the reward drop! Post by: smoothie on July 19, 2012, 05:28:08 AM Also... 20806 blocks to go! ah, i remember when my clock (http://bitcoinclock.com) still looked like 7:30 :D getting late now. On this site you should continually calculate an approximate date and time before reward halving. Would be nice to have. Bitcoinwatch.com should have the same so people have a deadline to look at. |
