Bitcoin Forum
April 25, 2018, 08:29:17 PM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Choosing a lower block reward?  (Read 2002 times)
Peter Lambert
Hero Member
*****
Offline Offline

Activity: 756
Merit: 500

It's all fun and games until somebody loses an eye


View Profile
July 24, 2011, 03:32:34 PM
 #1

I was wondering today, can a miner choose to take a lower block reward?  The current block reward is 50 bitcoins. Could  a miner, for whatever reason, choose to give himself some number lower than 50 bitcoins, or would that block be rejected by the network?

How would that affect the total number of bitcoins? Would those coins just be lost forever, and the total number of generated coins be lowered by that amount, or would those coins be available for a future miner to claim?

Is there any situation where a miner would want to generate a number of coins less than the current block reward?

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
1524688157
Hero Member
*
Offline Offline

Posts: 1524688157

View Profile Personal Message (Offline)

Ignore
1524688157
Reply with quote  #2

1524688157
Report to moderator
1524688157
Hero Member
*
Offline Offline

Posts: 1524688157

View Profile Personal Message (Offline)

Ignore
1524688157
Reply with quote  #2

1524688157
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1524688157
Hero Member
*
Offline Offline

Posts: 1524688157

View Profile Personal Message (Offline)

Ignore
1524688157
Reply with quote  #2

1524688157
Report to moderator
1524688157
Hero Member
*
Offline Offline

Posts: 1524688157

View Profile Personal Message (Offline)

Ignore
1524688157
Reply with quote  #2

1524688157
Report to moderator
Jack of Diamonds
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250



View Profile
July 24, 2011, 03:40:42 PM
 #2

The amount halves after 230,000 blocks have been generated.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
SmokeAndMirrors
Full Member
***
Offline Offline

Activity: 168
Merit: 100


View Profile
July 24, 2011, 03:43:50 PM
 #3

Is there any situation where a miner would want to generate a number of coins less than the current block reward?

No. That is simply a retarded question. Like asking, if you won the lottery, would you burn half of the winnings?

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
Pieter Wuille
Legendary
*
qt
Offline Offline

Activity: 1050
Merit: 1000


View Profile WWW
July 24, 2011, 03:45:19 PM
 #4

I was wondering today, can a miner choose to take a lower block reward?  The current block reward is 50 bitcoins. Could  a miner, for whatever reason, choose to give himself some number lower than 50 bitcoins, or would that block be rejected by the network?
Yes, that is possible, and the block will be accepted.

Quote
How would that affect the total number of bitcoins? Would those coins just be lost forever, and the total number of generated coins be lowered by that amount, or would those coins be available for a future miner to claim?
They're lost forever.

Quote
Is there any situation where a miner would want to generate a number of coins less than the current block reward?
No.

aka sipa, core dev team

Tips and donations: 1KwDYMJMS4xq3ZEWYfdBRwYG2fHwhZsipa
ctoon6
Sr. Member
****
Offline Offline

Activity: 350
Merit: 250



View Profile
July 24, 2011, 03:46:11 PM
 #5

maby he wants to price to go up, in which case generating only 10coins for a while would really move it up, but i do not think that a client would accept said block.

Pieter Wuille
Legendary
*
qt
Offline Offline

Activity: 1050
Merit: 1000


View Profile WWW
July 24, 2011, 03:47:09 PM
 #6

maby he wants to price to go up, in which case generating only 10coins for a while would really move it up, but i do not think that a client would accept said block.
That's a reason for wanting the whole world to decrease their mining income, but those who do will only be screwing themselves.

aka sipa, core dev team

Tips and donations: 1KwDYMJMS4xq3ZEWYfdBRwYG2fHwhZsipa
elggawf
Sr. Member
****
Offline Offline

Activity: 308
Merit: 250



View Profile
July 24, 2011, 04:21:46 PM
 #7

maby he wants to price to go up, in which case generating only 10coins for a while would really move it up, but i do not think that a client would accept said block.

If I'm not mistaken, the rules only say that the reward can't be above the per-block reward at the present position on the curve. In fact, I believe there's been at least one block with less than 50BTC reward in it, and it was accepted just fine.

^_^
bitplane
Sr. Member
****
Offline Offline

Activity: 321
Merit: 250

Firstbits: 1gyzhw


View Profile WWW
July 24, 2011, 04:31:16 PM
 #8

No. That is simply a retarded question. Like asking, if you won the lottery, would you burn half of the winnings?
No, it's like asking "if you won the lottery, *could* you, *in theory* burn half of your winnings?"

I personally thought it was an interesting question, and that if any post in this thread is retarded it's your (non-)answer.
ribuck
Donator
Hero Member
*
Offline Offline

Activity: 826
Merit: 1002


View Profile
July 24, 2011, 04:38:47 PM
 #9

If I'm not mistaken, the rules only say that the reward can't be above the per-block reward at the present position on the curve. In fact, I believe there's been at least one block with less than 50BTC reward in it, and it was accepted just fine.
Yes, but what if you are mistaken?

