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Author Topic: When is reward being cut to 25 BTC per block?  (Read 1586 times)
Reckman
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July 27, 2011, 05:18:17 PM
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Meni Rosenfeld
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July 27, 2011, 05:29:24 PM
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After 210,000 blocks are found, the exact time of which is unknown but should be about 16 months from now. That would put it on November 2012.

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July 27, 2011, 08:50:30 PM
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Why not decrease gradually but suddenly cut by half? Is there anyone can change this? As I understand, this is not part of the hash calculation and block generation but rather a system design

Actually I still have no idea how those 50 BTCs are generated and send to the one who found the block, is it generated out of thin air when the block is found? Who generated it, what if the finder does not even have a bitcoin address? Must any bitcoin server have a bitcoin address? etc... Hope someone with deeper knowledge can explain it

Transisto
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July 27, 2011, 09:01:44 PM
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Why not decrease gradually but suddenly cut by half? Is there anyone can change this? As I understand, this is not part of the hash calculation and block generation but rather a system design

Actually I still have no idea how those 50 BTCs are generated and send to the one who found the block, is it generated out of thin air when the block is found? Who generated it, what if the finder does not even have a bitcoin address? Must any bitcoin server have a bitcoin address? etc... Hope someone with deeper knowledge can explain it

I suggest you read the wiki, Those are all basic question you clearly don't understand.
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July 28, 2011, 03:56:36 AM
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Why not decrease gradually but suddenly cut by half? Is there anyone can change this? As I understand, this is not part of the hash calculation and block generation but rather a system design

Actually I still have no idea how those 50 BTCs are generated and send to the one who found the block, is it generated out of thin air when the block is found? Who generated it, what if the finder does not even have a bitcoin address? Must any bitcoin server have a bitcoin address? etc... Hope someone with deeper knowledge can explain it

I suggest you read the wiki, Those are all basic question you clearly don't understand.

I have read wiki several times,  still have no idea where those 50 coins generated and who generated them, if you understand, please point me to the right text or explaination

For example, this block, the first transaction is from " Generation: 50 + 0.44305552 total fees" and paied to the account who found the block 1GcNkWzZ5GnMzm5XU1ZBdzWPzigUB2iqJM
http://blockexplorer.com/block/000000000000019ad38e9ad0c5e27f072cc903c6efa0b6e81c1bcbf93e7951a6

This from "Generation: 50 + 0.44305552 total fees" is very vague, it must be generated by something and executed by something, this execution seems can be modified


Meni Rosenfeld
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July 28, 2011, 04:14:08 AM
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Why not decrease gradually but suddenly cut by half?
It's simpler this way, and will be less disruptive than might first appear.

Is there anyone can change this? As I understand, this is not part of the hash calculation and block generation but rather a system design
Only if he can convince all Bitcoin users to switch to a software following his new protocol. And it is generally agreed that the coin generation schedule is one thing that must never be changed, so no.

Actually I still have no idea how those 50 BTCs are generated and send to the one who found the block, is it generated out of thin air when the block is found?
Yes. Remember that coins aren't physical objects that are created, strictly speaking they aren't even digital objects that are created - they're just an agreement between all nodes on the network that address X is entitled to number of coins Y. This agreement is written in the block chain, which can be viewed in http://blockexplorer.com . There are rules that specify how bitcoins are moved and generated, and the rules say that anyone who finds a block can specify a coinbase transaction which adds 50 new bitcoins out of thin air to an address of their choice. If they try creating more than 50 the block will be invalid and everyone will ignore it, and it will not become a part of the block chain.

Who generated it, what if the finder does not even have a bitcoin address? Must any bitcoin server have a bitcoin address?
That's more or less like asking what happens if an employee doesn't have a bank account, working at a place that only pays salaries to bank accounts. If he wants to work for free great (might be illegal in the real world), but it makes more sense to have an account and receive payment. Mining is serious business and no one will want to do it for free.

If mining for a pool, the pool basically tells you where to send the payments, and you tell the pool where to send your part of the loot.

1EofoZNBhWQ3kxfKnvWkhtMns4AivZArhr   |   Who am I?   |   bitcoin-otc WoT
Bitcoil - Exchange bitcoins for ILS (thread)   |   Israel Bitcoin community homepage (thread)
Analysis of Bitcoin Pooled Mining Reward Systems (thread, summary)  |   PureMining - Infinite-term, deterministic mining bond
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