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Author Topic: How is the amount of BitCoin limited if people mine them everyday?  (Read 1378 times)
The Goat Master
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October 19, 2013, 02:07:02 PM
 #21

and what happens if we reach the cap?

Eventually we 'll reach the limit and there will be no new coins after that.
People though will keep mining for the transaction fees. If this is what you wonder about...

yes, bitcoin will be worth a lot then

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DannyHamilton
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October 19, 2013, 02:46:54 PM
 #22

Now, if I'm correct it's 3600.000 coins per day.

Mining actually pays out a bit more than that, closer to 3625, due to transaction fees. Also, that's an average during times when the total hashing power in the network isn't increasing.  During those times of constant hash power, there will be some days that are a bit higher, and some that are a bit lower.

In times of increasing total network hash power, the number is more likely to be higher than that.  In times of decreasing total network hash power, the number is more likely to be lower than that.
.
If only 1 person is mining then he will receive the full amount, if 10 persons are mining then it gets split among them depending on their contribution to solving the blocks (hashrate).

Not exactly, but approximately.  First it depends on if they are mining in a pool or not.  If they are, then the portion of the daily bitcoins that they receive depends on the rules of the mining pool they've chosen to work with as well as how lucky the pool is (how many blocks they manage to mine in a day).  If they are solo-mining, then it is possible for them to have lucky days where they solve more blocks than their percentage of the total hash power indicates.  It is also possible for them to have unlucky days where they solve less blocks than their percentage of the total hash power indicates.  Over a long period of time this variation will balance out and trend towards their average daily revenue being approximately equivalent to the their contribution to solving the blocks.

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October 19, 2013, 02:55:25 PM
 #23

A lot of people think that because of the cap, and therefore that bitcoin has deflationary properties, that it is deflationary currently. However, the bitcoin money supply is actually inflating quite fast.....
It is, above 10% per year, but in a predicted way. I know today there wont be more than 21 million BTC ever


The annual average inflation rate is above 10% at the moment (approximately 11.0728% at the moment), but it is continuously shrinking and the percentage is a bit smaller with every new block (approximately 11.0260% two weeks from now).  The inflation rate slowly shrinks to 0 over time, and eventually becomes negative (deflationary supply) when the quantity of bitcoins permanently lost within a period of time exceeds the quantity of bitcoins created during that same period of time.



DodoB
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October 20, 2013, 11:46:09 AM
 #24

Thanks everyone,but where does the fees that the miners get come from?
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October 20, 2013, 11:51:26 AM
 #25

Thanks everyone,but where does the fees that the miners get come from?
Those are included in the transactions:
https://en.bitcoin.it/wiki/Transaction_fees

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neordicICE
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October 20, 2013, 11:56:53 AM
 #26

Thanks everyone,but where does the fees that the miners get come from?

When you send Bitcoins, there is some fee you have to pay, mostly 0.0005 BTC per transaction
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