I'd be interested to see a pointer to the code in the client that checks the coinbase reward, if anyone is able to post it. I'd also be interested to see the block number of the legendary block with less than 50BTC reward in it.

[edit: The wiki has a Protocol Rules page which is consistent with what elggawf said: "when the transaction is accepted into the memory pool, an additional check is made to ensure that the coinbase value does not exceed the transaction fees plus the expected BTC value (50BTC as of this writing)" ]
twobitcoins
Full Member
***
Offline Offline

Activity: 144
Merit: 100


View Profile
July 25, 2011, 01:09:48 AM
 #10

I'd be interested to see a pointer to the code in the client that checks the coinbase reward, if anyone is able to post it.

Code:
bool CBlock::ConnectBlock(CTxDB& txdb, CBlockIndex* pindex)
{
    ...
    if (vtx[0].GetValueOut() > GetBlockValue(pindex->nHeight, nFees))
        return false;
    ...
}
Alex Beckenham
Full Member
***
Offline Offline

Activity: 154
Merit: 100


View Profile
July 25, 2011, 01:52:14 AM
 #11

In fact, I believe there's been at least one block with less than 50BTC reward in it, and it was accepted just fine.

Yep, someone decided to burn 10 nBTC but accidentally burned an extra 10 mBTC along with it.

cunicula
Hero Member
*****
Offline Offline

Activity: 854
Merit: 1003


Stack-overflow Guru


View Profile
July 25, 2011, 02:43:37 AM
 #12

Related Question: If the block creation reward is specified as greater than 50 BTC, is rejection of that block handled by the bitcoin client or by the mining process? Basically what I want to know is this, if the majority of hashing power accepts this block will the block still be rejected by the client?


▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁
        Quickseller is a scammer and sockpuppet of OGdynasty        [/glow][/size]
▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
Sukrim
Legendary
*
Offline Offline

Activity: 2324
Merit: 1002


View Profile
July 25, 2011, 02:47:16 AM
 #13

Related Question: If the block creation reward is specified as greater than 50 BTC, is rejection of that block handled by the bitcoin client or by the mining process? Basically what I want to know is this, if the majority of hashing power accepts this block will the block still be rejected by the client?

The "wrong" block + all blocks following (building upon) it will be rejected by your client at least.

Should a lot of miners then still build on that wrong block, difficulty would fall down as a result after some time.

There is no way to force a block in the chain that pays out too much.

https://www.coinlend.org <-- automated lending at various exchanges. No fees(!).
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
supersonic3974
Member
**
Offline Offline

Activity: 70
Merit: 10


View Profile
July 25, 2011, 03:55:13 AM
 #14

Is there any situation where a miner would want to generate a number of coins less than the current block reward?

No. That is simply a retarded question. Like asking, if you won the lottery, would you burn half of the winnings?

Lol, you don't have to.  The federal government will do that for you.  Grin
elggawf
Sr. Member
****
Offline Offline

Activity: 308
Merit: 250



View Profile
July 25, 2011, 04:29:41 AM
 #15

The "wrong" block + all blocks following (building upon) it will be rejected by your client at least.

Yeah, the rules are checked by every client all the time. That's what takes so long to download the blockchain on the first run - your client is going through and checking each link in the chain to ensure it's playing by the rules. Any change in these rules is only going to fork the chain - if you can convince the majority of the world to use the modified blockchain, well then the "original" players lose I guess.

That's what's meant by that Bitcoin is democratic monetary policy - it's not just the miners that decide anything (though they do have sway over what transactions are included in what blocks and when), the entire network must agree on the rules and any changes are simply disregarded as invalid.

^_^
gmaxwell
Moderator
Legendary
*
qt
Offline Offline

Activity: 2436
Merit: 1183



View Profile
July 25, 2011, 11:05:51 AM
 #16

I was wondering today, can a miner choose to take a lower block reward?  The current block reward is 50 bitcoins. Could  a miner, for whatever reason, choose to give himself some number lower than 50 bitcoins, or would that block be rejected by the network?

How would that affect the total number of bitcoins? Would those coins just be lost forever, and the total number of generated coins be lowered by that amount, or would those coins be available for a future miner to claim?

Is there any situation where a miner would want to generate a number of coins less than the current block reward?

Yes, a tribute to Satoshi:  http://blockexplorer.com/block/0000000000004c78956f8643262f3622acf22486b120421f893c0553702ba7b5

Bitcoin will not be compromised
ribuck
Donator
Hero Member
*
Offline Offline

Activity: 826
Merit: 1002


View Profile
July 26, 2011, 07:49:40 AM
 #17

Thank you, twobitcoins and gmaxwell, for the pointing to the actual code and the actual block. Much better than speculation!
Pages: [1]
  Print  
 
Jump to:  

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!