Bitcoin Forum
February 21, 2019, 09:19:35 PM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: 210,000 blocks per 4 years? Is this correct?  (Read 1446 times)
61197da925c1
Member
**
Offline Offline

Activity: 72
Merit: 10



View Profile
November 26, 2012, 05:29:34 PM
 #1

2009-2012(December)(close to 4 years) = 210,000 blocks = 10.5 million BITCOINS

QUESTION 1. Why would it not be exactly 4 years? Is it because of the exact month that the genesis block was mined in?

2012-2016 = 210,000 blocks = 5.25 million coins

2016-2020 = 210,000 blocks = 2.625 million coins

2020-2024 = 210k blocks = 1.3125 million coins

2024-2028 = 210k blocks = 0.65625 million coins/656,250 coins

2028-2032 = 210k blocks = 0.328125 million coins/328,125 coins

2032-2036 = 210k blocks = 0.1640625 million coins/ 164,062.5 coins

2036-2040 = 210k blocks = 0.08203125M coins/ 82,031.25 coins

2040-2044 = 210k blocks = 0.0205078125M coins/ 20,507.812 coins

2044-2048 = 210 blocks = 0.01025390625M coins/ 10,253.90625 coins

2048-2052 = 210k blocks = 0.005126953125M coins/ 5,126.953125 coins

2052-2056 = 210k blocks = 0.0025634765625M coins/ 2,563.4765625 coins

2056-2060 = 210k blocks = 0.00128173828125 M coins/ 1,281.73828125 coins

2060-2064 = 210k blocks = 0.000640869140625 M coins/ 640.869140625 coins

60 GH/s BFL Single SC - Pre-Order Yours Today!
`````` Only $1299.99 -  *Link Removed*  ``````
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1550783975
Hero Member
*
Offline Offline

Posts: 1550783975

View Profile Personal Message (Offline)

Ignore
1550783975
Reply with quote  #2

1550783975
Report to moderator
TangibleCryptography
Sr. Member
****
Offline Offline

Activity: 476
Merit: 250


Tangible Cryptography LLC


View Profile WWW
November 26, 2012, 05:32:59 PM
Last edit: November 26, 2012, 05:46:15 PM by TangibleCryptography
 #2

The network targets 1 block every 10 minutes.  So if the network was exactly on target 210,000 blocks = 1458 days and 8 hours.  4 years is 1461 days (including 1 leap day) so it is just short of 4 years even under optimal conditions.

However the network is always estimating the difficulty needed to maintain 10 minutes per block and due to changes in hashing power the network can slightly over or under perform that target resulting 210,000 blocks taking more or less than 1458 days and 8 hours.
Fjordbit
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500

firstbits.com/1kznfw


View Profile WWW
November 26, 2012, 05:36:10 PM
 #3

The reason it's not exact is because as more mining power comes online, it pushes each set of 2016 blocks to be completed faster than 2 weeks. This cuts out a small amount of time from the 4 years total. In the past month you could watch the exact time for the halving creep sooner.

It would go farther out if less people were mining, and this was seen in bitcoin in late 2011 as the difficulty dropped, and has also been seen in alt currencies.
odolvlobo
Legendary
*
Offline Offline

Activity: 2408
Merit: 1231



View Profile
November 27, 2012, 06:48:12 AM
 #4

The difficulty algorithm uses the mining power of the previous period to compute the difficulty of the next period, and assumes that the power does not change. So, if the power increases during the next period, the blocks will be generated faster than planned. If the power decreases, the blocks will take longer than planned.

These two events should have an interesting effect on block generation times: reward halving and the introduction of ASICs.

The difficulty just changed today and the reward halves in two days. When the reward drops, the mining power is expected to drop significantly. Block generation will take much longer until the next change in difficulty. The duration of the current difficulty will be much longer, too.

When ASICs come online, the mining power will rise dramatically and blocks will be generated much faster than normal. The difficulty will change much sooner than normal, too.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Buy stuff on Amazon at a discount with bitcoins or convert Amazon points to bitcoins: Purse.io
Join an anti-signature campaign: DannyHamilton's ignore list
Jessica
Full Member
***
Offline Offline

Activity: 174
Merit: 100



View Profile
November 27, 2012, 10:35:56 AM
 #5

The network targets 1 block every 10 minutes.  So if the network was exactly on target 210,000 blocks = 1458 days and 8 hours.  4 years is 1461 days (including 1 leap day) so it is just short of 4 years even under optimal conditions.

However the network is always estimating the difficulty needed to maintain 10 minutes per block and due to changes in hashing power the network can slightly over or under perform that target resulting 210,000 blocks taking more or less than 1458 days and 8 hours.

Good explanation, i've always been wondering about this.
kwoody
Sr. Member
****
Offline Offline

Activity: 454
Merit: 250


Technology and Women. Amazing.


View Profile
November 27, 2012, 08:28:26 PM
 #6

Genesis block was mined in November 2009 if I recall? It would've been a 4 year cycle if not for rising difficulty as a result of blocks being found at a rate faster than once every 10 minutes. Thanks to our difficulty of 3,438,909, the cycle lasted about 3 years, not 4.
Kazimir
Legendary
*
Offline Offline

Activity: 1176
Merit: 1000



View Profile
November 27, 2012, 10:33:59 PM
 #7

Genesis block was mined in November 2009 if I recall?
January 3, 2009 18:15:05 so yes, it's almost been 4 years.

In theory, there's no difference between theory and practice. In practice, there is.
Insert coin(s): 1KazimirL9MNcnFnoosGrEkmMsbYLxPPob
Pages: [1]
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!